Greek Lessons: What 1/50th of a U.S. Default Looks Like

The birthplace of democracy is on the brink of societal collapse thanks to a fiscal crisis. I speak of Greece, which today is facing riots, the dissolution of its ruling cabinet, and economic ruin, all due to the fact that it is in danger of defaulting on its sovereign debts.

Lessons for the U.S.? Not as obvious as they might seem. The U.S. is not Greece. Our debt is nowhere near as large relative to our output, we are not part of a complex international economic coalition, the world is still happy to loan us trillions of dollars at extraordinarily low interest rates, and despite the doomsday preachers on the right, we're not facing the end of America as we know it, even if there's a Kenyan Islamofascist commie in the White House.

But because the Greek lessons are not so simple, it's all the more important that they be learned...

Source: http://www.esquire.com/blogs/politics/greek-debt-crisis-5930032?src=rss

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