GREECE MAY COLLAPSE - WHEN WILL AMERICA?

Greece is in danger of financial collapse. Their deficit is 12.5% of GDP. Our deficit, according to US Government Spending.com is approaching 98% of GDP. And the Congress is poised to authorize another increase in the debt ceiling; an increase of $1.5 Trillion. How are we supposed to survive? We won't. Prepare for the coming economic cataclysm. It's unavoidable because our leaders refuse to accept reality. They continue to blow bubbles putting off the day of reckoning while increasing the level of suffering that we and future generations will have to endure. We need to man up and let the market do it's thing. If failure and collapse via a depression is necessary to allow future generations to live in freedom then so be it. We need to accept our responsibility and take our punishment; for the good of those that come after us. It's our turn to stand up. We can be heroic and accept whats coming for the good of others or we can continue to be self centered whiners that will blame others and give up everything that makes this country great for short term comfort. Please let us be the former though I fear that we may be the latter.

"The likelihood of Greece becoming the next Iceland and plunging into bankruptcy looms over a meeting of EU finance ministers in Brussels today as the Greeks prepare to take another pasting from their colleagues.

After years of profligacy, hosting the costliest Olympic games ever in 2004 and failing to rein in its spiralling public debt, the country was on the brink of defaulting on loans, according to some seasoned commentators.

And the uncomfortable prospect of the eurozone member being unable to pay its debts was one that investors were pondering in the wake of the Dubai crisis that has sent markets falling around the world.

With a public-sector deficit approaching 12.5%of GDP – more than four times the stipulated EU amount and nearly double the level announced by the previous conservative administration – the gravity of the situation has not been lost on Athens' new socialist government."

The Guardian