This chapter of Western Civilization will be regarded as "The Debt of Nations". Markets players aka debt vigilantes have put politicians' feet to the fire. Round the clock meetings to assuage the markets are in progress, the latest market buzz being that of a E.U. led bailout of Greece.

Between the Dollar, Euro and gold, which has the characteristics of a true reserve currency?

"Last week Moody’s Investors Service warned that the triple A credit rating of the US should not be taken for granted. That warning recalls Larry Summers’ killer question (posed before he returned to government): “How long can the world’s biggest borrower remain the world’s biggest power?”

On reflection, it is appropriate that the fiscal crisis of the west has begun in Greece, the birthplace of western civilization. Soon it will cross the channel to Britain. But the key question is when that crisis will reach the last bastion of western power, on the other side of the Atlantic...."

Read more:

http://www.zerohedge.com...k-sovereign-debt-crisis

A stroll down memory lane to the most recent global currency crisis of 1931 makes for a must read in the wake of recent debt stresses in Dubai and Greece. The departure between now and then was that the world was on a gold standard and the U.S. was the world's largest creditor nation or lender. The crisis began in Europe caused capital or gold to flee in search of a safe haven in the U.S. The Dollar acted as a port of safety in those turbulent times due to the U.S. declaration of neutrality and as an arms dealer in World War II. By 1945, the U.S. owned 76% of the world's gold.

Today, the gold standard is no more whilst the U.S. is the world's largest debtor nation or borrower. How times have changed.

"The worst financial crisis of the past century began in a small central European country 77 years ago next month. The failure in May 1931 of Austria's largest bank, the Credit-Anstalt, set in train a series of repercussions that deepened the economic dislocation of the 1930s and contributed to the immiseration of an entire generation of people across the industrialized world...."

Read more:

http://www.canada.com/ot...-4865-adde-23c69019f414

Would you rather own the U.S. Dollar, the Euro or Gold?

http://ftalphaville.ft.c...euro-pictorial-edition/

A candid assessment of the teetering house of cards - the over-indebtedness of nation states. In true LEAP 2020 fashion, a phrase is coined, that Greece is the tree that is being used to hide the forest of sovereign debt of the UK and US. I will add that the hue and cry over this tree is a well ochestrated plan to profit from the fall in its bond prices. The disrespectful term PIGS (Portugal, Ireland, Greece and Spain) demarcates nations in the sniper scope of bond vigilantes.

"LEAP/E2020 is of the view that the effect of States’ spending trillions to « counteract the crisis » will have fizzled out. These vast sums had the effect of slowing down the development of the systemic global crisis for several months but, as anticipated in previous GEAB reports, this strategy will only have ultimately served to clearly drag States into the crisis caused by the financial institutions.

Therefore our team anticipates, in this 42nd issue of the GEAB, a sudden intensification of the crisis in the second half of 2010, caused by a double effect of a catching up of events which were temporarily « frozen » in the second half of 2009 and the impossibility of maintaining the palliative remedies of past years...."

Read more:

http://www.leap2020.eu/GEAB-N-42-is-available!-Second-half-of-2010-Sudden-intensification-of-the-global-systemic-crisis-Strengthening-of-five_a4294.html

@ Scubidu. Yes, I do follow oil, opting to invest in mid size exploration and production companies. I also selectively seek exploration companies that have great managements and blue sky prospects.

The articles fail to mention the role that the depreciation of the U.S. Dollar plays on the appreciation of oil. Keep in mind that crude oil may trade in the hundreds of dollars in the midst of poor demand fundamentals as long as the dollar races to the bottom.

Here's good source for energy related articles:

http://www.321energy.com/

Matthew Simmons, a strong proponent of Peak Oil:

http://www.simmonsco-int...ch.aspx?Type=msspeeches

If you have additional queries or comments please feel free to ask or post.