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World Economy Explained
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SatanJonez
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Pretty funny just because I love the British humor. Not sure how two countries can owe each other money. Seems like they should have just been like "How about we NOT loan you money and instead will pay back our debt?" Mind boggling.
AlexLady said:
Well, to be precise, China owns about a quarter of our foreign debt.
http://en.wikipedia.org/wiki/United_States_public_debt#Foreign_ownership
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LadyLuna
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This is so true, lol.
As to why they didn't just pay it back instead of lending in the first place, the country usually actually owes businesses within the other country, not the other country itself.
Basically,
Country A borrows money from Businesses in Country B
Country B can't borrow the money from it's own businesses, that would be taxes, so they borrow money from businesses in Country A.
When the debt outlasts the business, it is said to be owned by the country the business was placed in, when in reality, it is owned by the descendants of the owners of the business, who may or may not exist at this point, and may in fact, have already moved to the country that borrowed the money.
Please keep in mind, this is how my father explained it to me when I asked how we can owe France and France can owe us from way back in our respective revolutionary wars, and why we didn't just say that the debts cancelled... My father being a reasonably intelligent man, and my mother being a history major who didn't contradict him, kinda leads me to think they weren't saying this for nothing.
Is *your* head spinning yet? Mine sure as hell did the first time I heard all that.
As to why they didn't just pay it back instead of lending in the first place, the country usually actually owes businesses within the other country, not the other country itself.
Basically,
Country A borrows money from Businesses in Country B
Country B can't borrow the money from it's own businesses, that would be taxes, so they borrow money from businesses in Country A.
When the debt outlasts the business, it is said to be owned by the country the business was placed in, when in reality, it is owned by the descendants of the owners of the business, who may or may not exist at this point, and may in fact, have already moved to the country that borrowed the money.
Please keep in mind, this is how my father explained it to me when I asked how we can owe France and France can owe us from way back in our respective revolutionary wars, and why we didn't just say that the debts cancelled... My father being a reasonably intelligent man, and my mother being a history major who didn't contradict him, kinda leads me to think they weren't saying this for nothing.
Is *your* head spinning yet? Mine sure as hell did the first time I heard all that.
I kind of figured that was the way it was but still find it absolutely silly that so many governments thought it would be a good idea to go so far down such a slippery slope and we continue to do it because at this point we are so dependent on the money generated from selling this debt that government couldn't function otherwise.
I mean, there's really no end in sight at this point.
I mean, there's really no end in sight at this point.
ITS ALL MADE UP. Economics is just that simple it is all a land of make believe. Its like Tinkerbell. As long as we all believe enough in the economy it will live. If we doubt it it will die so close your eyes think real hard and KEEP BUYING USELESS SHIT. That is economics.
So this means I can be Peter Pan if I want to? Or maybe I should be Rufio. Sure he gets stabbed and dies but that's some wicked hair, amirite?
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