While the European Union continues to weigh its response to a fiscal crisis in Greece that has brought further attention to the global problem of excessive sovereign debt, some are warning that the United States may be set to face its own similar situation in the not-too-far future.
Writing in an op-ed piece in London's Financial Times newspaper, Neil Ferguson warns that it "would be a grave mistake" to believe that current debt woes rocking Greece, Portugal and Spain will not end up spreading to stronger European economies.
He adds that the current situation is "a fiscal crisis of the western world" and that "its ramifications are far more profound than most investors currently appreciate." Worse for the EU, there are few options for dealing with Greek debt that can be considered desirable from a financial standpoint.
While much of the world' attention has been focused on Europe in recent days, the United States has been drawing concern over its own skyrocketing debt, with a budget deficit exceeding $1 trillion for the second consecutive year and a national debt that will exceed $14 trillion.
If and when such debt burdens become unsustainable, those who have sought out gold and silver investments will be well-positioned to ride out the ensuing fiscal turmoil.
