ic:
yeas, other countries do have debts
but there is fundamental difference here: US currency is a world reserve currency
it is a long story what it is- you can check it yourself, may be on wiki
in 2 words: it used to give us an unprecedented power to borrow
based exactly like Charlie writes or assumes:
on our economical power and scale,
continuous growth, also on our
huge population,
one of the most effective political system in the world, geography,
national resources and
weather conditions
Thats exactly what makes our enemy so eager to concur us and take it all for themselves
And judging by the state of our political affairs: they almost done with installing socialism here: if feds will take fm&fm on their balance sheet- US WILL enter socialism as never before
Also i must mention the sovereign wealth funds of China, OPEC,Russia. They accumulated trillions of US federal paper all together.
We can figure the way this leverage will be used but it is a topic within itself.
All together OPEC and Russia have oil/gas reserves in a volume of already discovered and easily recoverable about
TWICE THE TOTAL AMOUNT OF ALL WORLD SECURITIES as of the moment, before a catastrophic devaluation of securities including government paper, stocks of industrial companies,- EVERYTHING.
World total volume of securities is around 150-160 tril
Our oil based economy created this situation.
We gave our enemy this leverage
I guarantee that it will be used.
Think in terms of devaluating the stock of american companies thru crisis like with fm&fm and buy out by foreign sovereign funds for a fraction of today costs of:
major industrial companies, major TV and other media outlets and so on
