A good summary of what we've all heard countless times but a few things missing IMO. Assuming it's impossible to trade out of this mess, here's 2 for starters:
(a) Needs to comment on why, given all the QE we've seen, there's been (officially at least) no breakout of inflation - ie. QE expansion offset by massive global deleveraging. This is important IMO because, as I understand, alternatives like precious metals do well in the extremes of hyperinflation or bank failure but not in between with deflation.
(b) On the possible endgames for a reserve currency/empire (especially where the rest of the world is also in trouble) there is theoretically the option to default and either isolate yourself from the rest of the world (issue a new domestic currency and become self sufficient) or where that is not possible (eg. oil) take what you can militarily. If a superpower defaults on its debt, where's the rulebook that says it must continue with the same rules, massively devalue, and see its standard of living crash and burn?
