I am not seeing or hearing much talk or any talk about debt in the recent debates (like a new tax structure is going to fix anything debt wise). Armstrong notes Governments engaging in spying on its own citizens to track money for taxation via software programs. Remember the reporting requirements for US credit card companies starts soon, enacted a few years ago, like they knew what was coming and what needed to be done to collect more taxes.
Armstrong is focused on Euroland only because that is the immediate crisis concerning a meltdown, a US meltdown comes a little later on.
And what about a China meltdown? In fact China and America are both sides of the same economy.
The capital sin in the Eurozone has been banks financing Socialist governments, hence hidding the consequences of Socialist policies for some time whilst the situation was really worsening. That is plainly a manipulation of Democracy and should be considered a crime.
Now Eurozone banks have discovered, horrified, that their support to their Socialist partners in no guarantee that they will be bailed out.
Articles like this show why there are editors.
Debt can only be handled through severe cuts (which are never politically popular) and economic growth producing more taxes.
Tax structures can effect revenues (though everyone is saying that theirs are revenue neutral) and revenues affect the means of paying the debts.