International Finance – Passing The Rotten Potato

Given that:

Most major states are effectively bankrupt: their debt is huge; 
They all rely on credit;
Credit stops if the debtor defaults;
If one big debtor goes bust, it can take many creditors with it;
It’s 7 years since the last crisis … 

Therefore: It’s only a matter of time before the next crash. 

Credit notes (debt) are the rotten potato. As long as you can pass it on, you don’t go bust. The potato has value as long as it’s circulated and no one shouts "It’s rotten!".  All players want to keep the game going. So they gloss over the rot.