I agree with this, though I have no credentials to authoritatively say why. But it just seems like logic. Americans created an inflationary and unsustainable housing bubble by borrowing sums they did not have the ability to repay. Likewise the U.S. government has been doing the same thing over several years, borrowing money it has no intention of repaying and spending it lavishly on an enormously expensive military and, of course, debt servicing. What did we think would happen?