I don't even what to think about that nightmare! lol

Well lets agree to disagree. I believe we are going to collapse, sadly...

Interesting viewpoint. You may well be on the money as regards bad private debt.

However, looking at the overall total debt figures China is only at 200% of GDP whereas the US stands at 360% (if asset-backed securities are included). For me this shows that things are far from certain. I also want to reiterate that the fiat currency we are currently using in our global economic system is the US dollar which used to be based on the petro-dollar but since the derivatives market has taken over is now based on imaginary future pricing structures. This international system is basically a US$ Global Reserve Currency Ponzi Scheme. In reality there is no need to have a sole currency as the global standard. It offers an unfair advantage to one country and since the end of the cold war there has been no reason why global trading can't be conducted using any national currency, and the idea that US debt (Government treasury bonds) is better than any other debt is disingenuous at best. Despite all the experts proclaiming otherwise the inflation inducing QE printing of money for the 'too big to fail' banks hasn't led to any real growth (jobs, company start ups, foreign investment, etc), has mainly increased the national debt of the US and shouldn't fool anyone who bothers to look at things a little deeper than the superficial spin and propaganda that is fed to the plebs.

And should it be determined that a new international fiat currency is necessary (which I doubt), I think there will be some serious options on the table regarding other major currencies to replace the US$.

Get some bitcoin and gold while you can, people.

Never assume Russia, India, or Latin America are out of play. They will be happy to pick up the pieces of all collapses. Both regions have much less exposure than US, EU, or China and stand to profit form US depression and Chinese recession.

You can hold onto your fiat currency that's over 18 trillion in national debt. It may stay around, I don't discount that entirely. I DO however have a lot more faith in physical gold and Bitcoin.

I'll have faith in the USD (or CAD, or any major currency) when the banks make the ledgers public like Bitcoin. Until such time, it's still just an exponentially inflating fiat currency controlled by the most corrupt, greedy, uncaring people on earth, hiding all of the 'background' numbers while telling us everything is going to be peachy keen.

I have difficulties believing them.

• China is a net creditor not debtor, and they are productive
• USA relies on the petro dollar and has trillions is USD denominated debt.
• US production is grinding to a halt like so much Communist centralized state.
• Yuan pegged to gold then "float" should be the final kick.

What about stronger currencies like NZD? Any truth to what Peter Schiff has to say ?

But you ignore the Chinese Yuan Renminbi.

This would explain why lots of reports say the big financial players have about 30+% of their assets in cash.