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Now, here's the shock: how does Canada compare with its neighbour to the south, the United States? It's not looking too good for the USA:
In 1980, the United States had its debt-to-GDP ratio around 40%, or where Canada was in fiscal year 2004-05. But since then it's taken off, and it is now above 60%. That's not good, and it doesn't look like it's getting better in the short term, given the recent deficit budgets that they have been implementing. It's certainly possible to get back from that situation - Canada has shown that - but they don't even realize that they have a problem. Or at least, I don't see any USA media coverage of this.
Originally posted by Xeven
Well if the dollar is devalued then the debt becomes less of a debt. As long as Americans make 5 times more money then its ok for a dollar to be worth 5 times less.
Say china has 1 trillion in our debt.