Current global bailouts may put off global busts for quite some time. But they will weaken output and employment gains. People's standard of living will stagnate or even fall, even in the short term. With this comes impoverishment and perhaps even social unrest.
Every crisis caused by the unbacked paper money system expands the power of the states over economic and social life, and unfortunately, once the state has expanded its power, it is unlikely the trend will be reversed.