"As the parts begin to fail, so will the whole and the U.S. is not so far behind, with its own historic levels of government debt and deficits running at levels never seen before.
In their attempts to avert a 1929-style depression, governments took on the bubble in toxic private debt, stupidly transferring that burden onto the government (and taxpayers), causing the problem to morph into today’s sovereign debt crisis. Simply, with the government debt too big to ever be repaid, we are now beyond the point of no return."