Austerity Measures coming for the U.S.A.

       Before we examine what that might entail we need to realize a few things.  First, Spain and Greece are not alone in owing more than their GDP annually.  Second, At least they had the good sense not to borrow the bulk of their cash from their primary trade partner.
       See here in the U.S.A. we have borrowed heavily from Chinese banks.  While a bad move for many reasons it is especially stupid when you consider we are borrowing now, to pay the interest on past loans.  Mostly also from China.  We now owe more than we can pay.  So how can we fix this?
       The solution we have been using is to keep borrowing, which undermines American manufacturing so it outsources to China.  Then buying goods that used to be domestic, but are now imported.  But then we all knew that.  Essentially it's like having your home mortgaged through Wal-Mart bank, where you also buy your food, clothes etc.  Then realizing you can't pay for your groceries, so you borrow more from them.
       What I'm driving at here is that we joke about the collapse of the Spanish, and the Greek economy.  We laugh about the Austerity measures they must now endure just to pay back a loan they should never have taken out.  We make fun of the people there for allowing their own government to run the country into the dirt so bad they had to borrow more than their entire countries production, in the first place.
       What makes us different?  By all means, keep on laughing.  It isn't going to be funny in a few more years when China wants its money back, and we can't pay.  We will be at the same point sooner than you could imagine.  Or maybe not.  See, I learned a trick or two in my negotiations class.  Sometimes the weak position is stronger than the strong position.  Like here.  And please, any aspiring presidential candidates take note, this will work.
       Explain to our good friends the Chinese that we have no ability to pay them back as long as we keep buying their goods.  We need to either have our debt absolved, and we in turn would forgive the debts owed us by other sovereign nations; or we will need to heavily tariff or outright embargo all goods originating in their country, in order to generate the revenue to pay them back.  We are very sorry.  You have been very kind to us, but you had to have seen this coming as much as we did.  
       Then step back and let them make the decision.  It's their money, after all.  Or solution no one wants to hear.  We form a trade federation.  A super-national organization like the E.U.  This one though would be just us and China, maybe Brazil, if they care to play nice for a change.  Put aside our differences and realize exactly how much of the planet's GDP is represented by just those three countries.  Add in Japan and Germany and we would then have a world government.
       Option three is simple enough: learn Mandarin or Cantonese.  You'll need it if we keep doing what we've been doing.