can the united states file for bankruptcy and start over? what would happen if it did?
9 trillion in debt… so, what if our nation filed for bankruptcy? how would it disrupt the world economy and what would happen to us?
9 trillion in debt… so, what if our nation filed for bankruptcy? how would it disrupt the world economy and what would happen to us?
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well it doesnt work like that. Countries dont "die", therefore there is never any need to pay off the national debt. the only reason the national debt is a problem is if the money owed is to a different country (ie money leaving the US economy). If the debt is owned by domestic citizens( like ours mainly is), future interest payments just transfer from one group of americans to another. Because the US borrows money in US dollars (unlike other countries which also borrow in US dollars even though its not their own currency), the US need never default.
September 8th, 2010 at 7:31 pmhaha. yesss! ding ding ding.
September 8th, 2010 at 7:31 pm