A new global reserve currency is being mooted in the run-up to the G20, not least of all by Russia and China to unseat the USD.
It is as if the Pharaohs have returned. We will be forced to glean stubble in the fields.
A global reserve currency will demand all States hand over assets, gold, securites to back it (sort of). You can see that some would plan to burgle the US to right wrongs. Of course, the UK - chumps they are - will scamper up and hand over everything getting us the worse possible deal "to get things moving" while all the other countries will just haggle. I predict a variant on the parable of the three beggars* - delegate after delegate feigning to contribute and expecting the shortfall to be lost in the crowd.
Not only will we have the debt, we will have it in a collapsed currency. I suspect that the new reserve will not want our Sterling, but will demand gold, assets, rights, resources. It could be as bad or worse than the US demanded pre Lend Lease, when all our gold, bonds, concessions, bases etc were taken. We have enough self-loathers who will perversely delight at the obliteration of the UK. Not only delight, but shove it over the cliff aided by the ignorant, spiteful and vindictive.
We are at risk of a new dark age, a new enslavement. A Pandora's Box is being dragged out and dusted off. The useful idiots are dancing around eager to take a look and open it becuase? Well, it has not been opened and, well, it's time for a change, isn't it?
* The parable of the three beggars. Three beggars meet on the road as dusk is falling. Each complains of their lot and the little they have been able to collect. One has some vegetables, another has some meat and the third has some herbs, each on its own insufficient and unsatisfying. Then, one of the beggars has an idea - "What if we put our food together - the vegetables, the meat and the herbs and make ourselves some stew?". The second replied "That is a good idea. How about I find some wood for a fire?". The Third then says "I will seek out a pot to put it all in". The first then says "Excellent ideas! I will then find fresh water". So off they went. When they returned with pots, wood and water, it was already dark. Soon a fire was lit, the pot slung over it and the water heating up nicely. "So", said the first beggar "we can now put in our food". The first beggar was crafty, and thought to himself "it is now dark and I can pretend to drop in my vegetables. The meat and herbs will suffice and nobody will notice, I will have some stew and still have my vegetables for tomorrow". So, the first went up to the pot and made a great display of appearing to place the vegetables in. The second beggar then thought - "what a fool that beggar is, putting in his vegetables. I will not put in my meat. Why should I? The vegetables and herbs will make a good stew and tomorrow I will still have my meat". So, like the first, the second beggar went up to the pot and pretended to place his food into the bubbling water. The third, watching the other two, was very smug indeed - "They have put their food in and it will make a good stew. I shall hold on to my herbs and keep them for tomorrow. They will not notice". So the third strode up and with a flourish, pretended to drop his herbs in the steaming water, like the others using the cover of darkness and deep shadows caused by the fire. The three beggars were all happy and very cheerful, each thinking that they alone had out-smarted the other two. So they talked and talked together, happy to let the "stew" bubble away as long as possible, even though their stomachs ached, twisted and rumbled, for the longer it was left, the better their deceit was hidden. Finally they agreed to savour this magnificent meal. Each walked up to the pot and ladled out their share. Then all three sat down and began their "stew". In silence. Each sat and stared straight ahead as they supped hot water. Each now knew what the others had done, but each knew they were as guilty, but to save face none of them said a word. Instead of a hearty meal shared and a new formed friendship built on trust and cooperation, what they were left with was just water, isolation and mistrust.