We’ll be going through a default stage very soon!!
Russia has already led the way forward on defaults.
They have more international bond debts due fairly soon with an estimated probability of 95% defaults.
Germany defaulted around 1929 and the 30s which was a big factor in the worldwide depression and resulted in WW2. Could happen again. Germany was broken by the bankers and now they're doing it to Russia. Except Russia doesn't have to depend on international trade to survive.
The major difference being that Gazprombank is open and is presently taking Euros and usd$ Converting to Rubles or playing international currencies trading and they can easily pay their sovereign bond debts to the holders. The clearing house that payments go to effect those payments is not under sanctions. Put another way, there are no restraints to paying bond holders. Period.
The simple fact is that putin refuses to pay his debts. It’s that simple and bears no relation to what happened with Germany pre ww2 whatsoever.
