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To: Claude Cormier who wrote (80145)	12/23/2001 3:19:22 PM
From: philv	Read Replies (1) \| Respond to of 116759

Is the US in any better position? These are very big numbers, seems like the whole world is indebted and linked. The US deficit is over 5 trillion. Many people have commented about foreign ownership of US paper and debt. As long as these countries can manage it, pay the interest, it will go on forever. That is the legacy of the fractional banking system, money creation through debt. If it ever unravels........... Will Argentina be the first and last? phil

To: Claude Cormier who wrote (80145)	12/23/2001 3:49:52 PM
From: Don Lloyd	Read Replies (1) \| Respond to of 116759

Claude - 44% of the $600 billons Canada owes is owed to foreigners. In time, Canada will be in deep doodou! Why? Debt, in and of itself, isn't necessarily a problem. Even if it is a problem, the problem is often actually owned by its creditors. If Canada has a problem, it would likely be that its citizens erroneously believe that government can make them wealthy, or at least prevent them from becoming poor. Regards, Don