Dont disagree , the liabilities will have to be cancelled out somehow as the inbuilt promises are false but you are back to Mises and if its going to be "fire" or "ice"

My only issue is, I'm still to be convinced that the China story is real, it may turn out to be a sham economy which depended on Debt consumption from the west. From a generational point of view there could well be a shift from West to East and to quote from the Armstong piece "its just their time" but if the timeframe is the next 5 years say then maybe fiat currencies continue to range trade with each other, wilth gold pulling away on its own.