America's Biggest Export is Debt

Reply Tue 30 Sep, 2008 01:02 am
America's No. 1 Export: Debt

http://img.timeinc.net/time/daily/2008/0809/a_wfox_1006.jpgJapan and Germany make cars. Saudi Arabia pumps oil. China supplies the world with socks and toys and flat-screen TVs. What does the United States produce? Lots of stuff, but in recent years this country's No. 1 export--by far--has been debt.

When you look at things this way, it becomes clearer what the frenzy in New York City and Washington is all about. There are major quality issues with our nation's flagship product.
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Reply Tue 30 Sep, 2008 01:27 am
@Robert Gentel,
I wonder, if things keep on the downward spiral whether the US will go down the path the Argentinians did earlier in the decade http://en.wikipedia.org/wiki/Argentine_economic_crisis_(1999-2002) by just defaulting on the debt.
Reply Tue 30 Sep, 2008 01:31 am
Well, yes...but then we all suffer......as we are, but WAY more.

HEAPS more.

I guess it's gonna be a new version of Idi Amin's "Bananas for Britain" campaign.

I'm looking for change to donate.

Reply Tue 30 Sep, 2008 01:44 am
I wonder what a drop in American demand for Chinese manufactured goods does, which will certainly affect us. It is weird we aren't a mouse on a battlefield like we once were.
Reply Tue 30 Sep, 2008 06:50 am
The turmoil in America will affect the whole world, no question. But we are in a LOT better shape than the US.
Australia is not in debt. The US is hocked to the eyeballs.
Our banks are well capitalised and significantly bettered regulated.
With our interest rates being relatively high due to the strength of our economy, the Reserve bank has got significantly more ammunition to fire at the economy.
We're on the right end of the Chinese shovel.
Even if the "bailout" goes ahead, the US is still in for a whole world of economic pain for the foreseeable future.
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cicerone imposter
Reply Tue 30 Sep, 2008 09:51 am
@Robert Gentel,
The funny thing is, we spend the money China and Japan loans us, then turn around and send it to Saudi Arabia and the rest of the oil producing countries. It's a wash, because it keeps losing value for both. LOL
Reply Tue 30 Sep, 2008 03:14 pm
@cicerone imposter,
I'm trying to picture The Andrews Sisters singing 'working for the Chinese yuan'
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