World Debt

  1. 11,672 Posts.
    As there are some very well credentialed money people on HC, I would like the world debt fiasco explained to me and If I am wrong can they please set me straight on what I outlined below.

    We have Joe Hockey all flustered saying we are living beyond our means and we are facing amargeddon when it appears to me that most countries in the world are in the same situation, all are in debt; none more than the US.

    Is this debt in US dollars that gets printed like monopoly money? Who is this debt owed to and how in the hell are the US and many other countries ever going to pay off their ludicrous amounts of debt.

    It appears to me it is all smoke and mirrors and what will eventually happen is what happened to the Sth American countries 30 odd years ago, all debt was written off and they started again; and btw are back in the same boat.

    Got me stuffed and I welcome some advice.
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