Can we pay all this back? and
What if China and Mexico etc. suddenly feels like they don't want to lend us money anymore?
If you were in debt with someone and they decide not to lend money to you anymore, what would happen to you?
2006-09-11 14:05:50 · 11 answers · asked by Anonymous in Society & Culture ➔ Other - Society & Culture
Debt is always a dangerous thing. That was a big part of what did in the British Empire.
As usual, the next President will be left to clean up the mess, and they'll be talking about how great it was when Bush was running things.
2006-09-11 14:08:26 · answer #1 · answered by I Know Nuttin 5 · 4⤊ 0⤋
All countries have an amount of debt, large or small. We aren't the only ones. For that matter, We have helped China and others develop their economies with import/export trading, among other things. Countries, whenever possible, should help each other - whether through loans or trade or stabilization. Everyone has a national debt. It's not good, but it isn't threatening.
2006-09-11 14:10:10 · answer #2 · answered by Discotheque 3 · 0⤊ 0⤋
I firmly believe, that you have got that backwards. It is those countries that are in debt to America. And many others. We don't borrow money from them. They owe us. If I would borrow from someone and someone decided they would not lend me money, then I would stand still for a long time. DOn't do any money spending,or transactions. Until I could stand alone and not need loans. It would take many years to just stand still and use my own finances. To get out of debt, you need to freeze your spending. Downsize and consolidate your debts. In so much time, it would be better and soon you would be debt free.
2006-09-11 14:13:12 · answer #3 · answered by Norskeyenta 6 · 0⤊ 0⤋
What last I checked the peso has never been higher than the dollar and when i lasted looked at all the deadbeats coming in from these 3rd world countries they owe Us mega trillions.
2006-09-11 14:12:41 · answer #4 · answered by calmlikeatimebomb 6 · 0⤊ 0⤋
It's only dangerous if you are honest and try to pay some of it back. We just don't look at the bill therefore it goes unpaid. Out of sight, out of mind! That pretty much sums up the Bush Administration.
2006-09-11 14:11:27 · answer #5 · answered by soniaatcalifornia 5 · 1⤊ 0⤋
The U.S. is hopelessly mired in debt, and on the verge of bankruptcy. It has gone way too far. I don't think there is any longer a way out. Economic collapse may well be inevitable.
2006-09-11 14:10:46 · answer #6 · answered by oceansoflight777 5 · 1⤊ 0⤋
You should not ask that rumor and never be insecure because USA is the richest and most dominant country in the whole world! I am a filipino,but I trust Americans!
2006-09-11 14:11:15 · answer #7 · answered by Bruno 1 · 0⤊ 1⤋
Yes it is.
Yes we can but it'll take FOREVER.
Then we're in big trouble.
You'd have to find a job. Or sell your RX-8 and get a used car like normal people drive.
2006-09-11 14:07:42 · answer #8 · answered by Trips 3 · 0⤊ 0⤋
Unfortunately, it is more dangerous for the lenders than for the US. They don't want to see their loans defaulted, so they try to help the US economy.
2006-09-11 14:11:51 · answer #9 · answered by nora22000 7 · 0⤊ 0⤋
Promises are made to be broken and if any raised eyebrows arise, show them your fist... is the mantra of USA.
2006-09-11 15:14:28 · answer #10 · answered by No Saint 4 · 0⤊ 0⤋