Greece Foreshadowing U.S.?

Last Sunday in adult ed, we wondered aloud whether the possible financial collapse of Greece could be a foreshadowing for what could be coming for America. Afterall, if Greece goes, Spain, Portugal and Japan could also start to unravel...and where would the dominoes stop tipping?

Today, we have this article;

WASHINGTON — Greece is a financial basket case, begging for international help. Is America heading down that same road?
Many of the same risky financial practices that now imperil the Greeks were at the center of the all-too-recent U.S. meltdown.

As with Greece, America's national debt has been growing by leaps and bounds over the past decade, to the point where it threatens to swamp overall economic output. And in the U.S., as in Greece, a large portion of that debt is owed to foreign investors.

Not good, if these debt holders begin to wonder if they'll be paid back. A foreign flight from U.S. Treasury securities could sow financial chaos in the United States, as happened when many investors lost faith in Greek bonds.

It's something that could affect all Americans. The U.S. has never defaulted on a debt, and even the hint of such a possibility could send interest rates soaring and choke off a fragile recovery.

How long can the United States remain the world's largest economy as well as the world's largest debtor?

"Not indefinitely," suggests former Federal Reserve Chairman Alan Greenspan. "History tells us that great powers when they've gotten into very significant fiscal problems have ceased to be great powers."

Read it here; http://www.google.com/hostednews/ap/article/ALeqM5i8fvUrHUOkJVfaq5UBxHCYV85s3wD9EBDPRO2
Financial chaos WOULD NOT BE GOOD in the USA. Most of us have no ability whatsoever to care for ourselves if our credit cards cease to work.

Remember, it is a GREAT idea to be storing up some extra canned goods and maybe even a little cook stove in the garage. Even if we had an ice storm that pulled down all our power for weeks...we should have a way to care for ourselves. Our grandparents ALL had fruit cellars where they had a years worth of food....but if Cub Foods goes dark... most of us won't be having any supper.