If you look at US national debt and deficit then they are deeply into PIIGS territory. The Eurozone has a problem on the periphery, though Italy would be too big to bail out, whereas the US is in much worse shape.
Niall Ferguson reckons that the US is facing a
debt crisis, and I don't think that he's the only one. In the linked video, from about a year ago, he reckoned that in five years (i.e. 2015) they'd be paying more in interest than they'd be spending on providing services.
The US could afford its current level of spending, but they need to raise taxes to European levels. Given the
right-wing nutters who have a disproportionate influence there, that isn't going to happen.
As for bargains in the property market, it's hard to say. Prices still seem high to me (though I'm a nasty doom and gloomer
), and if we see GFC 2.0 in the coming months then there's a risk that they will fall sharply.
I reckon that buying into the UK FTSE might not be a bad move in the next week or two. Shares have dropped sharply this week, though are still above their 12 month love. But you'd also be taking advantage of the cheap pound, and in a few years you might have a nice profit from both rising.
