WASHINGTON, D.C. Nov. 9 (DPI) — Readers of major news sites were largely stoic — and genuinely fearful — of what the growing Eurozone debt crisis poses for the global financial system.  Most see the latest focus on Italy — with a $2 trillion economy, six times larger than that of Greece — as a sign that the Euro as a continental currency cannot survive.

And a growing number of American readers — at both the left-leaning NYTimes.com and the right-leaning WSJ.com — are convinced that the US will face the same kind of crisis.

A few readers see the U.S. as the only backstop large enough to assist the IMF and the European Central Bank in helping lower Italy’s borrowing costs and stave off a full-scale bankruptcy. A small suggested that China may step into a financial coalition as well.

From wsj.com: “This is the price of Europe’s failure to act. Italy is being singled out because its economy, which has been growing at a snail’s pace for two decades, has no way of growing out of this debt. In that respect, it’s much like Greece…

“The US has had good annual GDP growth rates, but is now on the same trajectory as Greece and Italy. I expect to see a headline similar to this about US bonds, in the not too distant future. What is amazing to me is that everyone assumes that inflation and borrowing costs will remain low.” (Norman Retz)

“Face it … the euro is toast … in this case, delaying the inevitable just makes it more certain . “(David Klinger)

“Everybody blames the govt when the problem is societal. An economy based on food, wine, and tourism cannot compete in the world anymore.

“It’s interesting that nobody talks about paying back the money owed. It makes no sense for a country to float permanent debts. It is just a burden on the people that lowers their long-term standard of living. Italy has no intention of ever paying back the money it owes. The politicians are frightened that they have to pay more to keep rolling over the debt. Why don’t Italians (and everybody in Europe for that matter) ask what did they get for the outstanding bond balance. The answer that nobody seems willing to hear is that nothing was bought: it was just a way to finance government spending that a majority of citizens where not willing to pay for through taxes.
Unless Italy makes a radical change in its socialist-leaning economy, the only answer is default, inflation, or becoming a province of Germany.” (Matt Carruth)

“Aside from expensive cars that most people cannot afford, great food, and excellent wine what else have you ever seen that was made in Italy. Same goes true for Greece, Spain, Portugal. The days of endless vacations, retire at 50, have sex scandals at the highest office have to come to an end. The reason Northern Europe is still doing well (Germany, Scandinavia) is because they still make things people around the world want to buy and they do not export food items only. “(Ajay Tyagi)

“Those kicking the can down the road are watching the end of the road rapidly approaching. The time for eyewash solutions is over. If the trajectory continues, Italian bonds could fetch 10% yields in a week or two. Time to print money or else cut the cords to a few euro countries.  The euro may have been a cataclysmic experiment. The euro as we know it is probably over. “(Edwin Hall)

“The notion of borrowing/printing your way to prosperity is silly on it’s face; if it were true, the Italians would be rolling in prosperity rather than wondering what will happen to their country in the next few weeks. (Michael Madden)

From NYTimes.com: (#5) “Let the dominos fall. Don’t bail anyone out. Let the bankers take the losses. Our pathological political and economic system of corporate capitalism and its predatory investment bankers cannot be transformed otherwise. Why save an inherently evil system that systematically robs the poor and middle class and protects and rewards the Sheriff of Nottingham and King John? As was expressed in I, Claudius, let the evils that lurk in the mud hatch out. Until Goldman Sachs and all others of similar ilk are dead and buried, we live in shame at what we permit. “