United States vs European Union: What Decides Global Economy Shatters as Major States Default?
Most analysis asks who is stronger. Warlord Intel asks who has leverage.
Short answer
This scenario represents a complete systemic collapse, far beyond a recession or even a depression. It implies a fundamental reset of the global economic order, characterized by a return to localized economies, widespread social unrest, and a long period of global instability as nations struggle for basic survival and try to rebuild from scratch. The lack of effective international mechanisms to handle multiple simultaneous sovereign defaults among major powers ensures the crisis cannot be contained.