Wednesday, June 29, 2011

America has REAL PROBLEMS, not Greece


When do we own up to reality? 500%? 600%? 1,000%? Do we just keep lending them more and more money and pretending they are not in default? Before you say, that's ridiculous, keep in mind THAT's JUST WHAT THE U.S. IS DOING NOW! That's right, I fooled you - who cares about Greece and their silly $400Bn total debt when the US is borrowing $140Bn PER MONTH! Wake up America - Greece is the distraction of the moment because it's THIS country, America, that has REAL PROBLEMS, not Greece.

Greece can just default. If Greece defaults, they wipe out their debts and they simply can't borrow more money but, at this point, any cutbacks the Government has to make and any taxes the Government has to impose are nothing compared to what is being asked of them to service their debts. Not only that, but if Greece defaults, then that money stays in Greece, rather than the Greek people putting in all their efforts to fill the vaults of European Bankers and PIMCO.

America, on the other hand, has a REAL problem. Like a heroin junkie - we NEED our fix! Greece has a 10.5% budget deficit but 10% of their budget is paying interest in Debt and another 10% is paying principal on debt.The US has a budget deficit that is also 10% of our GDP (and we are not even going to get into UNfunded liabilities = $114Tn) yet interest on our debt is "only" about $400Bn a year at the moment (2.5% of GDP) but, at the current rates - have nowhere to go but up.

In fact, if we were paying Greece's average rate of 10% instead of our average rate of 2%, we're need $2Tn more dollars a year JUST TO PAY OUR INTEREST!

~ more... ~

Posted by Peacedream

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