And Australia? ''Australia is positioned where everybody would like to be,'' Courtis says. It has the benefits of being a rich country without the debt burdens of the US, Britain, Europe or Japan, and the ability to exploit the rise of the developing countries.Things don't look quite so good for the US and Europe as they try to inflate their way out of their debt problems.
One result, he predicts, is that governments and central banks will try to inflate their way out of their debt problems. ''The public hasn't cottoned on yet. When you see people queuing around the block to buy gold coins, you'll know they've worked it out.''