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S$18,316,267,123,556 This is size of debt that could bankrupt US. The above front page headline is in mypaper today. I am still panting after typing the numbers on the keyboard. To me, the US is already bankrupt, not that the amount could bankrupt the US. How and when are they able to pay back when the debt is still mounting daily. The wars they are conducting, the huge military forces they possessed, the bases overseas, luckily they need not have to pay their politicians too well. But that could be their mistake and the cause of this huge debt. I thought if they sell their 6th Fleet and 7th Fleet to China they may be able to get out of their debt. Looks like they will have to sell much more to clear what they owed. The greenbacks are going bananas soon.


Wally Buffet said...

Americans are really smart people. Spend first talk later. They don't ask who is going to pay for all these. It is a land of make believe.

I really sympathize with the Chinese. Their Eurozone holdings is going bonkers. Similarly, their US dollar reserves are worth a mountain of banana notes. It seems that in years to come the only creditable international currency may be the Yuan. Mao in his wildest dreams would never have envisage it.

Chua Chin Leng aka redbean said...

The system of floating exchange rates is flawed to the core and the big funds are taking advantage of it to wreck havoc against all floating currencies. Those who think their currencies are safe and not attacked yet because they are well managed are only fooling themselves. It is only a matter of time.

And the big funds are pressuring Obama to force the Chinese to float their yuan so that they can attack it. China must not float its currency freely. It must be managed carefully, and to tell Obama that what he is proposing is just plain stupid.

Chua Chin Leng aka redbean said...

Let me answer Matilah, the advocates of freedom in everything. No matter whether a country is floating or controlling its currency, if the country is badly managed, no matter what system, it will still be badly managed and the flaws will show.

Anonymous said...

i think our Jinx can easily beat this figure hands down....

Anonymous said...

"the US is already bankrupt, not that the amount could bankrupt the US. How and when are they able to pay back when the debt is still mounting daily". Unquote.

If me am not mistaken, the US has the most richest individuals in the World. The Country may go bankrupt but the Americans can carry on with their epicurean and flamboyant lifestyles; no sweat and no worry.


Matilah_Singapura said...

Freedom in everything is actually the default redbean. No one can control everything forever. If you try to control people to act against their will, you might appear to be successful for awhile, but they will act in ways to reclaim their power of choice sooner or later. That’s human nature.

Whether you agree or whether I “like” it or not, is not the point. The point is as far as human behavior goes: ANYTHING AND EVERYTHING GOES whether you give “permission” or not.

If this anything goes was limited to individuals that would be alright: you simply avoid or defend yourself against the individual who would try his “anything goes” shit on you.

However when it is states who is doing “anything goes” then it is all over. They can print money, pass laws, go to war, threaten other countries with “foreign policy”, demonise certain ideologies…anything goes. If you are not careful you – the individual—could sustain “epensive” damages.

The best you can do is find ways to limit the damage to yourself personally --- by having multiple passports and alternative “refuges” in different territories, for example. The other option is to join the “anything goes” elite and become part of the system of oppressors. You could become very rich and have a good time… many of them do.

Anything goes lah.
Up to you.

BTW, the unfunded liabilities are in the 70 trillion range -- and that is not taking inflation into account.

What makes it interesting is that OTHER CENTRAL BANKS hold USD (reserve currency) and heaps of US treasuries (to back up their own currencies).

So a collapse in the USD will indeed cause lots and lots of entertainment all over the world. (fuck I'm getting a hard-on at the thought)

Very soon the USD == rupiah. One cup of coffee: USD 40,000 :-)

People say "oh... economic uncertainty". I say bullshit: there is economic certainty: financial collapse, failed states, blood in the streets, women hocking thier pussy for money and other associated forms of 'entertainment" :)

Anonymous said...

I believe the Chinese are also buying much gold and investing in commodities, particularly oil.

The amazing thing is that people are still unfazed by the size of the US debts. Look at the stock markets all over the world. Where is the problem? Will the US go bankrupt? Impossible, they will tell you.

But realistically, they are already bankrupt.