Why America Faces a Big Fat Greek Bankruptcy

By Wayne Allyn Root

Forget Global Warming - Catastrophic Government Spending is the True Threat to Our Survival

Have you read the news lately? Greece is bankrupt. The entire country was poised to default on its debt, when the European Union (led by Germany) and the IMF (led by the USA) decided to bail them out... or risk the collapse of the entire EU and their currency, the euro. As always happens any time government is involved, the dollar figure necessary to save Greece keeps rising... first it was $50 billion... then $100 billion... now $145 billion, the biggest loan to a country ever.

But here’s the clincher - this gigantic loan will last only one year. The IMF (International Monetary Fund) assumes in one year, when Greece needs more money to stem the flow of red ink, they’ll be financially stable enough to attract loans on the open market, with no more government help. But what if the IMF is wrong? Then we’ll see one big fat Greek meltdown - taking all $145 billion down the tubes (much of it from U.S. taxpayers). That’s assuming that Greece is telling the truth about their debt in the first place. But just like the U.S. government, Greece has lied to themselves, and their citizens for years. And just like AIG, GM, Fannie Mae, Freddie Mac, and the failing public school system in America - the money we give Greece will never be enough. It’s a bottomless pit. [more...]