But more importantly, beyond their debt, is that they don't have their own central banks, which turned out to be Greece's problem. The central bank distinction is key, as it's the reason that the UK hasn't found itself in a fiscal crisis yet.
We'll be delving more into their situation in the days ahead, but for now a thought experiment: Could you imagine US political leaders staying up all night to craft together an 11th-hour bailout of California? And if you think that's possible, do you think it'd be possible after November, when Republicans clean up in the election?
Join us on our
Share this page with your friends
on your favorite social network: