I don't buy it because:1) Even though the debt is huge in...

I don't buy it because:

1) Even though the debt is huge in nominal terms at $14T it isn't in historical terms as a percentage of GDP.

2) There is a huge amount of personal wealth in reserve which is more and more likely to come into play as entry to the market becomes more attractive ie cheaper.

3) The U.S. is the richest, most technically advanced and productive nation on the planet and that is the reson the dollar is the basis of international trade.

4) Compared to the US China is developed at the equivalent of the US in 1920.

5) I would point to one example: Ford Motor Company went to $1 at the peak of the GFC. FMC always had a emergency reserve option of converting the family owned preferential shares to normal shares. It is now $11. (I made a fortune on it).

6) And finally gold bugs and other loons that bang on about fiat currencies and associated conspiracy theories are wholly unimpressive in persuading that their view of reality is based in substantiable fact.