Forget About Greece, America's Debt Crisis Is Worse

Don't Be Distracted By Greece: Americans Must Also Face Financial Facts -- The Telegraph

While Europe wrestles with the dilemma of Greek debt, another far more frightening crisis is brewing, writes Justin Webb.

Forget Greece. Or at least put Greece to one side: the real financial disaster waiting to happen is on the other side of the Atlantic. It is a disaster born of self delusion, in a nation that prides itself on plain speaking and openness.

There is much to be celebrated in the United States. They have Osama bin Laden's scalp. They have a vibrant and open political system. The things, material and intellectual, that people want and admire still tend to be American.

But they (and we) face a huge looming crisis. It transcends politics and political candidates – it is much bigger than Michele Bachmann's hair or Barack Obama's thesaurus – and sometime soon they are going to have to face it.

It's the debt.

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My Comment: America is now the Achilles heel for today's world debt/financial crisis. In the past, currencies went up or down but the U.S. dollar was always the benchmark currency that everyone looked up to .... unfortunately .... that day is no longer with us. Inflation will be the net result, and like the inflation that hit the Weimer Republic in the 1920s/30s .... the currency will be irreparably harmed. And while the buildings will still be standing, there will be tens of millions of victims living inside who I can guarantee you will be feeling bitter and angry for what has happened.