• Introduction (e.g., Restructured New Zealand's sovereign debt, advised Iceland)
• The European sovereign debt crisis has resulted in no major debt restructuring
• Austerity rarely works at a sovereign level: out of 145 post war period attempts, only two worked
• Austerity is politically unsustainable and economically counterproductive
• Targets consumers, causing the economy and the tax base to shrink
• Austerity has to target the least efficient portions of the economy
• If the target of economic efficiency improvement is politically protected, then it doesn't happen
• In Greece the property market is so corrupt that privatization and tax reform is impossible
• The Green Party mis-identifies New Zealand's bank reform proposals
• An optimal debt-to-GDP target works long-term to effectively enforce sound fiscal policy
• The euro started to fall apart when European countries began to ignore the Growth and Stability Pact that established debt-to-GDP and annual budget deficit thresholds (debt-to-GDP < 60% and annual deficit < 3%)
• Germany was the first to violate it after absorbing Eastern Germany, then France. Now there is no euro zone wide mechanism for fiscal discipline
• The European banking system will suffer a system collateral quality crisis
• Global central banks have made a one way bet on interest rates, the Fed is no exception
• Triggers for a global sovereign debt crisis
• Foreign lenders panic when they realize that they are second in line to domestic holders
• The Russian example
• Markets lose confidence on the ability of the central government to cover the budget deficit via taxes receipts or additional borrowing
• Japan is closer to a bond crisis than most analysts think
• A rising gold price may indicate a new phase of crisis for the global IMS
• Why central banks are buying gold
• China is preparing for the next International Monetary System
• The institutional framework of the IMS is outmoded and dysfunctional
• The euro's fatal structural flaws
• No one wants to sell
• The euro will eventually fail
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