BTW, Roger... I believe US will grow out of its debt problems, however the standard of living for the next generations will be lower and lower... The debt will never be paid back per se, only the income levels will bounce with inflation, but people will learn to consume less for the same cost eventually.
Just like very very few people in the '80s and '90s could believe what would be happening now, very very few people now can grasp what will be happening in the 2020s. The markets then will look like the bulls of 1950s in a low inflationary environment. Income levels, standard of living will be increasing at astonishing rates; no one will be thinking about deficits.
The greatest buy-and-hold EVER will occur some time between 2016 and 2020. Given what has happened and what will happen before that time interval, however, few will be able to, and even fewer will want to, participate until well into the 2020s - but even the late-to-the-party will still do fine. If you want to be one of the very few in the late 20-teens, trade very safe now, keep a lot of powder dry for at least the next 6 years (remember 'shorts, you need a financial system to actually get paid ), and when the time comes have the fortitude to click your heels together like Dorothy on steroids and believe once again.