Bad things happen when people are under water with their mortgages. What if the nation is under water with debt?

Washington spending and debt has gotten so immense that it is all but impossible to envison its scope. But Let Freedom Ring has come up with an excellent spot that puts it in a meaningful context:

When the market value of somebody's home is less than their mortgage, they are said to be “under water.” That's when foreclosure time is near. So what happens to a country when its debt – it's “mortgage” – exceeds the total value of its economy? Who forecloses on a country that is “under water?”

Check it out:

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