Mario Draghi's actions years ago didn't resolve the eurozone's underlying issues, setting the stage for a new debt crisis. Global bond markets are showing signs of distress, with rising yields and refinancing costs. The stability of global finance, dependent on long-term bonds, is weakening, particularly in Europe. There is a growing loss of confidence in long-term government bonds, prompting investors to seek safe havens. France's political instability increases the risk of the next eurozone crisis. Germany's massive debt program adds further market risks. The ECB is expected to respond to the crisis, similar to its actions in the past. The ECB will likely use its emergency toolkit, including liquidity measures like LTROs and TLTROs, to provide low-interest loans to banks. A core flaw is the dependence on unsecured fiat credit, creating a risky financial structure and the ECB's primary focus is to manipulate yields downward. The ECB's actions aim to maintain the illusion of controlled public debt, pushing towards centralized socialism. The upcoming crisis could engulf France, Italy, and Germany, and it's unlikely to be solved by ECB measures alone.