Quote Originally Posted by chitown
Despite the problems, we are still a very rich country. We still have cars and other resources. We're not any dumber than we were before. We still have all those riches we had before. Japan is still operating at a 190% debt of GDP, while we are approaching 80% to 85%. So by those standards we are doing well. "Can the government go bankrupt? Could what is happening in Iceland happen to us?"

I couldn't be arsed to give the above too much thought.
What is rich?
Can the US go bankrupt? Sure. At some point those with the money will think that the US is not a good bet. what point is that? No idea. Nowhere near it yet but it is far from impossible.
False to compare USA with Iceland. Apples and oranges