The U.S. reminds me of a person who suddenly makes a lot of money, gets bigheaded and blows their fortune on high living. Usually they wind up suffering through financial reversals and a lengthy period of personal austerity. They are humbled by these struggles. Often we hear that these painful experiences changed them for the better. Perhaps the same rules apply to countries. A country that experiences austerity and bankruptcy may emerge from this humiliating period with its people more self-sufficient and its industries more productive. In that sense a national comeuppance, with all its agonies may be a good thing. Eventually the people come to understand there is no free lunch. They work more and play less. Behavior and character improve. Here in the U.S. we have reached a level of excess that betrays our legacy and ensures our collapse. Public and private debt, runaway government spending and fiat money have hit the wall. We can’t go back and going forward invites retribution. A national humbling and painful austerity are inevitable. The ferocity of the crisis will be correlated to the degree of excess, so it will be large and painful.