Quote from Turhovach:
LOL - This has got to be one of the best things I've ever read on ET. Packing bags and moving to Bulgaria as we speak...
From the context (I refered to debts in my post) you could read that I meant macro-economic ratios , like:
(i) household debt / GDP, or
(ii) per capita debt / GDP, and similar ratios
Eastern European debts can be repaid within a few years by one generation. It will take a few US generations to repay US debt.
As I mentioned in one of my earliest posts standards of living in Eastern Europe are much lower than in USA. It is obvious - living in Eastern Europe was not financed by debt to the extend that living in USA was financed through debt.
Regards