You may have seen the news about the economic crisis in Greece.
In case you haven’t, to sum it up in a nutshell, the Greek government missed a debt payment to the European Union because they simply don’t have the money. Of course, they don’t have the money because they stopped trying to balance their actually budget (because, they would say, that is an “austerity measure” that governments shouldn’t have to normally do).
Then, to prevent a complete economic collapse, the Greek government then locked down banks for a week (until at least July 6), limited cash withdrawals 60 euros (about $67) per day per card, and funds cannot be transferred out of the country.
In other words, Greek citizens’ money doesn’t belong to them. If it did, they would be able to access and move their money.
Here’s the scary thing for you and me: the Greek crisis was, in large part, caused by deficit spending by their government to provide benefits to their people. And, as you know, the U.S. does exactly the same thing.
Which makes this look like a very likely near-future scenario for the U.S.
What do you think: are we on the brink of economic collapse or is the U.S. too big to fail? Comment below.