“The lamps are going out all over Europe,” although this time, unlike in 1914, it’s about bonds, not bullets. But there is still a lot of suffering and deprivation ahead for the civilian population. And this time Germany is going to win.
As in 1914, and again in 1939, the United States will not be able to remain on the sidelines.
This kind of a crisis doesn’t remain static while waiting for solutions, it’s a moving target, moving in the wrong direction. As interest rates rise on inaction or inadequate action, the national debt of countries like Greece and Italy goes up, making their situations even more intractable, without their even spending any more money.