Remember all the fuss about raising the debt ceiling last summer? The Tea Party caucus insisting that lending even more money to a government already insanely in debt was just plain crazy. Good point, but we did it anyway. Then we did it again in January, and hardly anybody squawked. We’ve joined Greece, Italy and nine other countries with a national debt greater than their Gross Domestic Product. Worse, we owe trillions more than all the others combined.

But we’re not Greece for three reasons:

First, Greece is part of the European Union and no longer has a sovereign currency. So they can’t willy-nilly print drachmas like Bernanke is printing greenbacks. The Germans – apparently the only ones capable of managing an economy according to recognized accounting principles – will be picking up most of the tab. With Portugal, Ireland, Italy and others holding out their empty hands, too, it’s no wonder the Jerrys have their bratwurst in a twist. Wouldn’t be surprised if they were getting ready to invade France.

Secondly, the dollar is the world’s reserve currency. That means central banks everywhere must hold U.S. dollars to settle international affairs at the end of each day. Unfortunately, there’s an east wind blowing. China and Japan, our biggest creditors, have already agreed on a direct swap from yuan to yen, thus bypassing reserves. Russia asked China for a yuan-to-ruble deal, but so far the Chinese have deferred. So far. If our privileged reserve status does unravel one day, central banks will be free to dump dollars into Bernanke’s river of funny money. That day, you’re not going to like the cost of gasoline, or most anything else.

Finally, while our national credit rating took a hit, the dollar hasn’t collapsed because everyone else is printing money, too. The world’s major economies are devaluing their respective currencies right along with us to keep their trade balances in order. They’re uncomfortably in debt, too, partly because Wall Street didn’t just wipe out America’s Main Streets. They screwed foreign banks and governments, their partners and best customers, competitors, corporations, unions, entire cities and towns the world over.

That’s the story Big Media doesn’t tell: Wall Street: The Alley. How America, a nation that raised commerce to an art form with the likes of, say, Steve Jobs, began conducting its financial business with the manners of a slumlord. How a relatively small number of people who no longer cared about the society they lived in took the polish off our national pride. Compromised not just our prestige and credibility, but also and very directly our national security. A case for treason can be made. When Chinese financiers pulled a similar stunt in Beijing a few years back, their government handed them a cigarette, then lined them up against a wall and shot’em. Eastern frontier justice. Stunningly conclusive, but we like to talk things over some. And talk we have. Who knew there were so many ways to kick a can down a road to nowhere?

We’ve had Occupy Wall Street but no rioting in the streets like Greece. No looting, no collapsing tourism industry, no downward economic death spiral. Plus, 99 percent of us don’t think we’re entitled to retire with a full pension and benefits at age 50. That helps.

Bernanke is betting he can devalue our currency at the same time he keeps interest rates near zero, and Obama is holding his breath. Experts like to point out that it’s never been done without dire consequences that means hyperinflation. Pray they’re wrong. If not, a jar full of dollars isn’t going to buy a jar full of olives.

Rick Roberts (reroberts46@yahoo.com) is a veteran of Boston’s advertising community and the US Army. He resides in Windham. He is author of two books: I Was Much Happier When Everything I Owned Was In The Back Seat Of My Volkswagen, and the recent novel, Digital Darling. Both are available at bookstores, Amazon.com, or visit: BabyBoomerPress.com.