National Debt

[ruffilb]

We're obviously in massive debt. I doubt that this problem will naturally resolve, especially at the rate we're going. What does this mean for the future of the average citizen and the future of the nation?

 

[charrison]

Originally posted by: ruffilb
We're obviously in massive debt. I doubt that this problem will naturally resolve, especially at the rate we're going. What does this mean for the future of the average citizen and the future of the nation?

As long as the economy continues to grow it does mean much.

 

[EatSpam]

It means that one day the Chinese will order America to jump, and our government will ask "How high?"

 

[charrison]

Originally posted by: EatSpam
It means that one day the Chinese will order America to jump, and our government will ask "How high?"

They are by no means the largest debt holder. A significant portion of that 8 trillion is money that the federal goverment owes itself.

 

[ruffilb]

How do they call in their debts... can they just do this whenever they want?

What happens when we can't pay up?

 

[ruffilb]

And how does that work... why do they even count the money they owe themselves? That doesn't make much sense, can you elaborate?

 

[charrison]

Originally posted by: ruffilb
How do they call in their debts... can they just do this whenever they want?

What happens when we can't pay up?

No they cant call their debts. They buy treasury notes that mature.

Condsidering that we have much higher debt to gdp in the past, I dont think we are any where near a point to where we could not pay our debts.

 

[charrison]

Originally posted by: ruffilb
And how does that work... why do they even count the money they owe themselves? That doesn't make much sense, can you elaborate?

The goverment owes about 3 trillion to itself. The money it owes itself is SS surpluses that were spent on other things.

 

[dmcowen674]

Originally posted by: charrison

Originally posted by: ruffilb
We're obviously in massive debt. I doubt that this problem will naturally resolve, especially at the rate we're going. What does this mean for the future of the average citizen and the future of the nation?

As long as the economy continues to grow it does mean much.

It's not growing, the numbers are phoney.

 

[charrison]

Originally posted by: dmcowen674

Originally posted by: charrison

Originally posted by: ruffilb
We're obviously in massive debt. I doubt that this problem will naturally resolve, especially at the rate we're going. What does this mean for the future of the average citizen and the future of the nation?

As long as the economy continues to grow it does mean much.

It's not growing, the numbers are phoney.

well you are in the very small minority that think that.

 

[dmcowen674]

Originally posted by: charrison

Originally posted by: dmcowen674

Originally posted by: charrison

Originally posted by: ruffilb
We're obviously in massive debt. I doubt that this problem will naturally resolve, especially at the rate we're going. What does this mean for the future of the average citizen and the future of the nation?

As long as the economy continues to grow it does mean much.

It's not growing, the numbers are phoney.

well you are in the very small minority that think that.

That shouldn't be surprising, most of the Country is tin foil hat free and have been severely brainwashed.

 

[Dissipate]

The 'dollar' has no legal definition, or even any legitimate definition of any kind (I challenge anyone to prove to me otherwise). Therefore, we are talking about a pie-in-the-sky abstraction. Hence, the national debt is meaningless.

 

[Whoozyerdaddy]

Originally posted by: dmcowen674

Originally posted by: charrison

Originally posted by: dmcowen674

Originally posted by: charrison

Originally posted by: ruffilb
We're obviously in massive debt. I doubt that this problem will naturally resolve, especially at the rate we're going. What does this mean for the future of the average citizen and the future of the nation?

As long as the economy continues to grow it does mean much.

It's not growing, the numbers are phoney.

well you are in the very small minority that think that.

That shouldn't be surprising, most of the Country is tin foil hat free and have been severely brainwashed.

Care to provide a link to back up your assertions?

 

[imported_Tango]

Originally posted by: charrison

Originally posted by: EatSpam
It means that one day the Chinese will order America to jump, and our government will ask "How high?"

They are by no means the largest debt holder. A significant portion of that 8 trillion is money that the federal goverment owes itself.

they are the largest foreign debt holder, by far.

 

[imported_Tango]

Originally posted by: Dissipate
The 'dollar' has no legal definition, or even any legitimate definition of any kind (I challenge anyone to prove to me otherwise). Therefore, we are talking about a pie-in-the-sky abstraction. Hence, the national debt is meaningless.

You never took an economics class, I guess...

 

[imported_Tango]

Originally posted by: ruffilb
And how does that work... why do they even count the money they owe themselves? That doesn't make much sense, can you elaborate?

http://www.investinginbonds.com/learnmore.asp?catid=46&id=2

 

[Bitek]

Originally posted by: Whoozyerdaddy

Originally posted by: dmcowen674

Originally posted by: charrison

Originally posted by: dmcowen674

Originally posted by: charrison

Originally posted by: ruffilb
We're obviously in massive debt. I doubt that this problem will naturally resolve, especially at the rate we're going. What does this mean for the future of the average citizen and the future of the nation?

As long as the economy continues to grow it does mean much.

It's not growing, the numbers are phoney.

well you are in the very small minority that think that.

That shouldn't be surprising, most of the Country is tin foil hat free and have been severely brainwashed.

Care to provide a link to back up your assertions?

Look at that crowd, not a tin foil hat anywhere. Feel the brainwaves...

~~~~~~~~~~~^^^^^^~~~~~~~~~~~


Here we can see Dave, prudently protecting himself from the invading and mindnumbing gov't-wave influences.

 

[OrganizedChaos]

it means sooner or later the dollar will be pretty useless.

 

[MicroChrome]

Originally posted by: charrison

Originally posted by: ruffilb
We're obviously in massive debt. I doubt that this problem will naturally resolve, especially at the rate we're going. What does this mean for the future of the average citizen and the future of the nation?

As long as the economy continues to grow it does mean much.

I guess it "doesen't' mean much if you have a spare 65Grand sitting around in the bank. As that is what every american owes. I do happen to have a spare 65K, but I doubt most people don't.

 

[firewall]

Originally posted by: EatSpam
It means that one day the Chinese will order America to jump, and our government will ask "How high?"

 

[charrison]

Originally posted by: Tango

Originally posted by: charrison

Originally posted by: EatSpam
It means that one day the Chinese will order America to jump, and our government will ask "How high?"

They are by no means the largest debt holder. A significant portion of that 8 trillion is money that the federal goverment owes itself.

they are the largest foreign debt holder, by far.

Not even close. I beleive hapan is the largest foreign debt holder.

 

[Stunt]

Agreed charrison, Tango is talking out of his ass.
link

China is about a 1/3rd Japan's ownership of US treasury securities, and barely above the UK.

I would also like P&N to notice that on the US's $8trillion dollar debt, only $2.1trillion is foreign owned...

 

[Dissipate]

Originally posted by: Stunt
Agreed charrison, Tango is talking out of his ass.
link

China is about a 1/3rd Japan's ownership of US treasury securities, and barely above the UK.

I would also like P&N to notice that on the US's $8trillion dollar debt, only $2.1trillion is foreign owned...

Only? That's 1/4.

 

[Engineer]

Originally posted by: Dissipate
The 'dollar' has no legal definition, or even any legitimate definition of any kind (I challenge anyone to prove to me otherwise). Therefore, we are talking about a pie-in-the-sky abstraction. Hence, the national debt is meaningless.

The more I think about it, the more I'm starting to think that this is right in both regards to trade deficit AND budget deficit. We're simply printing our way to payment of those items, or so it seems. I guess as long as the foreign countries don't buy our ASSETS as we buy their GOODS (Everyone thought Japan was doing this and it failed) AND inflation is held in check (not right now as energy is kicking our ass), then I guess it doesn't matter much.

 

[Stunt]

Originally posted by: Dissipate

Originally posted by: Stunt
Agreed charrison, Tango is talking out of his ass.
link

China is about a 1/3rd Japan's ownership of US treasury securities, and barely above the UK.

I would also like P&N to notice that on the US's $8trillion dollar debt, only $2.1trillion is foreign owned...

Only? That's 1/4.

World GDP is $55.5trillion
US GDP is $11.75trillion

US represents 21% of the world's GDP and 75% of its debt ownership...that's pretty good.
If you are concerned with foreign debt ownership...I'd be more worried for all the other countries out there where the US owns most of their debt.