"...because the US has not behaved responsibly, but it is extremely difficult to shift from one reserve currency to another."

See the British Empire for details.

Scotland, Six Counties of Ireland, Wales and a
bunch of the Queen's "Tax Free Pirate" Islands scattered about the planet
are all that's left.

When it does balance out, the US will have paid all of it's
debts.

Or fractured. We have absolutely no intention of paying our debts.

We're all subprime now.

Depression by Christmas.

That is misleading though - it is not the case that there was no way that Britain could retain its empire. It is that the methods that would have been necessary to maintain the empire in terms of oppression were deemed no longer acceptable to the British so they chose instead to dismantle the empire.

It's easy to play it out that because empire is bad (it was) there Britain didn't make the better decision than it otherwise could have - not just in terms of self interest.

RA, I cannot agree with your take on the decline of the British Empire. I have quoted more likely scenarios below with link. At least GB was more realistic about their colonies than France. France attempted to retain Viet Nam and Algeria after WW2 and look what a mess came of those attempts.

http://en.allexperts.com/q/British-History-3243/British-empire.htm

'There are several reasons for the decline of the British Empire (fall sounds so sudden and dramatic, it was neither). They include a rise in Nationalism in the colonies of all the European powers after World War II. They saw their former masters weakened and bankrupt by the war and took the opportunity to agitate for independence. The ease in which India achieved it in 1947 encouraged the others. GB's industrial weakness after 1945 meant that financing the pre-war Empire was no longer possible, so the more important colonies were granted swift independence on favourable terms to ensure they remained friendly relations with their former Imperial masters.
Another theory is that after the war GB saw her future in Europe and took steps to divest herself of her Imperial responsibilities.
Another more controversial theory is that the undoubted world superpower after 1945, the USA, secretly encouraged the European colonies to demand their freedom so that the USA could develop new spheres of anti-Communism in Africa and Asia that she, and not GB, could control, believing GB to no longer have the strength to counter the spread of Communism.'

Depression by Christmas.

Riiiight, you realize Christmas is in 27 days? What will be your excuse when it doesn't happen? you realize every time you make a wrong prediction you lose credibility right?

Depression by Christmas.

Many people find the 'Christmas season' depressing.

So why would this statement be wrong?

you lose credibility

A topic you know all about by living it?

If you are able to forecast bouts of depression several weeks in advance you might want to get yourself to a doctor for a prescription of anti-depressants. They take a few weeks to kick in.