Sigh, sometimes I wonder if anyone (well except for Pica in this case) reads any real news?
While Hypatia decries the US economy, its Iceland that is running an almost third-world debt/GNP load balance, and in the group of 'major free democratic nations with open markets' is in the worst financial shape any such nation as ever got itself into.
For Iceland, and this is just last weeks figures: External debt (as reported by Danske Bank) is now 300% of GDP, while short-term external debt is c55% of GDP, or 133% of Icelandic export revenues.
That is beyond broke. And, that they did all that without military spending - well that kinda puts old tekla in a state of awe. Furthermore, they are going to be hard pressed to do much about it, as their is extremely limited opportunity for economic expansion. Iceland is facing an economic meltdown on an almost epic scale. By contrast, the US debt, huge though it is, is a much smaller % of the GDP.
And Cindy, Armys are nothing but followers, with one leader more or less. Everyone is following someone further up the Chain of Command.