We’ve argued that the U.S. is in deep long-term economic trouble because of the sharp uptrend in government spending and debt, but is not at a tipping point at which bond market vigilantes and currency vigilantes would suddenly sell U.S. assets. Our view is that U.S. household assets (i.e. private sector ownership) is still large enough compared to total U.S. debt that the problem is one of dissipation and U.S. underperformance rather than imminent crisis like Europe’s periphery.

–David Malpass, Fed Data Shows Equities Lifted U.S. Assets More Than Government, Encima Global LLC, 8 March 2012.

Steve Hanke, of Johns Hopkins University, is one of a few true experts on economic meltdown. One recent focus of his has been Zimbabwe.

Greece is not Zimbabwe. The United States of America is not Zimbabwe. But, there are lessons to be learned.

The Greece two-year yield has a glide path of a moon shot. (260 percent at last sighting somewhere down range of Cape Canaveral.)

Greece survives another “imminent” day. And, America? Beware dissipation. “Harare. We have a problem.” Discuss.