Quote from article Long and not easy. What we are about to experience today is a natural Jubilee of sorts, a hundred-year reset, only this one will happen at the point when the debt mountain is at its all-time peak, and right when nobody expects it to happen. A grand surprise. An ultimate shock. This will be catastrophic for the savers of debt and will be so traumatic to the system that total systemic entropy will be achieved. And a new system will have no choice but to emerge naturally from an absolute void of confidence. Click on http://fofoa.blogspot.com/2010/02/greece-is-word.html
From the article above [FOFOA: The PIIGS combined gold hoard is 3,233.8 tonnes, more than three times that of China. And their combined population is only 133 million. So the PIIGS actually have about the same amount of gold per capita as the US. And they have 34 times as much gold per citizen as China. In fact, Greece alone has 14 times as much gold per capita as China. China has 0.7 tonnes per million citizens. Greece has 10 tonnes per million and the PIIGS as a whole have 24 tonnes per million!] So Greece has 10 tonnes per 1 mill of popluation - that works out to 0.3215 oz agw per capita in Greece. and in China thats 0.02296 oz agw per capita For sake of comparison - a Half Sovereign is 0.1177 oz agw ( worth around 5 x chinese capita )
and another gem The current system of infinite debt accumulation is unsustainable and has been destined for collapse from the very beginning. There is no device in place for a periodic reset, and there is no automatic counterweight to balance ongoing trade deficits, correct imbalances and hold profligacy accountable. If it weren't for the hard fixed currency zone of the euro, Greece would be headed toward currency collapse and hyperinflation right now, just like in 1944, and just like Iceland, Argentina, Brazil, Zimbabwe, Weimar Germany, Bulgaria, Hungary, Peru, Bolivia, Ukraine, Yugoslavia and so many more.
I like his reply to one poster. http://fofoa.blogspot.com/2010/02/greece-is-word.html?showComment=1266273218633#c1276000844203261235
