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OB

Thanks SULLY, this is your question: Are we the richest.... or just the one with the biggest debts?

Statistics show that on average every American owes $17.000 even the new born. In poorer countries the figure is $7.000. In Europe the figure is $13.000. Why is the whole World in debts?
Othman:

Probably Vegas.

Rene Hollis:

Because we are a population of gotta have. We no longer wait to accumulate sufficient cash to buy what we want so we charge it and if we extend the payments, we end up paying twice as much for the item. Go figure.

Ed:

Consumer debt is an issue, but not a huge one. The much (MUCH) large issue is the federal debt (approx $80 trillion). Since the federal government relies on foreign governments to keep loaning it money, the US federal government is beholden to the interests of others.
So, for example, if a country (lets say Saudi Arabia) wanted the dictator of one of their neighboring countries (oh, let's say Iraq) taken out, so they wouldn't have to deal with his sabre rattling any more, who could they turn to? Well, they might turn to the government that they were propping up, who had a big military (let's just say the US), and force them to take out this evil dictator.

Sequoia:

I think we are probably both at this time!

Jim:

Thanks Adam!

We used to be the wealthiest nation on the blue marble....
but when the prosperity wave broke, with the right set of eyes, you can see where it began to roll back..... never to reach that spot again.
This is where we pointed to when it came to set the boundaries on our spending.... but it was quite the folly.

Ever see those kids that throw that tiny flat board on the water of the freshly broken wave, and ride it for a few feet? The same principle applies.... but now we throw our flat boards in the sand, and repeatedly crash, because we are too far away from the water anymore to skim on it.

We've spent beyond our income for too long at be anything but a collector of debts. The debt grows....the economy shrinks- The 'have's' will have less, and the 'have not's' will be forced to be 'have nothings'.


There is more money left over for the wallet paying the salary of a chinese worker over an American worker.... and in this day, that's more important that everyone living with just a smaller piece of the pie. (or a shorter distance on a smaller wave)

So here we are.... whipping our boards onto the sand and faceplanting. repeatedly.... because we've been left with no wave to ride.

(sorry for you folks that live landlocked and don't know what I'm talking about....I'm missing Florida today- I had to scrape frost off the windows this morning-always a mildly depressing event for this former Florida resident)

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