Originally posted by inimalist
This also is totally ignorant of the global markets where national debt is traded between states FOR PROFIT. debt is a commodity now, which ties nation's economies together, making it less likely that this debt would ever forcibly be collected.
I just read something in Newsweek about that. Crazy. The idea that on a national scale all money is really debt is probably the most counter-intuitive realization since relativity.
Originally posted by inimalist
is our debt still worse than yours? I thought we had done something about that, but I might be thinking the trade defecit...And like, obviously I agree with your point, America has more money than God and currently dictates global fiscal policy to all but, what, 3 nations/blocks? Globalization is almost like MAD in that way, debt for developed nations is kind of a joke. Has it hurt the American economy? Well, I can't say it has helped, but health care is going to be used as a scapegoat for the real economic problems that exist in America, and clearly no administration is going to address how the corporate system of international capitalism creates joblessness or what have you. That aside, debt will allow America to develop needed infrastructure to address issues that aren't economic in nature, and given that China and other world powers can't collect on the debt if America can't pay (their economies are so entangled that they wouldn't want to either), its kind of in everyones best interest.
From any rational standpoint, the American economy needs some restructuring, and probably is too consumption based for its own good. obviously I'm not going to be too upset when the richest can't wipe their asses with 20 dollar bills.
Ha, reminds me of climate change. It's going to be a huge problem if we don't start preparing for it but there's no chance of it killing us all tomorrow.