http://mises.org/community/groups/euro-libertarians/default.aspxFor all libertarians on here who hail from European countries, whether within the dreaded EU or not.enCommunityServer 2008.5 SP2 (Build: 40407.4157)http://mises.org/community/groups/euro-libertarians/forum/p/24916/424137.aspx#424137Fri, 03 Jun 2011 08:55:19 GMT944abf2b-d1be-4bf2-990d-438cb0e377e9:424137FDominicusto the next default the US or the EU? I'd think it will be a near dead race but whomever will start defaulting the other will follow straight. I've no idea about the timespan this bandits will survive, but it's forseeable. The US now has a debt of 100 % of the GDP that means all Americans would have had to work for one year just to pay back the debts of the US. Well I wrote about the stupidity of GDP related debt here: http://mises.org/Community/blogs/fdominicus/archive/2011/05/18/the-madnesss-of-gdp-related-debts.aspx And well the real income of the US is just about: $3.69 Trillion the GDP at around $13.519. So the debt is above 14 trillions a ratio of 14 / 3.69 = 3.7. So if the US would stop paying anything but bills they would have to wait four long years to pay of their debts. There are hardly many reserves which could ease it and well if you need on third new debts just to pay for your running obligations, then I think the end is near. The Deledefs will surely fall back to some kind of disposession. As they always did and if you think a government stick to contracts between them and their population, then you must have lived in another unrelated world. So the bets are on. Who will win?