Where has all the money in the world gone?

Re:Where has all the money in the world gone? by tocomment on Saturday June 23, 2012 @09:27AM (#4150789)

Why is europes situation different than individual states in the us? They all issue debt in a currency they can't create and they generally do fine.

Why can't we think of eu members like states of a larger country?

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Re:Where has all the money in the world gone? by jvm on Saturday June 23, 2012 @12:07PM (#4151105)

The US states, largely, have very little debt. Many of them have legally banned themselves from deficit spending.

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Re:Where has all the money in the world gone? by arethuza on Sunday June 24, 2012 @07:15AM (#4153124)

But they do have huge pension liabilities which look like they will be pretty difficult to serve:

http://www.reuters.com/article/2011/10/24/usa-states-debt-id...

Also, aren't a lot of individual US cities in trouble?

http://news.sky.com/home/world-news/article/16135233

Michael Lewis (author of The Big Short) in his latest book "Boomerang" takes a tour of the places involved in the ongoing financial crisis: Iceland, Greece, Ireland, Germany (as a "victim") and, last but not least, California and the city of Vallejo.

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