blacksword404 -> RE: Bad times for High technology and possible War (8/27/2009 8:01:05 PM)
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ORIGINAL: Musicmystery If we were worried about China having power, we might have thought about the economic impact during the 80s of going from the largest creditor nation in the world to the largest debtor nation in the world in just eight years, with 25% of our assets owned abroad. Since then, it's only gotten worse--China holds the majority of our debt, and is getting uneasy about extending anymore. We need to learn to live in the real world, not Fantasy Land. Until then, nations like China and India who do are going to continue to gain control. That switch right there was the thing that put us on this path. Going from actual wealth to large debt. But to hear the talking heads tell it, it's good for the country. It is almost never good for an individual to carry massive amounts of debt. I don't see how it can be any different for our country. Either collapse or financial enslavement are at the end of this road if we can't turn back.
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