The EU has brought about the first sovereign default in Western Europe since the Second World War and set a fateful precedent without actually resolving the Greek problem. This is the worst of all worlds ... We can only pray that at least one half of the Atlantic system holds relatively firm. If both go down together, buy a shotgun and prepare for 1932.

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Unusually there's not many commenters agreeing with Ambrose, he seems to be getting a lot of stick over his views on the US debt.

The man is talking out of his backside.

Go to usdebt.kleptocracy.us/ and see what the US govts debt is right now 114 million million dollars. Just short of a cube of cash($100 bills) that reaches up to the statue of liberty's waist (waste would be the better spelling in this case). Obamalamadingdong's printing of 1 billion in funny money isn't going to save them and the only point of interest is if the eurotrash will bring the federal tyranny down or vice versa.

Do you really rate this Ambrose guy Dr N?. On the strength of this article he is a real lightweight.

It's me that is slightly confused. The waist-high to statue of liberty cash cube is only 15 million million dollars which is what they owe now. They still cant repay it and funny money bailouts still won't save 'em. The 114 million million( true british billions --bi=2--a million milllion) is their total unfunded liabilities.

Same difference in the end.

He has his good points, and his bad. When he is good, he is very, very good ...