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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.
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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
July 31, 2011 at 7:02 PM
Siddhesh said…
What stage? I hvnt said they hv defaulted!
August 1, 2011 at 6:59 PM
Nikhil said…
the difference between rich man and USA is that USA can print money. rich man cant
August 1, 2011 at 11:25 PM
Siddhesh said…
Printing money isnt exactly a "solution". Otherwise why would US have debt in the first place?
August 2, 2011 at 7:05 PM
Nikhil said…
i was talking abt repayment.
August 2, 2011 at 7:52 PM
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.
August 2, 2011 at 8:42 PM
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