For all those (looking at you Joe Kernen) mocking Europe for its problems... the reality is (as we've pointed out MANY times) the U.S. is fiscally in as bad of shape (if not worse) in terms of balance sheet than Europe's black sheep. And we are not even counting unfunded liabilities. But the ability to print money from thin air is the magic elixir that allows Messi style (shout out to soccer fans) kick the can policy. That is truly the only difference at this point - there is nothing inherently superior to the US situation than Greece, dear apologists. We just have been given that much more rope to hang ourselves with as the reserve currency.
When one sits around and realizes how incredibly awful the situation would be without the ability for central banks to simply print, print, print - you truly shudder.
This morning Jim Rickards attempted to spell this same idea out. Thankfully a commercial break could not come fast enough...
Becky: (giggle) You're not suggesting that the United States in the same situation as Greece?
Jim: I'm having trouble finding a Greek metric where the U.S. isn't as bad or worse than Greece or will be shortly.
Becky: We have our currency and we can inflate it (pom pom wave!)