Come on Nibbles, if you're going to spout stuff like this at least try to get your numbers right. Canada's national debt at the start of this year was around the $430 billion mark. That's going to go up with our government spending so much this fiscal year (really they're starting to lose the right to call themselves Conservatives if they keep spending like drunken sailors) but it's still not likely to get near the number you dashed off for some time.
The simple fact is that in the States, both sides are to blame for the financial woes. This was all kicked off by too many people defaulting on their mortgages. Now the anti-corporatists blame the banks for predatory lending. The corporatists blame the people for borrowing beyond their means. Very few are placing the blame squarely where it belongs: with both groups. Yes, the banks made loan money too easily available, and took too much advantage of relaxed government oversight. But no one held a gun to these prospective homeowners' heads and forced them to borrow tens or hundreds of thousands of dollars for a house when they were only making minimum wage or slightly better.
To blame this on the American Dream is technically correct, but such a gross oversimplification as to border on the absurd. Yes, becoming better off is the American Dream; it's made tangible in a big house, new car, etc. But the unspoken, common sense corollary (that has sadly been forgotten) is to do it reasonably. But people have become accustomed to living beyond their means. They're so obsessed with keeping up with the Joneses (or just with having their every wish fulfilled right now) that they pay for things now with money that they hope to have later. And that was the real problem. People were so sucked in by the idea that they could buy a house that they never should have been able to afford (and that any banker worth his salt should have turned down their loan application) right now instead of working for it, that they bought, assuming that they'd always be able to make their payments. Then, when their work situations changed, or the banks altered the terms of the loans, their whole finely balanced house of cards came crashing down, and they had to default. Which is fine if it happens on a smale scale, but it happened all over the place, and that set off the chain of events that has left us all here.
As to whether the United States will pull out of this, well I have a great admiration for the spirit of the American people when the chips are down. I believe that the country will recover. It may take longer than your average recession, and I hope that it makes people and governments smarter when they're out of it, but all these doomsayers predicting that the American economy will collapse (and as a result all of us will be reduced to savagery, apparently) are woefully misinformed.
And you anarchists that just "want to watch it all burn" might be careful what you wish for. You know what happens when "it all burns?" The basic form that anarchy takes is thus: might makes right. The ones who have dominate the ones who don't. Let's face it, the only good that your "free exchanges of ideas" and "artistic spirit" will do you in a true anarchy is to give you and your fellow serfs something to talk about while you toil for the man that has the guns and the food.