Look, I'm not an economist. I am not a financial wizard. But from where I'm sitting, if a country doesn't have gold or coin or tangible sources of wealth - all they have is IOU's. Justin and his liberals and many other countries have been allowed to trade on those for decades now and this financial version of musical chairs only has one ending.
The maker of the vid says that Canada was lucky in avoiding the major downturn back in '08. He is incorrect in that - Canada was astute and savvy - our finance Minister was a grown, responsible adult (unlike the current man-child we have as a prime minister now) - and he refused to allow the banking practices that have led other countries to melt downs like this.
I don't know how many people I see bitching and moaning about the banks. They piss an moan about 'banksters'. They're unproductive, unintelligent louts that shout 'Eat the rich! They can afford it!' And they will eat lead and shit before taking any responsibility for their own financial straights: their credit cards are maxxed, they live in houses they can't afford, and they spend money they haven't got and expect others to pick up the bill. They think that if we let the banks implode, all their debt will magically disappear! I have news for such people: shut up already. You're friggin idiots - that is why you are in financial problems to begin with! You're children with a credit card! If those banks fall you can bet we will fall with them. I have no problem for the financially illiterate and stupid people getting what they deserve...but the rest of us that have saved and prepared will take a hit too.
In the future I suspect that at the micro level, we are going to see the rise of the black market and alternate currencies like barter - they are already alive and well in Cyprus and growing as we speak.
And YOU can go screw yourselves, liberals - if you think I am going to let you leech off me to feed you and your parasites.
Interesting times will be along sooner rather than later. The only thing I would add to Neil's scholarly post is this - clean out your safety deposit boxes too. Unfortunately the computer has given the gubbermint a massive advantage against those that are hiding their assets. Keep that in mind as you prepare.