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America borrows it's way out of a debt crisis.

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Comments

  • purch
    purch Posts: 9,865 Forumite
    Whilst attempting to compare actions taken in the US economy to possible actions you can take in the UK economy is difficult, it is a clear an obvious sign that the path being followed by the Obama administration is working better than ours in the short term.
    'In nature, there are neither rewards nor punishments - there are Consequences.'
  • ILW
    ILW Posts: 18,333 Forumite
    According to Peston, if China withdrew their credit line to America. The US economy would collapse overnight.
  • tomterm8
    tomterm8 Posts: 5,892 Forumite
    Part of the Furniture Combo Breaker
    ILW wrote: »
    According to Peston, if China withdrew their credit line to America. The US economy would collapse overnight.

    It would. But so would china's.
    “The ideas of debtor and creditor as to what constitutes a good time never coincide.”
    ― P.G. Wodehouse, Love Among the Chickens
  • wotsthat
    wotsthat Posts: 11,325 Forumite
    ILW wrote: »
    According to Peston, if China withdrew their credit line to America. The US economy would collapse overnight.

    ...and China would receive a cheque in the post for a few trillion $'s to clear the US's debt.
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ILW wrote: »
    According to Peston, if China withdrew their credit line to America. The US economy would collapse overnight.

    If China withdrew their credit line to America, the Chinese economy would collapse overnight too.

    If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem.
    ~J.Paul Getty
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • ILW
    ILW Posts: 18,333 Forumite
    HAMISH_MCTAVISH wrote: »
    If China withdrew their credit line to America, the Chinese economy would collapse overnight too.

    If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem.
    ~J.Paul Getty

    Chinese governments tend not to be a sensitive about the well being of their citizens as western democracies.
  • grizzly1911
    grizzly1911 Posts: 9,965 Forumite
    Lest we forget.


    http://www.usdebtclock.org/

    I wonder if it will ever start reversing?
    "If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....

    "big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham
  • tomterm8
    tomterm8 Posts: 5,892 Forumite
    Part of the Furniture Combo Breaker
    ILW wrote: »
    Chinese governments tend not to be a sensitive about the well being of their citizens as western democracies.

    Actually, China is very, very sensitive to the economic well being of its citizens. Much more so than western governments: they are always afraid of rebellion.:money:
    “The ideas of debtor and creditor as to what constitutes a good time never coincide.”
    ― P.G. Wodehouse, Love Among the Chickens
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    So back to the fact that you can borrow your way out of a debt crisis.

    Bet those posters who compared a country's finances to that of a household (and you Mr Cameron with your absurd credit card anologies) feel pretty stupid now.

    And if they don't they should do. :)
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • gazter
    gazter Posts: 931 Forumite
    Tenth Anniversary Combo Breaker
    HAMISH_MCTAVISH wrote: »
    So back to the fact that you can borrow your way out of a debt crisis.

    Bet those posters who compared a country's finances to that of a household (and you Mr Cameron with your absurd credit card anologies) feel pretty stupid now.

    And if they don't they should do. :)

    Or completely vindicated?
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