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To: Bill Harmond who wrote (121847)3/27/2001 2:30:24 AM
From: GST  Read Replies (1) of 164684
 
Bill: "The car is paid off over a few years from personal income (most likely wages) and there is no more debt left" We are talking national accounts -- it is easy to see that what you are saying is totally false. Our new indebtedness will increase by $400 billion this year -- that is an additional $1,750 in foreign debt per US working person for just one year -- add that to the tab for the past 30 years. Each of us, on average, will spend $1,750 dollars more than we earn by borrowing more from foreigners -- those are the facts Bill. We might not know we are doing it. People like you might not care. ("What, me worry?") People like you might think "screw it, lets just get those damn interest rates down and spend some more! Saving money? That is for losers like the Japanese -- what suckers they are to lend us the money! Lets just buy more BRCD and pump the price up." But somewhere down the road the bills will get paid -- who will pay them? Your children? BTW, if you think I am pro Japanese, think about this. At the worst of the Japanese bubble people were willing to pay anything for Japanese real estate. Families took out 100 year mortgages-- inter-generational loans. Now the real estate is worth far less than the loans, but the Japanese do not like declaring bankruptcy so they dutifully meet their obligations. The debt only goes away if you default -- is that the future of the US Bill? Default? Otherwise somebody will pay -- our children.
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