I often complain that we have our own PIIGS, and that not enough attention is paid to them. California is our Greece, at least in that it will probably be the first to fall. (How you screw up a state blessed with the economic output of Silicon Valley, Hollywood and miles of agricultural paradise would be incomprehensible had it not already been accomplished!) Illinois isn't far behind, and could still pull out a win in these last laps. Our Portugal is probably Michigan, there being a strong parallel in the loss of industrial base. You get the picture...
Our saving grace thus far is the reserve currency status of the dollar, which makes us king of the fiat hill. In the long view, that's not much of a hill to be king of, and all signs now point to mid-1931.
Here are the "thoughts" of the economic rapist pulling the levers:
In the (paraphrased) words of the Mogambo Guru - "forget gold - I'm going long on canned goods and ammo"
On War, Gold, and My Years in Congress
2 days ago