"u.s. debt default, dollar collapse", page-7

not normally a fan of paul keating but on the abc last night he made a lot of sense and gave his thoughts on what needs to be done to fix the global economic power imbalance.
namely the g7 has all the power and they are all deficit countries. where as the countries running surpluses and will be the drivers of the global economy in the future (china,russia,india,middle east etc) have little or no say in global financial matters.
these countries will no longer buy us,uk,italian,french etc debt causing not only the us to default but most of the g7 countries.
he's predicting the us to take 6-7yrs to get thru the worst of it and a generation to get back to longterm stability.
the muck will hit the fan when these surplus nations stop buying up others debt and push for a return to something along the lines of the gold standard.
that was the crux of it and for the first time i actually found myself listening intently to him