Mm... 74 increases in debt ceiling since 1964.
Obiously the US has forceen the future, I wonder what they have planned next. it will be interesting sitting in my room 20,000 miles away in sydney australia.
i doubt it will be doom and gloom, the american people/politions/lawmakers are smarter than that. who knows, they might just wipe the debt clean with a new currency. you can do it in the US with your housing loans and the people can walk away from them. why not walk away from the countries debt as well. seems simple. america can do what they want, their military power is far greater than their currency. just wipe the currency clean and start fresh.
Anyway, I hope it all goes well. i dont want another war. to many people have died. i want my children to grow up in a warless society.
This is actually called 'Seignorage'. With the most important currency in the world, the US is best positionned to take profit out of this:
'The net revenue a government receives from printing money; the difference between the face value of coins and notes and the cost of producing and distributing them. ' (source: Financial Glossary, Reuters).
As China is setting up rating agencies, it'll be interesting to see how the US will be rated by them...
If you pay off $100 billion per year (without any interests), you would need 143 years to pay off $14.3 trillion.
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