Do you owe any money?

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Reply Sat 18 Oct, 2008 04:04 am
What happens when countries owe other countries more than they can actually afford to stay afloat? What is the last country to be purchased?
 
Theaetetus
 
Reply Sat 18 Oct, 2008 09:28 am
@withawhy,
I don't think an actually country has been purchased in the past, but territories have. The U.S. basically stole Alaska from Russia on March 30, 1867 for $7.2 million in gold.
 
Poseidon
 
Reply Sat 18 Oct, 2008 09:34 am
@withawhy,
Saddam's Iraq owed many countries huge amounts that it never had any intention of paying back. That is why France and Germany vetoed the UN invasion in the 'freedom fries' incident that destroyed Colin Powell's credibility. He did his best, but the French were still hoping to get something out of it; hence their double-speak concerning WMD. When in debt, never apply to have the debt written off. Always insist on paying it back. Sincerely. If you do not, then you become a liability.
 
Billy phil
 
Reply Sun 26 Oct, 2008 07:32 pm
@Poseidon,
Poseidon;28202 wrote:
Saddam's Iraq owed many countries huge amounts that it never had any intention of paying back. That is why France and Germany vetoed the UN invasion in the 'freedom fries' incident that destroyed Colin Powell's credibility. He did his best, but the French were still hoping to get something out of it; hence their double-speak concerning WMD. When in debt, never apply to have the debt written off. Always insist on paying it back. Sincerely. If you do not, then you become a liability.


The USA owes China, France, and other nations $$trillions, that's the $$ paid to Haliburton, Blackwater, and other military contractors for the Iraq war. Since they didn't tax Americans to pay this bill, it went on the credit card. It's called the National Deficit, which was reduced to very little under Clinton, but Bush has been 8 years of spend on credit.

Personally, I don't think we need to pay back Red China, until they clear up their human rights record. I think we should borrow MUCH more from China, then refuse to pay it back until they start being nice to their own people. They're so mean, no one will support them against us.

France is OK though.
 
withawhy
 
Reply Sun 26 Oct, 2008 09:39 pm
@withawhy,
Why would nations owe each other money? I feel like if you have to be in debt to other countries to make yours better, theres something funamentally wrong with your country.

Do you think china knows if the US is in debt to them, the US will look the other way on things like human rights..?
 
Billy phil
 
Reply Mon 27 Oct, 2008 03:25 pm
@withawhy,
withawhy;29594 wrote:
Why would nations owe each other money? I feel like if you have to be in debt to other countries to make yours better, theres something funamentally wrong with your country.

Do you think china knows if the US is in debt to them, the US will look the other way on things like human rights..?


What do you think?

We borrow so we don't have to tax our citizens.
 
Khethil
 
Reply Mon 27 Oct, 2008 03:51 pm
@Billy phil,
"Neither a borrower nor a lender be.." - Shakespeare
 
Didymos Thomas
 
Reply Mon 27 Oct, 2008 05:58 pm
@Khethil,
Quote:
The USA owes China, France, and other nations $$trillions, that's the $$ paid to Haliburton, Blackwater, and other military contractors for the Iraq war. Since they didn't tax Americans to pay this bill, it went on the credit card. It's called the National Deficit, which was reduced to very little under Clinton, but Bush has been 8 years of spend on credit.


I think you mean national debt. Clinton eliminated the budget deficit, while Bush has allowed the deficit, each year thus far, to grow immensely, which then causes the debt to grow because Bush did not increase revenues to pay for his spending. What's worse, Bush cut taxes, reducing revenue, and still spent like a teenage girl in the mall with daddy's credit card.

Quote:
Personally, I don't think we need to pay back Red China, until they clear up their human rights record. I think we should borrow MUCH more from China, then refuse to pay it back until they start being nice to their own people. They're so mean, no one will support them against us.


If only things were that easy. Refusing to pay that debt will do little to harm China, but would wreak havoc on the American economy.

Quote:
Why would nations owe each other money? I feel like if you have to be in debt to other countries to make yours better, theres something funamentally wrong with your country.


And some fundamental problem is often the reason why nations borrow. It's either borrow or print money when a nation runs deficit spending, and printing more money to pay bills is a great way to cause astronomical inflation and ruin a currency. It's far better to borrow.
 
 

 
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