Captain Capitalism posts an open letter to China thanking them for giving us money to spend on our "investments." A good post - go read it!
Do they really think we'll pay it back? Do they really think we could even if we wanted to?
Have they been paying attention to who we vote for?
News Flash China: America doesn't pay its debts anymore. Generations of public schooling, single parenting and entitlement culture have left this country a shell of its former self. Sure, we have winners here. They are the ones filling the fewer jobs and paying the welfare benefits of the others.
The US will only default on its debt if we choose to. In reality, we will continue to dilute the money supply in order to create inflation. That inflation will allow us to make payments on our debt with diluted dollars. Sure, Americans with savings accounts have lost about 6% each year since "Hope and Change," but they don't know that. China and other holders of our debt should plan to get 100% of the principle back but at a value of ~70% of the original loan.
If you want full payment, you'll need to take Guam. Or Hawaii.
Just PLEASE, don't stop buying our debt!