America is not Greece. It has a much greater chance of growing out of its debt and it has the “exorbitant privilege” of issuing debt in the world's reserve currency. At least its politicians now recognise that something must be done about the deficit, even if they disagree about the solution. But grand plans, like denials, need to be taken with a bucket of salt. Actions will be the best sign that the denial phase is over, not more words.
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