Greece Falls Into ‘Death Spiral’: Rising Debt, No Growth
October 4th, 2011Greece just needs a central bank and an international community who will look the other way when it buys hundreds of billions of dollars of its own debt. Thousands of nuclear warheads, and a vast network of military bases around the world would also help.
But substitute the word Greece with America anyway. The economic situation is remarkably similar.
Via: Reuters:
Drowning in red ink, Greece has nowhere to turn to revive the economic growth that might put its debt on a sustainable trajectory, reassure angry foreign creditors and offer hope to its recession-weary citizens.
Instead, the country finds itself in a vicious circle—a death spiral, some would say—in which it is borrowing ever more to keep up on its existing debts, crushing growth in the process and thereby worsening its all-important ratio of debt-to-gross domestic product.
Yup, substitute US for Greece.
This is a good vid from Stars Over Washington, which BTW, holds a place of honor for Cryptogon in its sidebar.
Video worth watching:
http://www.youtube.com/watch?v=YTBbcaNLccM&feature=player_embedde