Those who have been focusing on the ongoing Greek tragedy may care to remember that the portents of doom, concerning a Greek financial meltdown, are but a foretaste of the catastrophe that will be unleashed if the US doesn't get its debt laden house in order soon.
The IMF has issued a warning that the US needs to sort out its debt problems, and ensure that Congress passes legislation that allows its debt ceiling to rise. Failure to do so will lead to default on US debt, which will cause financial shock waves around the world.
The irony of course being that using debt to pay debt is in itself the road to ruin.
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