The service on our debt is fast approaching 100% of GDP. No nation has survived that.
What you see happening to the PIIGS is exactly what will happen in the US very soon.
The riots in Greece over austerity is a little girl’s slumber party compared to the violence that will hit US streets.
“The service on our debt is fast approaching 100% of GDP. No nation has survived that.”
I know we’re not in great shape, but that statement is preposterous.
Our GDP is nearly 15 trillions. The federal debt service is about $450 billion - that’s 1/30th of the GDP.