Sorry.. I'm a novice here and (after getting over the shock of the magnitude of the situation) I wondered if I could pose some thoughts / ask some questions....
Firstly, who is the debt owed to? Is it all bought up through bonds by other countries (as I know China have bought some of the US bonds). Or are banks and financial institutes capitalizing on the misery (or perhaps the Federal Bank / Bank of England).
Secondly...If so many countries owe this debt - and with China sinking who (again forgive my ignorance if this is incorrect) own a lot of the American (and I presume other countries) debt* - couldn't a large portion of it simply be written off? And I cringe as I say that because it sounds silly. However, when it claims in the article the US Debt is "mathematically impossible" to pay off (which is a situation a lot more silly and preposterous than anything I've said)... whats the point? If everyone owes money to everyone - can't deals be struck with mutual benefits........ And as a last point, if ALL countries are in debt - could we / they not agree to wipe off a percentage of the debt of EVERY COUNTRY?
* Thirdly, just to ref back to China's bubble on the verge of bursting.. What does that mean for the US? Will the financial pressure mean China will be looking to cash in on some of those bonds?
Lastly, are there any countries who have ZERO debt?
I could have googled all that.. but I'd like to have a chat with a few people..
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The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis
Sorry.. I'm a novice here and (after getting over the shock of the magnitude of the situation) I wondered if I could pose some thoughts / ask some questions....
Firstly, who is the debt owed to? Is it all bought up through bonds by other countries (as I know China have bought some of the US bonds). Or are banks and financial institutes capitalizing on the misery (or perhaps the Federal Bank / Bank of England).
Secondly...If so many countries owe this debt - and with China sinking who (again forgive my ignorance if this is incorrect) own a lot of the American (and I presume other countries) debt* - couldn't a large portion of it simply be written off? And I cringe as I say that because it sounds silly. However, when it claims in the article the US Debt is "mathematically impossible" to pay off (which is a situation a lot more silly and preposterous than anything I've said)... whats the point? If everyone owes money to everyone - can't deals be struck with mutual benefits........ And as a last point, if ALL countries are in debt - could we / they not agree to wipe off a percentage of the debt of EVERY COUNTRY?
* Thirdly, just to ref back to China's bubble on the verge of bursting.. What does that mean for the US? Will the financial pressure mean China will be looking to cash in on some of those bonds?
Lastly, are there any countries who have ZERO debt?
I could have googled all that.. but I'd like to have a chat with a few people..
Thanks
Mike Mikadoplis
(CFO of Greece Inc.)