Soon ...
As the debt ceiling debate in the United States so adequately demonstrated, there is an over-abundance of economically illiterate people within the government and media that can’t even understand that hitting the debt ceiling is not the same as defaulting on your debt; and much like an individual in a similar position, the government could spend less money than they take in through taxation.
As has been demonstrated by the riots in Europe, we can see how people in the public do not seem to understand that the government does not have an unlimited supply of money; and after years of living beyond your means austerity is needed to prevent your economy from defaulting on its obligations and collapsing.
As has been demonstrated by the meaningless "window dressing" that they call bailouts in Europe, the people in power do not even comprehend what is needed to fix their problems so there is no hope of a solution.
... At the current rate, within a few years Italy and Greece will default which will cause a domino effect toppling banks and countries alike; and the economy of the world will have been ruined by socialist over-spending and Keynesian economics.
