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
let senate approve it.
do u read HT? :P
Also, if by just printing money u could repay ur loans, u would not hv credit rating agencies hving diff ratings for diff countries.