For August 2011 issue of Zahranicna Politika
Did you know the US could go bankrupt any day now? While various European nations have been battling with the specter of debt defaults, the United States has been sitting there happily and smugly. Sure, there have been enormous deficits of late in the land of the free. However, no one ever questioned the credit-worthiness of the US. That is, until very recently, when the government has been scrambling to raise the “debt ceiling”. How is it that the US is suddenly looking at the possibility of defaulting on its debt? Is this crisis real or is America just suffering from default-envy?