I wrote that article in a rush so there are some lapses...
Society requires money to be maximally fungible...
Society requires that money be maximally fungible...
Only agreement of the majority for a shared partial default of the value of all money and bonds
as Julius Caesar did, will restore trust in money, entice gold out of hiding, and usher in a new period of growth and prosperity. For as long as there is a standoff between the insistence of monetary capital (regardless of the type of money or investment it is stored in, including gold) to not allow even partial losses and the insistence of the masses for socialism funded with debt to avoid temporary reduction in their standard-of-living, then the financial system will further self-destruct towards a Mad Max Dark Age.
Caesar was able to overpower the vested interests (who later assassinated him), that was a key point of the link above. The
Euro + unions + social systems are bankrupting Europe and probably also being defended by vested interests. For sure Europeans don't vote to leave the Euro, even though that is what is killing their economy (see my all comments spread over the page at the link above), because it would mean near-term reduction in their social systems, etc.. They are still dreaming that getting all that for free was reality.