America and Bankruptcy

ID:278081
 
Mar 16 2009, 3:37 pm
Could America just bankruptcy? Seems like it is the modern day America's style.
Mar 16 2009, 3:39 pm
Uh, not a good idea really. If America went bankrupt your probably become the United States of China very quickly.

Your economy would be 100% sweatshops.
Mar 16 2009, 5:05 pm
The government would lose all credibility and foreign creditors wouldn't trust us anymore, but yeah, the government could, if they were all stoners.
Mar 16 2009, 5:16 pm
Trosh Kubyo wrote:
Could America just bankruptcy?

They just accidentally the whole country.

(Seriously though, you're missing a verb).
Mar 16 2009, 5:29 pm
America actually isn't the worst off country around, and it really isn't all that bad. It could be much worse... But anyway, for a country to file bankruptcy it takes some serious irreparable issues. Like a few quadrillion more dollars in debt.
Mar 16 2009, 5:38 pm
In response to AJX
Governments don't declare bankruptcy; this is a legal construct, not something that can be done on a global scale.

If you don't upkeep your infrastructure, then your people suffer in abject poverty. This is seen in Zimbabwe.

If you don't work very very hard to have peace with your neighbours, then you have social warfare. This is seen between Israel and Palestine.

If you don't keep up a first-rate military that can do serious damage to opponents, somebody will roll in and take your land. Whether they will manage it any better is an uncertain question. This is seen in Georgia.

If your country has no wealth, then you won't be able to do any of those things effectively, and so your land will be divided, your people will suffer, and your culture will be subjugated.

There is no bankruptcy for nations; there is only destruction.
Mar 16 2009, 8:45 pm
In response to PirateHead
If you listen to Mugabe, then they're suffering to avoid British Colonialism. So you know, if your country needs a conspiracy to fight, not matter how far-fetched, you can always rely on faithful old Britain.
Mar 16 2009, 8:48 pm
In response to PirateHead
Governments can declare bankruptcy... It's not like they file papers or anything to that effect though. They simply say 'Hey all you people I owe money to, yea I'm not gunna pay you for that.'
Mar 16 2009, 8:51 pm
In response to AJX
Bankruptcy is really a legal status thing, so the paperwork is what defines bankruptcy.
Mar 16 2009, 10:59 pm
In response to AJX
America has the largest foreign debt in the world, by a fair bit. The UK is the next in the list, though, followed by a bunch of other healthy first-world nations, so foreign debt is perhaps not a great indicator. :P
Mar 18 2009, 2:23 am
Yes, haha, I know. It was just an idea I had and I was laughing about it. Cereal tho, time for a revolution.
Mar 18 2009, 8:14 am (Edited by moderator on May 8 2009, 7:31 am)
In response to Jeff8500
Luckily, many foreign lenders believe that the USA will be the first to recover from the global recession.

Funny enough, the USA will probably recover first because of that very belief.

Some attribute their belief that the USA will recover first because of how aggressively we are approaching this recovery (a la stimulus packages), some attribute it to the fact that we're America. Either way, there's a very real probability that the USA will recover in a timely manner, respective to other countries' recoveries.
Mar 18 2009, 2:08 pm
No faith in Obama huh? >_>

I find him a spitting image of FDR (minus the skin color and age....and polio >_>)
Mar 18 2009, 2:49 pm
In response to Spunky_Girl
He pretty much is FDR with stimulus bills and government provided universal healthcare. He might also be a little less power abusive (though I'm not saying that's a bad thing in FDR's case!).