The amount of pain from this depression is going to be massive, so please do not panic! There is enough for everyone! More than enough for those who have peices of paper that can be cancelled: those who have the most will lose the most.

The pain is merely beginning. It can grow or be tackled. I bet it will grow as people disagree on what to do, forcing a solution that many do not want. The disunity has been planned years ago.

Look to greater integration?

Or join Iceland, plucky little Iceland!

This is a powerful call for a public debt audit, not only in Greece, but all European countries. If only we had hope in hell of getting a single one of our politicians to start demanding them.

But the hollowing out of our nations by crooks and their toadies has to stop. The fact that civil debt audits took place in Ecuador and Brazil is fantastic and it's great to hear that there are elements of Greek society beginning to put the idea forward. Let's hope the momentum gathers and that this will become a reality.

It really is a great idea. This is encouraging.

I wondered about that too. I will ask her when I can. But in the mean time I assumed – dangerous thing to do I know – but I assumed that what she meants was that Obama, once he inherited the mess considered the option. Bush may have considered it too for all I know.

…..The amount of derivatives and all toxic papers was so large that Obama thought about creating “bad banks” in order to “clean up” the financial system."

Obama was not inaugurated until Jan 2009. Are you sure you don't mean Bush? (Not that it makes much difference.)