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Bernanke Warns: U.S. Debt Could Balloon to More Than 100% of GDP

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posted on Apr, 14 2010 @ 07:08 PM
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reply to post by Rockpuck
 


Of course, it's not due all at one time.

Look at Greece btw, is their one recorded case IN HISTORY of a country paying off all its debt obligations?

I really doubt it.




posted on Apr, 15 2010 @ 01:17 AM
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reply to post by GreenBicMan
 


No, not a single country has paid all it's debts. Usually when a situation arises that they would need to, they would just default. And governing debt of course is not a sign of prosperity.. credit can be a very good thing is not abused. Nearly every country in the Wolrd has debts of some kind, even the richest Nations. I think the only reason ours is excessive.. is because since we are in a recession we are raising taxes by rather substantial levels (state, local and federal) while increasing spending. This is an oxymoron about Governments. Though economically speaking, its a necessary evil, while I don't believe for a second stimulus saved or created 2.2 million jobs as the Gov claims.. without intervention things would have been far more dire.



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