Can the economy declare bankruptcy?

The United States escaped default twice, which technically qualifies as such for a sovereign state, by unbounding the dollar to any intrinsic value, opened the way for a huge ammount of money who shouldn't really be worth anything and that's precisely what is causing a large part of the problem right now. By avoiding economic depression it probably laid the seeds of something far worse.

Well SHIET

Nations aren't likely as to fall in today's modern era. Ottomans fell because of the World War, thats what happens when you take stand against the world's allied powers. The British Empire only "fell" because the rise of a new modern era of guidelines and government. England is still a VERY powerful nation. The USSR was never really meant to succeed. Look at the World wars, and the Cold War. But Russia is still a nation. 

So to say that the states will fall is a little too steep. We won't be top dogs much longer (China and India) but we will still be a World power. We've been through worse in terrible times. But as technology and the new era comes, its only hard to imagine how a nation would fall. Thank you technology, internet, and wahtever else that has improved our lives.

Weapons is about the only thing USA can produce now.  To have your economy based on a consumer economy probably isn't the smartest idea.  A nation has to be able to produce something.  Sadly our manufacturing base has shrunk a lot due to lay offs and outsourcing.  Manufacturing industry used to be where you could make a decent wage.  Most manufacturing jobs in Texas pay no more than 8-10 dollars a hour for the average worker (not talking about engineers, management, etc).  Pretty hard to support yourself let alone a family on less than 10 dollars a hour.  Manufacturing in USA is a joke and the only thing you can except is that you will probably be laid off.

From memory, wasn't their a big peace movement crap in 1999 that in the year 2000 all 3rd world debts debts should be wavedd so that they stop cutting trees (mainly brazil) as they currently only do in order to pay of their interest on their debts. It was all about saving the environemnt and helping the 3rd world develope without destorying the earth.

That didn't go down so well then, so I don't know if a peaceful option can existing for a simple wave the debts and start with a clean slate.

America may fall but they won't fall very much only a few countries may rise above the States and China is the only one right now in a position to do so, Most previous empires fell because they lost control over countries they colonized (roman, Britain, Mongol, Russian) you don't really have that problem with the States since they don't have colonies. America is the third largest Country and third in Population So they will always have some level of power unless some batman shit happens

"I would go along and I would see people building a bridge, or they'd be making a new road, and I thought, they're crazy, they just don't understand, they don't understand. Why are they making new things? It's so useless. But, fortunately, it's been useless for almost forty years now, hasn't it? So I've been wrong about it being useless making bridges and I'm glad those other people had the sense to go ahead."

Well then again, i suppose if by civilization he meant outlook of life, vs country, i suppose that could be the case.

I mean, if our debt problems got bad enough we could always fuck up our country, civilization and outlook on the economy like Venezuela has.

I don't entirely understand how the financial system works. I'm sure the average person does not. Perhaps this is why we get screwed over so much. Maybe it's because only a minority of people actually know how the financial system works and uses that knowledge to keep themselves rich. Nonetheless, I hope this country can solve it's financial problems. I would hate to see the USA go the way of the Roman Empire. The sad truth is the US does not have the thousands of years of history that other nations have. For the last 236 years, the United States has existed only because people believed in it. During the American Civil War, that belief was put to the test and not since then, even with all the political unrest in the 1960's and 70's has that belief been tested more than now, maybe with the exception of the Great Depression.

The day people stop believing in America is the day America can no longer exist.