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US Debt Crisis

Following piece published in HT, perfectly summarizes the crisis -
The US debt crisis is like a rich man who owns homes, yachts and gold but is suddenly finding it diffcult to pay off the installment on a plane he bought. Politics, however, keeps him from using his other assets to handle these payments.

Comments

Nikhil said…
US has not reached that stage yet. Obama has said they have ability to borrow more. and they have.
let senate approve it.

do u read HT? :P
Siddhesh said…
What stage? I hvnt said they hv defaulted!
Nikhil said…
the difference between rich man and USA is that USA can print money. rich man cant
Siddhesh said…
Printing money isnt exactly a "solution". Otherwise why would US have debt in the first place?
Nikhil said…
i was talking abt repayment.
Siddhesh said…
Even for repayment printing money is not a good option. It will only create new problem (read inflation/hyperinflation)
Also, if by just printing money u could repay ur loans, u would not hv credit rating agencies hving diff ratings for diff countries.

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:(

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