I find all of the news coverage on Greece to be a "red herring." The real story is that England and the USA have no chance of avoiding economic collapse (most likely large devaluation of currency) - sort of like they are caught near the event horizon of a black hole, and will eventually get sucked in. The sooner this happens, the sooner we can "recover."
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While that's a new definition of the phrase economic collapse I wasn't previously acquainted with, if you're part of the Eurozone (which doesn't include the US and U.K.) then it's anything but a "red herring". And if the Euro goes "poof" that's going to have significant effects on major trading and financial partners of the Eurozone, like the US and U.K.
And the path that Greece is taking might be instructive to us. You're arguing among other things that the US and U.K. can't be bailed out, right?
Hello hga, yes, ultimately the USA and U.K. are too big (in my opinion) to get bailed out. Also: of course the Eurozone news is big, but here in the USA I feel like that story is used to gloss over our own problems.
> You're arguing among other things that the US and U.K. can't be bailed out, right?
There seems to be a disconnect between actual economic prowess and the notional value of fiat currencies that perhaps you will excuse my layman's final analysis that in the current international economic regime, long term viability is inherently dependent on force, and that nothing short of (re)asserting hegemonic power over planetary resources will avert the meltdown. US dollar is (afaik) apparently tangibly backed by military power and not much else.
If NATO fails to secure an unchallenged controlling position in the resource rich Middle East and Central Asia (aka "the War on Terror"), the collapse will be inevitable.