And where on the list do you put the U.S.?
And where on the list do you put the U.S.?
~~~~~~~~~~~~~~~~~~~~~~
spain
portugal
ireland
france
euro breakup
USA
The US is not on the list. We have not yet begun to print! We will never default, as we can devalue.
The ohers can’t do that and so are doomed. Italy actually has a surplus of current revenue to pay obligations. What Italy can’t keep up with is the interest payments on its’ structural debt now that the bondholders want higher rates to cover their risk.
The economy of Greece is about the size of the economy of Chicago. Italy? About the size of New York State and California combined. It’s going to make a big noise when they hit bottom.
The US would be about #8 to #10. This thing will be speeding up so those after about #6 will start a rapid domino effect.