A Scary Thought: Could America Become the Next Greece?

The National Interest ^ | 07/15/2015 | Romina Boccia

[SeekAndFind]

[SeekAndFind]

[Pearls Before Swine]

America will NOT become the NEXT Greece. Portugal, Italy, Spain,and France will precede us. But, eventually, under current fiscal policies, America will become a SUPER Greece, and take the world economy with it for a while.

Our debts, both explicit (18 Trillion) and implied (Hundreds of Trillions to Medicare/Medicaid/SS) will never be repaid in full. The only question is how the default will occur. WIll it be thru inflation? Or legislation? Or re-scheduling of payments? Who knows? But it will be a rough ride, lasting years, when the day of reckoning finally arrives.

[Wildbill22]

Several things could make us Zimbabwe.

One is the US dollar not being the world reserve currency. BRICS nations are working hard on that front. Detach the Dollar from the price of oil, or kill the petro-dollar, and all those dollars come home.

Raise interest rates and we will have to print dollars just to pay the interest on our debt, if we are not already, but it will spiral out of control.

And somewhere between 100 and 200 trillion dollars will be needed for our goodies, like medicaid, medicare and Social Security, which are unfunded liabilities, and again the printing presses spin up even faster.

I am afraid outside some economic miracle, we are in for hyper inflation at some point soon. And it will come ‘like a thief in the night’...

Buy gold, silver, bitcoin, or barrels of oil, or something, but dump your dollars while they still have value, for something that still will.

[inpajamas]

No way America becomes the next Greece. Ain’t no one going to bail us out.

[nascarnation]

Detroit<<Puerto Rico<<Greece<<USA

[Iron Munro]

It is already almost unavoidable.

Thanks to every modern era president, senator and representative who ever spent, or approved the spending of, even one penny in deficit spending.