Just saw this in an article 'Public debt as a percent of GDP in OECD countries as a whole went from hovering around 70% throughout the 1990s to almost 110% in 2012. It is now projected to grow to 112.5% of GDP by 2014' In six years from now countries will be unable to pay the interest on their debt, much less pay it off. In fact, I read that by the end of this year, America will have already reached that point where even with zero percent interest, tax revenue will be insufficient to pay off the accumulated interest on debt. Then what happens? Squeeze the remaining gainfully employed for more taxes â suck one last batch of blood from them before the ultimate collapse? The solution, maybe, is to learn to speak Chinese......and fast
I've never understood something about all of this. Where there's debt there's a debtor and a creditor. Who the **** is the bankrupt worlds creditor?
The Greedy bankers gambling with our money are largely responsible for the crisis which engulfs much of the western world, and they are at it again ..
Sure the title says off topic. You got something against off topic discussions? They're on the go all the time. Just ignore them fella, I usually do. I tend to talk politics and current affairs with my lady.
Read it before I saw the film so it's the book that sticks in my mind. Had I watched the film first i'd have said seen. Only saw the film a couple of years ago.
National debt comes from the fact that countries owe other countries money. America owes money to Hong Kong, China, Russia etc. However, and this is the odd thing, these countries also owe America money too. Stupid spiral. The reason why the debts aren't just wiped off is because in a capitalist economy, debt is currency. Debt is how we make our money. The issue is, America's debt is now too high. Once you cannot afford repayments, you default. Their credit rating took a massive hit a while ago. Looks like they will be downgraded again.
Reading is for those city slicker types, not us country bumpkins. Sofa in the front garden, with my feet in a paddling pool. This is living.
Don't read much these days myself. My Sunderland and Northern Soul obsession has completely taken over.
No worries fella. The problem is, the complexities of it all are rather boring and those in charge know most people won't look into it. Trouble is, this is all incredibly shady and part of the reason why certain countries (Greece, Ireland, Portugal for example) had the issues they do. These issues affect all of us in the long run. Policy makers do not give two ****s though.
