US reaches debt limit

Well, how about we take out a loan to cover that debt and the remaining debt we will have with that loan will be tugged by tug boats. So then when the little tug boat has the debt, then the big tug boats will then be able to tug.groovdafied

It means we can't borrow any more money until they pass a law to raise it. Which they will.

Other countries have a lot of debt as well. It's not like this is exclusive to the US.

Want to know a secret?

We will always be in debt. Forever.

It means we can't borrow any more money until they pass a law to raise it. Which they will.

Blue-Sky

Other countries have a lot of debt as well. It's not like this is exclusive to the US.

cain006

but 14.3 trillion...

[QUOTE="Blue-Sky"]

It means we can't borrow any more money until they pass a law to raise it. Which they will.

Serraph105

im actually kinda hoping they dont and you default

itd be interesting, might pull the rest of the world into economic chaos but what the hell itd bee fun right???

[QUOTE="Verge_6"][QUOTE="Nibroc420"] And when the US defaults. What happens?Nibroc420

[QUOTE="cain006"]

Other countries have a lot of debt as well. It's not like this is exclusive to the US.

but 14.3 trillion...

[QUOTE="Nibroc420"][QUOTE="Verge_6"] Nothing.sonicare

[QUOTE="sonicare"][QUOTE="Nibroc420"] The USA owes China millions. technically they could claim land.Nibroc420

[QUOTE="Serraph105"][QUOTE="Blue-Sky"]

It means we can't borrow any more money until they pass a law to raise it. Which they will.

Fundai

im actually kinda hoping they dont and you default

itd be interesting, might pull the rest of the world into economic chaos but what the hell itd bee fun right???

[QUOTE="Fundai"]

[QUOTE="Serraph105"] they had better quite frankly.Serraph105

im actually kinda hoping they dont and you default

itd be interesting, might pull the rest of the world into economic chaos but what the hell itd bee fun right???

[QUOTE="cain006"]

Other countries have a lot of debt as well. It's not like this is exclusive to the US.

Fundai

but 14.3 trillion...

Which isn't that bad considering Canada, France, and a lot of other countries are off worse when you relate it to their GDP.

[QUOTE="Fundai"]

[QUOTE="cain006"]

Other countries have a lot of debt as well. It's not like this is exclusive to the US.

cain006

but 14.3 trillion...

Which isn't that bad considering Canada, France, and a lot of other countries are off worse when you relate it to their GDP.

:lol:Nibroc420

Uh huh...

http://en.wikipedia.org/wiki/Government_debt

[QUOTE="Fundai"]

[QUOTE="cain006"]

Other countries have a lot of debt as well. It's not like this is exclusive to the US.

sonicare

but 14.3 trillion...

98% :D

Wikipedia says differently on the debt list, But if the debt is 14.3 trillion, and The only GDP thing I can find says its 14.624 GDP

its 98%

Uh huh...

Nibroc420

Notice the US is The most in Red...

[QUOTE="Nibroc420"]:lol:cain006

Uh huh...

ttp://en.wikipedia.org/wiki/Government_debt

http://www.usdebtclock.org/world-debt-clock.html

8)

[QUOTE="Nibroc420"]

Uh huh...

Fundai

Notice the US is The most in Red...

As the other poster said, you have to take into account that the US makes a lot more money than other countries.

[QUOTE="Fundai"]

[QUOTE="Nibroc420"]

Uh huh...

cain006

Notice the US is The most in Red...

As the other poster said, you have to take into account that the US makes a lot more money than other countries.

And has alot more debt bacause 14.3 trillion is a hell of alot

$14 300 000 000 000

The day everyone starts asking for their money is the day the world ends.jman1553

[QUOTE="cain006"]

[QUOTE="Fundai"]

Notice the US is The most in Red...

Fundai

As the other poster said, you have to take into account that the US makes a lot more money than other countries.

And has alot more debt bacause 14.3 trillion is a hell of alot

$14 300 000 000 000

[QUOTE="jman1553"]The day everyone starts asking for their money is the day the world ends.Verge_6

[QUOTE="Verge_6"][QUOTE="jman1553"]The day everyone starts asking for their money is the day the world ends.F1_2004

[QUOTE="F1_2004"][QUOTE="Verge_6"] Not really, because who's to say they HAVE to pay?Verge_6

[QUOTE="Verge_6"]

[QUOTE="F1_2004"] Yeah, China would much rather own America than force them to pay and go bankrupt.F1_2004

its a glass ceiling, i'm willing to bet it will go up

[QUOTE="F1_2004"][QUOTE="Verge_6"] China doesn't own America, nor vice-versa. Both have one another by the testicular orbs.

Verge_6

[QUOTE="Verge_6"]

[QUOTE="F1_2004"] America's got China by one orb. China's got America by both berries and the twig.F1_2004

[QUOTE="F1_2004"][QUOTE="Verge_6"] It's an equal crotch grab. Without America, China loses the basis for its economy, and they collapse like a house of cards. America's very EXISTENCE and culture does this. Just because America has a debt with China that will never, ever be called in, much less payed, doesn't mean that the latter has any advantage over the former. Both need one another to survive.

Verge_6

[QUOTE="Verge_6"][QUOTE="F1_2004"] That's a theory. It will hurt, but Chinese goods are all over the world, and they're constantly increasing their exports to other countries. America, meanwhile, is dependent on Chinese debt.F1_2004

[QUOTE="F1_2004"][QUOTE="Verge_6"] It's an equal crotch grab. Without America, China loses the basis for its economy, and they collapse like a house of cards. America's very EXISTENCE and culture does this. Just because America has a debt with China that will never, ever be called in, much less payed, doesn't mean that the latter has any advantage over the former. Both need one another to survive.

Verge_6

Damn! You deserve a pat on the back! Well said man.. well said.

From my understanding, if the US defaults on its debts it really isn't a good thing.

Keep in mind when talking about "China would never overrun the economy", the Chinese central bank actually only owns $1.1tn of the $14.1tn total debt. Surprisingly second to China is Japan on $885bn. Also, only 25% of the debt is actually owned by foreign governments, and only 32% owned by foreigners. That means that private individuals and corporations own 75% of the US debt, and 68% of all US government debt is owned by Americans.

Let's use simple logic here when talking about the US defaulting on its debt. If the US defaults on its debt, it is saying to the people who leant it money "I'm sorry we cannot afford to pay you". The next time America goes to that person "can I borrow money from you?" that person would say "okay, well last time you didn't pay it back on time, therefore we are going to charge you higher interest".

Good. Hopefully we will run out of money and be forced to end all these wars we are in. Diablo-B

[QUOTE="Diablo-B"]Good. Hopefully we will run out of money and be forced to end all these wars we are in. Nibroc420

the US would lose its mommentum as a civilization in the west and youd recess badly.. tis is one of those dommsday theories they discuss on the history channel, like no more freshwater or no more oil or no more electricity.. well if folks come for teir money from the USA basically you wil effectively cease to exist as a free nation you will become another haiti.. minus the song from canadian song writers and natural disas.. nvrm i take this second one back...

and a new driving force in the world will emerge.. china perhaps or canada.. india is an immideate write off.. but the other two or france seem likely. they would probably also relocate alot of international facilities such as say .. the UN or the world bank

the US would lose its mommentum as a civilization in the west and youd recess badly.. tis is one of those dommsday theories they discuss on the history channel, like no more freshwater or no more oil or no more electricity.. well if folks come for teir money from the USA basically you wil effectively cease to exist as a free nation you will become another haiti.. minus the song from canadian song writers and natural disas.. nvrm i take this second one back...

and a new driving force in the world will emerge.. china perhaps or canada.. india is an immideate write off.. but the other two or france seem likely. they would probably also relocate alot of international facilities such as say .. the UN or the world bank

ionusX

I really don't think France has a chance...

[QUOTE="ionusX"]

the US would lose its mommentum as a civilization in the west and youd recess badly.. tis is one of those dommsday theories they discuss on the history channel, like no more freshwater or no more oil or no more electricity.. well if folks come for teir money from the USA basically you wil effectively cease to exist as a free nation you will become another haiti.. minus the song from canadian song writers and natural disas.. nvrm i take this second one back...

and a new driving force in the world will emerge.. china perhaps or canada.. india is an immideate write off.. but the other two or france seem likely. they would probably also relocate alot of international facilities such as say .. the UN or the world bank

chaoscougar1

I really don't think France has a chance...

[QUOTE="sonicare"][QUOTE="Nibroc420"] The USA owes China millions. technically they could claim land.Nibroc420

i can't wait.

[QUOTE="Nibroc420"][QUOTE="sonicare"] The US issues debt in its own currency. They will never default. They can just print more money. Sure, it will cause inflation, but you will never default.comp_atkins

i can't wait.