Bernanke: the United States could soon face a debt crisis like the one in Greece

http://www.washingtontimes.com/news/2010/feb/25/bernanke-delivers-warning-on-us-debt/

"With uncharacteristic bluntness, Federal Reserve Chairman Ben S. Bernanke warned Congress on Wednesday that the United States could soon face a debt crisis like the one in Greece, and declared that the central bank will not help legislators by printing money to pay for the ballooning federal debt.

Recent events in Europe, where Greece and other nations with large, unsustainable deficits like the United States are having increasing trouble selling their debt to investors, show that the U.S. is vulnerable to a sudden reversal of fortunes that would force taxpayers to pay higher interest rates on the debt, Mr. Bernanke said.

"It's not something that is 10 years away. It affects the markets currently," he told the House Financial Services Committee. "It is possible that bond markets will become worried about the sustainability , and we may find ourselves facing higher interest rates even today."

It was some of the toughest rhetoric to date about the nation's fiscal and budgetary woes from the Fed chief, who faces a second round of questioning Thursday before a Senate panel."

More at the link above.

Can we hang him now? Surely there must be some sort of punishment for destroying a nation?

It is that or military spending. Hey but the bailout saved your 401k for a year.

He's setting up a commission to take care of those pesky "problems" with social security and medicare. Alan Simpson will slash SS to within an inch of its life and Erskin Bowles will come behind and mop up, funneling future contributions to his buddies on Wall Street.

Newt Gingrich must be so excited he's positively peeing in his pants.

Also known as the 'no shit, Sherlock' dept.

They're trying to accomplish the same world dominance as Nazi Germany in WWII, but substituting bonds for bullets.

These vulture capitalists should be charged with treason on a worldwide scale.

non-event, but now that a Dem is president, a crisis looms which will require gutting social security and Medicare, but no cut-back in war-spending and surely no restoring the tax rates to pre-gipper days whence these wholly irresponsible fiscal and unfair tax policies emanated. :P

to provide HC to all citizens insteads of printing profits for investors.

Martin is counseling places in Europe that are in a bind. He did it with Canadians on board for all the cutbacks. He also kept our banking industry conservatively regulated so we had none of the problems the USA has. He was a great finance minister.