First, I wanted to take this opportunity to thank all the wonderful people around the world who have sent me thank you notes, questions and shared their points of view.

The worldwide financial crisis that we are still facing is becoming more and more serious every day.
Now not only institutions, but countries are defaulting.
Greece defaulted twice within a very short period of time because of double digit loans that could not be repaid. Commercial banks that delivered the financing from the European Central Bank  profited incredibly. They are still continuing to do their daily business, did anybody blame them?
Greece is a small country in terms of GDP, people might say.
Portugal was rescued by an equivalent of a one percentage point increase of the German GST.
Ireland and Spain are still suffering, but now Italy is keeping the media busy.
Just to put things in perspective:
Italy owes 2 trillion, the USA 14 trillion dollars.
One has to wonder whether there is more unaccounted debt.

So what will happen in August 2011? Will the American Constitution be changed, altered, softened...enhanced? I think enhanced is a nice word!
So the nerve-racking question remains: What will happen? Not too much, I guess.
The debt ceiling will be just increased again.
The moral of the story is and will remain the same, plain and simple: broke is broke!
One day though, the whole house of cards will collapse, and then what?
We have to be prepared not to fall for end of the world manipulations.
Every crisis can be overcome.
Monetary reforms, for example, always played a big role throughout history to resolve unsurmountable debt/ political situations. So the introduction of a new currency will be discussed in the future.
But people might ask for a more sustainable solution this time, before another generation will run into similar issues along the road.
The only viable long term, but unpopular solution is to master the missing link between the monetary press and the actual production of goods and services.

Barter is presenting already an answer to this question, but can solve the problem only to a certain degree and - of course - at the expense of real growth.
Read my upcoming book: The Missing Link - Why Monetary Systems Must Fail and be positive!