Surely an increase in the money supply will go quite some way to curing the problem of excess debt. The resulting price increases will mean that those that have fixed interest debt (bonds) will see the value of their debt evaporate. Those who have variable interest debt will be bankrupted, which will also wipe out their debt. After some years of 1981-style stagflation, very high unemployment and bankruptcies a lot of the debt will be gone and we can start over.
No?
I think it helps that Japan, USA and Europe seem to be pulling the same (inflationary) way. In Europe it is against the will of the central bank, but if France and Germany agree to it then the bank and the rest of the EU will be dragged along.
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