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The public debt crisis has had unexpected effects. Against a background of stagnation of domestic demand and imported inflation, a silent nationalization of the entire economy is taking place. How will the markets come to terms with sovereign states, since the moment of truth of our social model is approaching... As our economies determine the effects of the economic crisis, a scenario of stagflation (i.e. stagnation of domestic demand together with imported inflation) seems to be taking shape, coupled with a growing heterogeneousness between the countries of the eurozone. In normal times, stagflation can be avoided by a policy of government deficit. Unfortunate-ly, this is no longer possible: never, except during periods of total war, has the debt of developed countries been so high....
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