Um, the EU just violated its own constitution to bail out Greece. There's been talk of possible Euro collapse, which could happen if countries start to bail out in response to Greece again failing, or if Spain or Iceland fail, since it's other countries (particularly France and Germany) which have to pick up the tab for that 'blank credit card'. There's no real alternative to bailouts, 'cause EU countries don't have their own currency to print as part of a standard last resort when they're going broke, and there's no mechanism to force Greece or another EU broke country to reform.
Meanwhile Spain is just about as screwed as Greece, Iceland is close to bankruptcy, France has had a horrible economy for decades and is still struggling to restructure its socialist ways in order not to go broke as its population ages. Germany has had a sluggish economy for about as long. Italy has massive problems and is also doing far worse than the US. Then there's Eastern Europe...
Mate, if you want to talk about sovereign debt, what matters are two things: 1) debt as % of GDP; and 2) the market's confidence that the debt will be paid off (reflected by the credit rating, which factors in #1). You can see the former here, where you'll see that the US is much better off than most of Europe (3 EU countries are among the worst 10 in the world; Scandinavia/Switzerland are the exceptions):
http://en.wikipedia.org/wiki/List_of_sovereign_states_by_public_debt
The latter you can see here (note the US is still at AAA, with many EU countries like Greece way way below that since they're high risk):
http://www.standardandpoors.com/ratings/articles/en/us/?assetID=1245219962821
So...basically you're saying that from now on you'll be more liberal with your
ad hominems? Because of guilt by association? Yep, 30,000 people should be put into prison because they work for GS...right.
Why would I base where I live on how powerful a country's economy is? What a bizarre assumption about another person. Not to mention a false generalization about residency.
PacificBlue, you continue to make broad generalizations (and prejudices), make easily falsified assertions, and then shift your arguments when that's pointed out, in what appears to be an attempt to fit a foregone conclusion. Fine, you think Australia rocks and the US is crap. You're entitled to that. But it'd be wise to stop throwing out misinformation as justification and just admit you're likely rationalizing your feelings.
That's it. I'm not responding to you on this subject any more. It's too tedious.