http://www.torontosun.com/2011/10/05/flaherty-sounds-economic-alarm

This scenario has long been predicted about fiat currencies based on debt.  Its challenging because on one hand we found that the Bennet-buggy approach where government did little--in order to keep the books balanced.  This extended the great depression some say for at least 5 years.  Others say it took a world war to shake the global economy out of it.  Greece is the first domino to teeter.  The US domino is far bigger,  I would be terrified to live in the US.  Living next door to them is like living next door to a burning building.  I don't wish them I'll, I am just skeptical this can be fixed under the current system.

I think there will need to be some sort of global forgiveness.  Where the bottom 100 Billion of every country's debt would be absolved.  100 B is nothing to the US, and won't help their 15 trillion dollar crisis much.  But for other countries in the world, it would mean being totally free of debt.  That would stimulate global trade like no other, then maybe the US economy can grow out of its free-fall.  But even then, gah its a crap-shoot.