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Soon, We'll Be Broke Like Greece

Unless things change, the US will be begging for help, too

By Kevin Spak,  Newser Staff

Posted Mar 9, 2010 11:50 AM CST
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(Newser) – America, remember the plight of George Papandreou, the Greek prime minister who arrived in Washington this week, hat in hand, as part of his world tour seeking help for his nearly bankrupt nation. Because “if current trends persist, an American president will be doing the same thing in about 10 years,” writes Dana Milbank. “He or she will probably be in Beijing, asking for more favorable interest rates.”

Greece’s national debt is 113% of GDP, a level the US is on track to hit in 2020. Papandreou is trying to cut his deficit from 12.7% of GDP to 3%, an effort that’s sparked massive protest. Were the US to make an equivalent cut, we’d have to shut down basically the entire government. Yet Washington isn't taking the crisis seriously. “Greece had to hit bottom before it acted," writes Milbank in the Washington Post. "The United States seems determined to do the same.”

Secretary of State Hillary Rodham Clinton and Greek Prime Minister George Papandreou leave after a joint news conference at the State Department in Washington, Monday, March 8, 2010.
Secretary of State Hillary Rodham Clinton and Greek Prime Minister George Papandreou leave after a joint news conference at the State Department in Washington, Monday, March 8, 2010.   (AP Photo/Haraz N. Ghanbari)
Secretary of State Hillary Rodham Clinton and Greek Prime Minister George Papandreou take part a joint news conference at the State Department in Washington, Monday, March 8, 2010.
Secretary of State Hillary Rodham Clinton and Greek Prime Minister George Papandreou take part a joint news conference at the State Department in Washington, Monday, March 8, 2010.   (AP Photo/Haraz N. Ghanbari)
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COMMENTS
Showing 3 of 87 comments
charles2010smith
Mar 20, 2010 6:17 AM CDT
Find the "Money Mechanics" video on the net and learn the truth about how the American money system works and the fraud that all of you are going through!!! Your money does not exist and its fraud and money laundry/forgery!!! For those in Canada the "Oh! Canada Movie" is very similar as both systems are debt based and they on go in a downward direction. If one watches the movies and does the research you'll find all the information on the net for yourselves and court cases and court files of people who are filing class action suits or have won/lost and how to sue the banks/ gov't/ IRS for fraud!Even the IRS has no law saying you have to pay but they insist though! They have broken laws and violated the constitution. In Canada for example you do not require a license to practice law or even joining the bar association which is a "club". The primary requirement is passing the university courses which qualify you not going the club!!! If they don't join then there persecuted for it. Under ultra vires, contract laws and promissory notes and failure to disclose the method of money supplied it's void contract "people" and you can withhold payment during the dispute!!! If you hire a real lawyer they will defend you and show you how to do it cheaply to represent/educated yourself or get aid and how to fill out the right forms. Even advise you without putting there career in jeopardy!! For fear of the "bar association"!!!! If your going broke what do you have to lose! Sign your name on petition's and through numbers we can put it back the way our forefathers had it because they new this would happen!!! Under the law if you claim bankruptcy you and "idiot"/mentally incapable and like slaves its a seven year's before your FREE...........You don't have to be a lawyer to win just well versed in the law!!

(LAWYERS/JUDGES)THE STUPIDITY IS THAT UNLESS YOUR THE 'ELITE' ALL YOUR SAVINGS AND MONEY WILL DISAPPEAR WITH THE BANKS GOING BROKE!! SO UNLESS YOUR A BILLIONAIRE OR HIGHER YOU CAN SERVE THEM BUT IN THE END YOU'LL GO BROKE AS WELL BECAUSE YOUR NOT HIGH ENOUGH ON THE FOOD CHAIN!!! THINK ABOUT IT!!! "SLAVES IN THE TOMB WHEN ITS SEALED OFF!!!" DUH!

-the 1930's are an example of this.................. you may want gold or silver coins/jewels in a can in the back yard!!!!

Don't believe me then do the research yourself and see!!!!!!!!!!!!!!!!!!!!
sirgil
Mar 10, 2010 1:45 PM CST
Financial Armagedden has begun; the excessives of leverage brought to you by our globalist favorites; the financial folks from Wall Street to London to Dubia to Hong Kong;pushing the regulatory envelope(or lack thereof) to a place where no man has gone before, led by high priced theives(a new day Jesse James Gang),manipulating data for only one thought; transfer of sovergn wealth to corprate wealth, with unknown fortunes to be made and hidden, creating a new super class to rule the world. This sounds like fiction, unfortunately NOT.
Watch in horror was the dominoes fall, the Beast arises, and a 1000 days of financial hell on earth begins.
If you recall Star Wars, wasn't this the Evil Empire???
toughstuff
Mar 10, 2010 7:23 AM CST
We are less than broke , when you are broke you don't have any money but when you are in debt & still blowing money on everything from A to Z we are going deeper in debt. We borrow money from overseas & use that money to protect the overseas nations & keep going into deeper debt. Come on 2010-2012

 
Greece • national debt • budget deficit • George Papandreou • Greek debt crisis • Greece bailout

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