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Every word, sentence, idea, perception and eerily even the symbolism of Senator Colburn is not only agreed with but has been expressed in one way or another over the past 2.5 years by one to Mr Rose among others via e-mail and on a Blog of ones own. The only thing Senator Coburn left out was the ramifications on the Global economy and security if the US should go into a debt crisis.

However that said let us get to the deeper meaning of Senator Coburn's exposition of the current situation facing the US on the Charlie Rose Show. One has been of the notion since late 2008 that there would be a period of relative calm preceding the next crisis much like the calm of being in the eye of a hurricane. To that end the US economy has more or less recovered staggering from one worry to another with anemic growth. No one has been able to know when that period of relative calm would come to an end.

As of late one has noticed that more and more pundits, politicians and experts whether they be academics or financial wizards have been acknowledging that a crisis is not only a potential, nor just on the horizon but is virtually on the doorstep now. This reminds one of the fact that when the Titanic hit the iceberg very few at first were aware that the ship was sinking, but when the water got ankle deep it became obvious to virtually everyone that the ship was going down. What makes Senator Coburn's exposition so unique is this is the first time so high ranking a member in the political hierarchy of the US has not only acknowledged that a failure is imminent but the ramifications of that failure. Before this it has always been an exposition of the situation with a solution while skirting around the dire affects of such a failure. Thus all pretense is gone and we have been officially warned that the storm is imminent. So the question to be asked is what are the factors that could bring this about?

1. The EU has just avoided a contagion of the debt crisis in Greece by kicking the can down the road once again

2. The US debt ceiling is being reached without the political establishment acting responsibly.

3. QE2 is coming to an end and no one knows who is going to buying US debt and for what interest rate.

4. Various State budgets are coming due which need to be balanced in a sea of red ink.

This does portend that rough waters lie ahead, and that the US is just at the beginning of them.