"People never believe in volcanoes until the lava actually overtakes them." – George Santayana
Last fall, while on an investment cruise, I had the opportunity to visit a "dormant" volcano in Chile. There was even a ski area with lift, restaurants etc. near the top on the lava and cinders. I thought at the time how I would ski the volcano but never risk my funds on a real estate investment there for obvious reasons.
Today we find the United States and most of Europe in a similar situation. We risk an eruption and collapse of the mountain of unsustainable sovereign debt built up over the last two decades. Frankly, the US dollar and national debt situation is so dire and our means to contain a sovereign debt crisis so limited by multiple wars, Washington's debt and political incompetence at home, that anything could happen – almost overnight. Even a minor foreign policy or economic event like a Greek default or Middle East crisis could reap havoc with the precarious interlocking sovereign debt pyramid in the West.