We will end up being the largest defaulters in history.
People everywhere will end up destitute when our system fails.
The Greatest Depression :-/
It probably won’t happen that way, Bobalu.
We won’t default, we will continue to slowly lose our personal wealth until the demographics improve around 2025.
I calculate it will cost about 45% of the total household wealth of the country to get through this. But we will quite probably pull it off easier than people think.
The power to print money, together with a natural resource-rich country and a large military make this a good bet.
We are the best lock on Too Big To Fail the world has ever seen. If the EU throws this big a fit over Greece...