Wow... It's people like you that are the problem with the economy in your country (in a long term sense). If foreign countries decided to withdraw their invested money in your national debt your on the road to national bankruptcy and potentially (very likely) a stock market crash. Your stimulus package (financed with money your government doesn't REALLY have) ended this month and the worlds been waiting to see what happens (I myself withdrew my equity investments in favour of safer long term investment strategies so that IF your economy does tank without the stimulus package I don't lose as much of my money). I'm not an "uneducated jackass" as you've so eloquently stated above although I admit I'm not an economist. But I digress; The fact that your so ignorant about your national debt frankly scares me slightly, although I highly doubt most Americans who have
any opinion on the subject are quite as misinformed as you.
I linked Wikipedia because I believed you to be an idiot, although now I'll toss out some real information if you'd prefer to read it instead.
http://www.fas.org/sgp/crs/row/RL34314.pdf
From above pdf document by James K. Jackson Specialist in International Trade and Finance Foreign Affairs, Defense, and Trade Division:
Sudden Withdrawal from U.S. Treasury Securities:
The large holdings of U.S. Treasury securities by foreign governments have led some observers to consider the prospect of a withdrawal from the U.S. Treasury securities market by a single foreign government. At the first hint that a foreign government was attempting to liquidate all or even a large part of its holdings of U.S. Treasury securities, the price of such Treasury securities likely would plummet in U.S. securities markets and the market rate of interest would rise, perhaps appreciably, in the first few hours or days. For instance, on November 7, 2007, a report, that was later repudiated, asserted that Chinese officials were considering shifting some of China’s foreign currency reserves, reportedly worth $1.4 trillion, in dollars and in such dollar-denominated assets as Treasury securities, out of dollar-denominated securities. Acting on the report, investors sold securities and the dollar. As a result, the broad Dow Jones industrial average plunged 360 points in one day and the dollar sank against other major currencies.14 In response to the fall in the exchange value of the dollar, indexes of equities markets in Europe and Japan also fell.
quoted from economist Bruce Bartlett of Forbes:
http://www.nationalreview.com/corner/196135/foreign-ownership-our-debt-threat-u-s/veronique-de-rugy
“While the U.S. Treasury has never issued bonds denominated in foreign
currencies, it is conceivable that it could be forced to do so if the
dollar falls sharply and foreign demand for U.S. bonds wanes. That will
be the point at which our debt problem becomes more than theoretical and
we are really on the road to national bankruptcy.”
So yes, you might not have to pay back your debt right now, but the implications of such extreme foreign debt ownership are very long term and serious.
Yet again, Lrn to Economy
To everyone else
sorry for the mammoth post, just can't handle when people are this ignorant
