In the old world, when a country was on the verge of defaulting on its debts, nobody would be here to help.
In the new world, when a country with a currency reserve status is about to default, its central bank will print money to make sure all of its debts are honored in full.
In the old world, a cash-strapped borrower had to pay very high interest rates to borrow money.
In the new world, central banks use their money printers to make sure interest rates remain extremely low…
Is this new world really sustainable?
Only time will tell.
If the rules of the old world are still valid but have only been momentarily replaced, then paper currencies throughout the world will have to be debased and devalued to pay for the decades of new world money printing.