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Originally posted by Judohawk
I mean what are US citizens going to do when the US can't repay them?
Originally posted by Judohawk
reply to post by belial259
I'm just talking about treasuries that the US owes to foreign governments.
Nvm, reread your post you're right.
I know the US debt is more than just foreign treasury holdings, however alot of the debt is public and private debt, isn't it? I mean what are US citizens going to do when the US can't repay them? There really isn't much, so it's not like the US is in a rush to repay those debts.
[edit on 15-6-2010 by Judohawk]
[edit on 16-6-2010 by Judohawk]
Budgeted net interest on the public debt was approximately $240 billion in fiscal years 2007 and 2008. This represented approximately 9.5% of government spending. Interest was the fourth largest single budgeted disbursement category, after defense, Social Security, and Medicare.[62] Despite higher debt levels, this declined to $189 billion in 2009 or approximately 5% of spending, due to lower interest rates. Average interest rates declined due to the crisis from 1.6% in 2008 to 0.3% in 2009
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Originally posted by purplemonkeydishwasher
Originally posted by abecedarian
The American people have no debt.
The Federal Reserve Board does, though.
No, your person is responsible for all the debt. The money was borrowed in your name.
The one thing he is wrong about is the US does not create its own money. A private corporation called the Federal Reserve does and then loans it to the US at Interest.