2007-05-02 11:57:11 · 9 answers · asked by DJB 2 in Politics & Government ➔ Other - Politics & Government
Almost everybody. We owe Japan the most
According to the US Dept of the Treasury, as of Feb 2007
Japan is owed $617.8 billion followed closely by
China which is owed $416.2 billion
As of May 2,2007
We owe a total of
$8,826,093,372,343.57
2007-05-02 11:59:38 · answer #1 · answered by thequeenreigns 7 · 0⤊ 0⤋
The majority of it is owed to China and Japan. If you own US savings bonds, you own a small chunk.
It will be interesting to see what would happen if China decided to "cash in". The dollar would decrease as the supply of dollars on the world market increases without an increase in demand. As the dollar falls other owners of our debt would dump their bonds putting further pressure on the currency and it is possible if this were to continue the dollar would cease being the currency of trade in the world. We receive financial benefits because the rest of the world needs to hold some dollars to conduct trade so we would loose these benefits as well.
Debt issued by the Federal Government diminishes some of our sovereignty because we are selling a portion of our security to other countries. This is a threat not only to our economy but also to our national security. Interstates on bonds could be increased to entice buyers but that would cause the debt to increase even further because spending has not been cut and we would need to issue new bonds to cover the deficit, the deficit would rise because interest payments would increase.
Can you see the pattern?.
Increased interest rates paid by the government would be the same policy countries in Latin America implemented causing them to fall into financial bankruptcy.
The US, if we continue on the current path, may well join them.
2007-05-02 12:03:15 · answer #2 · answered by john_stolworthy 6 · 1⤊ 0⤋
A lot of people, but mostly ourselves if that sounds right. We issue bonds to people which is basically a statement saying we are taking your money in promise to repay with interest. Currently the largest holder of US Government bonds is the Social Security Adminstration. There are substantial foriegn governments who own US bonds and many finacial institutions along with private citizens.
2007-05-02 12:10:25 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I'm assuming that you mean USA.
Do you mean National Debt or Foreign Debt?
They are two different things.
National Debt-to the people (US)
2007-05-02 12:08:12 · answer #4 · answered by Mike 4 · 0⤊ 0⤋
The citizens of America. Thats who the debt is borrowed from. In the form of Government Bonds, Savings Bonds and other Debt instruments we buy.
2007-05-02 12:03:41 · answer #5 · answered by Ken C 6 · 1⤊ 1⤋
in case you fail to pay a debt in a well timed way, the creditor can take you to court docket and acquire a judgment hostile to you. A judgment will take position on your credit record for about seven years, and your credit will be drastically decreased for this reason. lenders or every person searching for a judgment hostile to you should follow techniques, and there are recommendations for a debtor to stay away from a judgment.
2016-11-24 21:39:58 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Counter question: who DON'T we owe money to?
2007-05-02 12:04:23 · answer #7 · answered by Joe Schmoe 2 · 1⤊ 0⤋
China. They have bought most of our debt. It will be hell to pay them back.Thanks Bush
2007-05-02 12:02:48 · answer #8 · answered by WDOUI 5 · 0⤊ 0⤋
everyone... other nations, U.S. companies... foriegn companies...
who don't we owe money too?
2007-05-02 11:59:50 · answer #9 · answered by Anonymous · 0⤊ 0⤋