Rolling of debt (bonds) over requires integrity of the monetary system that owes the money spent. Back in 2008 Lehman's moment especially as the money market jammed up, raising ultra ST debt was difficult never mind the longer dated ones and this is where it can catch out a sovereign country through its financial enterprises generally speaking. A domino effect was at the forefront of extreme risks as payroll, credit cards and all available credit of transactions almost brought the whole system down.
Under such an extreme conditions that we experienced in 2008, I am not sure you could have a seamless crossover to gold=money concept, read Cyprus bank bail in.
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