Only by summer of 2011 did the Eurozone admit that a default on Greek debt was required but, by the time the default was implemented in early 2012, Greece now had a mountain of official sector debt.

FORBES: Standoff on Greece Driven by Short-Sighted Europolitics

And I think that a good chunk of the household sector is effectively insolvent, buried under a mountain of mortgage debt, credit cards, auto loans, student loans, personal loans.

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Thus the railroads established their own standardised times and the time that we now use, including the time zones (Mountain, Pacific etc), really comes from this entirely private sector need to deal with the new technology.

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Although it may be fashionable to think of China as the country to which the U.S. manufacturing sector was offshored in exchange for tainted products and a mountain of mortgage debt, the fact is that the bilateral relationship has produced enormous benefits for people in both countries.

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This mountain of debt will have to be repaid - and the net result is public sector cuts are inevitable.

BBC: Jobless