I don’t pretend to understand global economics. But I do understand my own household budget and I know that it is impossible to continue debting indefinitely. At some point, your creditors are no longer willing to keep giving you more money to piss away, at which point, you’re up shit creek and the repo man has taken your paddle.
The United States government is EIGHTEEN TRILLION DOLLARS IN DEBT and is STILL DEBTING at a rate of ONE TRILLION PER YEAR.
On May 14, 2015, the Undercover Economist listed eleven signs that we are days, weeks or maybe months away from the next global financial crisis. The question isn’t if, it’s when.
The Greek government has a big payment on its crushing national debt coming due on June 5. Word is the government doesn’t have the funds to make that payment and is likely to default. According to the article linked below, if Greece defaults, it could set off a major European financial crisis this summer.
If GREECE defaults, it could set of a major financial crisis? We have states with bigger economies than Greece!