A train wreck is happening before our eyes.

And Greece is merely the first carriage, connected to all the other European Union carriages, including Germany.

At the moment Germany feels OK but will find as the train wreck proceeds that Germany owes one thousand billion dollars it can't pay and will pile up along with all the other EU countries.

The train wreck will then proceed to Japan and America and China. The result will be that the large countries, the EU, America and China will withdraw from globalisation and circle the wagons and look after themselves.

It could be worse. Already we are seeing the emergence of the extreme Left and the extreme Right in Greece, and as Germany smacks into the other EU carriages we may see the resurgence of the extreme Left and the extreme Right in Germany.

Only this time the extreme Left have made an alliance with the Islamists. And this will provoke the extreme Right to even greater frenzy.

And I know you are asking, "But what about Oz?".

Well, we have food and energy which are always in demand. And we have no history of extremism. So perhaps we will remain the Lucky Country. And already the Australian dollar is being bought as as safe haven.

Globalization I ended in WW I and WW II, and if we are lucky Globalization II will merely end in bankrupcy.