This may be more a California thing than anything else. That state is going to go down hard.
People don’t realize this, but the EU is loosely fashioned on the US. That is, a bunch of “sovereign” states under an umbrella government/economy. That is why the US, before the civil war, was typically called “these” united states as opposed to THE US.
Remembering that allows one to see California as a “nation” kind of like Greece. And California has made some VERY poor decisions the last few decades. Chickens are coming home to roost and the rest of the “states” will eventually be asked to help out as the EU is being asked to help out Greece.
But California may find itself on it’s own, causing more of what we are seeing today. This continuous collapse cannot simply go on and on, year after year. Things will eventually come to a head - reach critical mass (CM). The question is, is the current explosion (Oakland) strong enough to cause CM. If not, the next one may be, or the next. But with each iteration, the size of the blast necessary to cause CM diminishes.
This will not end well, but hey, check out pictures of Hiroshima today. :-D
There is NO way that there will ever be a fed bailout of Cal. They have to go down, and hard, on their own..the debt, and the pension and medical benefits, and to be cut by at least 50%..