Will Italy default on its debt?

[johnsobas]

Silver-Tiger said:

darkknightkryta said:
I wonder when all the counties in the world will realize they're all in debt and just wipe everything clean.

It is not the goal of a country to have zero debts. Countries NEED to make debts to make investments. Debts are the engine of the countries' economies.  What essentially happened in Greece, Italy and other EU countries is that the debts went over the country GDP (over 100% of that) and THAT is what should never happen. I can't comment much further on it, though, because I don't have knowlegde on that matter. I'm sure there are other users who have done way more research than me on that matter.

Yes you are right that we need debt in a fiat currency system.  If we had sound money none of this would be an issue, every country is in debt because they have to pay interest on ever piece of printed money.  Someone please explain to me why we need to be paying interest to a private central bank just for printing money?  How can you have financial stability when you are forced to borrow more each time to pay back the interest because the money doen't exist to pay it back?  How is it good to let a private central bank have control over the amount of money printed as well as interest rates?  Are people not worried that private central banks like the fed secretly printed 8 trillion dollars and gave them to the banks in the US in 2008?