Oil is a valuable commodity, but once used up, it evaporates
into the atmosphere.
Gold on the other hand, is an equally valuable commodity, but it
does not evaporates nor rust, and even appreciates over time. Since
the dawn of civilisation, mankind realised its value and had been
digging for it since spade had been invented.
Much of such gold was traded and owned by rulers. While
political masters changed, ownership of gold horde was transferred,
but its value and quantity only kept increasing.
Ancient China has a huge horde, South American indians' horde
was robbed by Spain and England, Egyptian pharoh's secret horde
were never stolen and well hidden, etc,.
Thus there lies a copious amount of gold lying around private
and public treasuries, that if sold, which is a neccesary
industrial item as well as a status symbol of the rich, would fund
world's debt payments several times over.
USA after WW2 had reconstructed infrastructures for the world
and was paid with such gold. In their treasuries lies bullions and
trillions of such ancient gold. Therefore, have no doubt over US
ability to pay off and solve the credit crunch. Do not be so simple
minded to think that it will be taxes that will be burdened by
the citizens.
It's about time to restore market confidence, regulate
greedy suits, and provide more jobs for the homeless. No person
wishes to be in debts. It is only their ability to pay back loan,
and as long as one has hands and legs and a brain to be retrain, he
can work to pay off loans. He only needs a chance. The US govt must
provide that chance - the real solution to the crisis and not just
using treasuries to pay off greedy suits and investors.