Are We Greece Yet?

Not Good Company

In a word, No. Because the US has an economy, whereas as one Greek Poltico put it, “all we have is olives, sun and ruins”.

But we are in very bad company.  Ireland, Italy, Portugal and Spain are known as the PIIGS of Europe, economies so bad they are very likely candidates for European Central Bank bailouts.  Which is what has been happening to Greece.  Essentially the deal forced on the Greeks for getting bailed out, sentences the  Greeks to debt slavery for decades.  The Greek young recognizing the depth of the problem are leaving.  Mostly for Germany and German language lessons are on the rise in Germany.

Yes, the Greeks borrowed their way into this problem, but someone on their own free will lent the Greeks the money, knowning at some point the Greeks would start floating belly up under debt payments.

When your debt is 136% GDP to Debt, nothing good comes of it.  The USA is just at 100% and climbing fast.  So far we have gotten away with it because we are the USA, the largest economy in the world and the dollar is the reserve currency of the world.  As long as this continues we can live on borrowed time.

The largest debt holder of US debt is us, we the American people hold most of our debt, again thanks to being the reserve and large economy in the world.    Other holders are the British, Canadians, Japanese and Chinese.

The graph is by way of Senator Sessions.