Denninger strikes again. Karl, buddy, I’m glad you’re out there.
What this means is that when, not if, things go sideways you have had a demonstration in bright lights and bold neon paint that governments will at best do nothing useful and at worst will expend resources in the wrong places compared to the most-important agenda items toward stabilization of the situation at hand.
In short when things go pear-shaped you will either help yourself or you will suffer from whatever circumstance arises.
If that is not a compelling reason to get your house in order in the shortest possible term, please, continue charging against your Visa/Amex/MC/Discover – everything will be just peachy…