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I guess they a running with that old adage about 'if you owe the bank a thousand dollars then you have a problem, if you owe the bank a million dollars then the bank has a problem...and if you owe the bank thirty one trillion dollars then you just give the bank a tour of those warhead silos in Kansas.'
I guess they a running with that old adage about 'if you owe the bank a thousand dollars then you have a problem, if you owe the bank a million dollars then the bank has a problem...and if you owe the bank thirty one trillion dollars then you just give the bank a tour of those warhead silos in Kansas.'
I thought the US owned the US Federal reserve. They just write cheques* to themselves.
* That's the proper spelling and the spellchecker is being a d*ck.
Don't believe a word I say. I'm only kidding. Or am I?
You do realise of course a lot of the debt resides with other countries, and concerningly for the US increasingly held by China.
And of course it’s an issue if it becomes to large because it will make it more difficult and expensive to raise money externally. You can print more as we have done for far too many years but that just leads us to where we are now….
You do realise of course a lot of the debt resides with other countries, and concerningly for the US increasingly held by China.
And of course it’s an issue if it becomes to large because it will make it more difficult and expensive to raise money externally. You can print more as we have done for far too many years but that just leads us to where we are now….
What leads us to where we are now is under-taxing the wealthy.
What leads us to where we are now is under-taxing the wealthy.
What's China going to do? Invade?
Well, China could stop selling the United States cheap ('ish) electronic goods and watch some suffering. Latin America could notice and stop selling the United States fruit and other basic foodstuffs if Europe and Africa became more lucrative markets, likewise Canada and grain. Then the United States would be on its knees. And England could threaten to stop letting Nigel Farage visit...so I guess the United States would just accept the new normal.
What leads us to where we are now is under-taxing the wealthy.
What's China going to do? Invade?
I’ve said before - corporate taxes should be at least 50pc worldwide. Globalisation has allowed insane profits with some corporations now having capitalisations larger than some countries economies.
Unfortunately it’s a race to the bottom as countries compete to have the lowest rates. That and the many legitimate mechanisms for offshoring profit.
I’ve said before - corporate taxes should be at least 50pc worldwide. Globalisation has allowed insane profits with some corporations now having capitalisations larger than some countries economies.
Unfortunately it’s a race to the bottom as countries compete to have the lowest rates. That and the many legitimate mechanisms for offshoring profit.
The wealthy in the US (individuals and corps) are massively under-taxed - hence the mahoosive debt.
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