Debt bombs are currently detonating in Europe. In Greece, the debt bomb has detonated. In Spain, it's massive debt bomb is currently in the process of detonating.
Problems in Spain: Revenues Collapse, State Spends Nearly Twice as Much as Revenues Collected in First Half
100,000 Workers in Spain Will Not be Paid Because Regional Government of Catalona is Broke
Italy and Portugal aren't too far behind Spain and Greece. USNew just reported that the federal deficits are the highest since the 1940's, here and also stated "In every second of 2011, for example, the government spent $114,253—even though it was only taking in $73,043 in revenue. According to Face the Facts, that means the federal government spent $41,210 every second that it didn't actually have."
Think about that. The federal government is spending $114,253 per second on revenues of $73,043 per second.
What makes us so different from Greece and Spain? We aren't and what is happening elsewhere will happen here in America to the American people. It's only a matter of time and time is running out.