If the financial system in America collapses I think the entire system will collapse. I guess there are people who think "America will collapse and we shall happilly sit in Australia and watch it". In my opinion this will not happen (that is there will be no safe haven). Because their banks and bank accounts will also be in danger. If you seriously think that will happen then do not keep your funds in an Australian bank either. Because no bank will be safe in such a scenario. I read somebody was saying here that this entire economic collapse is organized to reduce western salaries to the Chinese level:) That sounds shocking but I see signs of it elsewhere.