Senate vote to raise US debt ceiling to nine trillion dollar

maggot SG

http://www.channelnewsasia.com/stories/afp_world_business/view/198263/1/.html

US is getting deeper and deeper into debts Shocked

Will it go bankrupt? Twisted Evil

dakkon_blackblade SG

If they keep going at this rate, sooner or later all of USA would be owned by the Chinese and the Indians and the Japanese.

maggot SG

Seems like a depression coming... Sad

Aveme SG

wow 9 trillion…...whatever kinda interest rate are they even paying.even 1% interest per year=90 billion…..

maggot SG

Quite scary right? Shocked

Aveme SG

yeah really scary,given that these are in treasury notes backed by the US govt,i would think the interest for such notes are around 3.75-4+ % right?

so yearly interest around 360 billion?

Us population is now at 298 million,so even if each citizen help out,each citizen will be forking out an average of $1200 per year

Hocklez SG

.... Neutral scary...

how can they repay?
omg...

alot of questions sia...??????????????????????????

shade343 SG

Hmm,,,the US dollar should be crashing…

Aveme SG

Here is the current US National Debt figure clock

http://www.brillig.com/debt_clock/

Currently debt is $8.272 trillion......

Aveme SG

well suppose if one day,US refuse to aknowledge this debt and refuse to pay up when asked to,what can the creditor country do?Or even if there is some world body that will force the US to aknowledge and pay up but US does not have the money,then the creditor country can take over parts of the US land?

maggot SG

I think they will stop supplying goods Laughing

The dollar will be near worthless Neutral

I heard sometime soon the EURO can be used as a standard in oil trade that would weaken the dollar further Neutral

charlize SG

Some say that was the reason why Iraq was invaded.

It was all about Eur denominated oil money.

Seems like the same thing is happening to Iran now. Laughing

maggot SG

The matter is will we get affected because of the plunge in the dollar? Neutral

coffeeortea SG

it’s probably time for the US to sell the biochemical weapons that they “found” in Iraq, and make use of the resources in Iraq

casino_king SG

Actually, if the US government charge a fifty cents tax per gallon of petrol, the deficit will be wiped out in a year. Please lah, over here we are pay fuel tax minimum fifty cents per litre and the tax goes up with the price of fuel.

charlize SG

Exchange rates are relative.

One currency plunges implies the other will strengthen.

Affected? Definitely.

One example will be exports and imports, purchasing power etc.

I can't be bothered typing out some deep analysis like some of the rest.

Maybe they can enlighten you instead. Laughing

vito_corleone SG

the debt is a bargaining chip..."you dont listen to us we wont return you your money and you can't do anything about it" Laughing

fudgester SG

In other words...

Borrow money from people and hold them hostage with it. Laughing

vito_corleone SG

see..international diplomacy is interesting isnt it... Laughing

MobyDog SG

The US already done that once in the early '70's, they were bankrupt.. and what they do.. they simply wiped their slate clean and hedge their currency from Gold to Oil. Their creditors could do nothing, and US absorbed all the exports and services into their national assets for free. It's in fact a robbery.

It was from then , that the US begin aggressively/militarily intervene control of all oil states. From coups, election rigs to assassinations in it's national interest. US interest is friend to no one.