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08-30-2012, 07:16 AM
  #67
njdevsfn95
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Country: United States
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Quote:
Originally Posted by Saugus View Post
Oh, I agree, I'm entirely convinced that we'll eventually default on our mountain of debt, and that's when the whole house of cards will come tumbling down.

We haven't consistently run a budget surplus in years, our trade deficit is massive and widening, and we went from being the world's largest creditor to being the deadbeat debtor that everybody is too scared to collect from.

China owns everything now, and we buy everything they make with money we borrowed from them and don't really have. What a convoluted mess. Thankfully a war between the two countries is almost impossible because it would immediately sink both economies, and the world economy with them, and nobody wants that.
I thought the Fed was our biggest creditor? In either rate, I know in past years it basically flip-flopped between them and China.

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