Americans spend first pay later mentality coming back to haunt them...when they cannot afford to pay back

 There is no way that the USA can ever repay its debts. And with that realization, are countries going to continue buying USA debts? The USA may think so, but China and Japan are wising up. Only the Anglo-Saxons, like the UK, are plunging in to help.

The UK has to do it, like it or not. The USA is just an extension of the former British Empire trying to control the whole world. The failure of the USA will be the failure of the Brit's attempt to upkeep the Anglo-Saxon hegemony, the supremacy of the Whites over the non-Whites.

As the USA finds difficulty in selling its unpayable debts, this is just like the 'Sword of Damocles' hanging over the heads of those who bought USA debts knowing that a USA default is going to make those countries lose their underpants. The only way to attract investors is by raising interest rates, which runs counter to what it is doing to revive the economy, which is clearly in ICU.

Not only is a default by the USA catastrophic for countries holding it debts, but those debts held by USA entities like banks, hedge funds, retirement funds and citizens will suffer equally catastrophic outcome, and they will also lose their underpants as well. They will be wiped out and flattened.

The USA cannot keep increasing its debts as the element of interest is already unsustainable. About US$1 trillion in interest payments is already a difficult burden to bear. Accumulating more debts, which it is trying to do, will add more interest payments to its burden.

Japan is trying to raise interest rates too but has also stumbled on to the same problem of servicing its huge debt, the biggest of any country in the world. Therefore, Japan is caught in a death spiral that it created by keeping rock bottom interest rates for decades which is now coming back to haunt it. How Japan is going to handle its economy with a new Government is unsure. Untying the Gordian Knot is not that simple as just changing the Government.

Anonymous