Most of the US debt is owned directly or indirectly by US domestic households via pension investments and savings. Then a big portion is also owned by foreign nations against whom the US has run a chronic trade deficit. But the popular victim China is by far not the largest owner of US debt.
I know that is not a popular thought in Greece or elsewhere but you are omitting another option to exit a debt trap. How about repaying debt? Or paying down debt? It seems this most obvious choice is more and more often omitted from our discussions. It would of course entail less consumption. Not too popular.
That is simply incorrect. If you believe that the US stands behind its debt and honors its debt, and the US currently clearly does, then neither the federal government nor any other local government prints any debt. They are simply borrowers and lenders (usually the former) . The only institution that can print (both physically and by putting money into circulation ) in the US is the Fed.
Are you talking about the US? Longest life spans? Wrong. Lowest infant mortality? Wrong. Highest educational levels? Badly wrong. A nation can only embark on changes when it really realizes where it stands. The US ranks on mediocre levels in all the above and there are many more metrics that display that the US society ranks at best in the middle among most developed nations. The middle and lower class in a way directly voted and approved the take-no-prisoners type of capitalism that has produced a few super rich but the cost of that was and is huge to the average guy in the US. But as long as the image of super wealth impresses the average Joe more than anything else he will continue to vote for and cling to the same system. Nothing is more powerful that the promotional line "this is the country of opportunity, anyone can become super filthy rich" . Unfortunately they omit to say that working hard alone does not get you a spot up there. One has to be lucky and hard working. Oh, and being a con men works very well, too. The odds are so incredibly small of striking it filthy rich that for the average Joe it would be much better to opt for an average but secured and joyous lifestyle. Of course the above does not address the very few who are incredible dreamers, hard working, intelligent, and innovative. We cheer you, we need you and we want you to pursue your own ways. But unfortunately too many average Joes believe they are such individuals or can become such.
The US government does not print money. That's what you claimed and it is factually false and your own political leaning and opinions are irrelevant in this particular context. ... hard to argue with someone who categorically denies to ever saying anything wrong. Good riddance.
Oh yes, they do. Read Modern Money Mechanics. Published by Federal Reserve Bank of Chicago. It's all there. That's what fractional reserve banking means. Only a fraction of reserves must be maintained relative to outstanding loans. Deposit >10K > keep 1k as reserve > loan out 9k > next bank deposits 9k > keeps 900 > loans out 8100 > next bank deposits 8100 > keeps 810 as reserves > loans out 7290. In that one example, 1 x 10K deposit created 9k + 8K + 7k in new bank credit aka money. So one 10K deposit created 24K in "new money". And I didn't even follow the sequence through. The multiplier is much much higher. It's all there man. Theres no secret here. This shit is centuries old.
Its not worth my time. I've had this exact same debate a million times before. Sure, lots of benefits to fractional reserve banking during periods of massive capital investment. Not to offshore so we can finance consumer and Government debt, so we can all drown in it. Comprehende?