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China has a huge stockpile of cash in the bank and has financed the debt in many countries. The reason the world economy is in trouble is because we buy far too much from China and have to pay them for it. Many countries are running a trading deficit as well as borrowing to finance public services in the belief that somehow in the future they can pay off this debt. The reality is many of these economies are becoming less competitive and won't be able to pay their way in the future. The people of those countries will become far poorer and live more austere lives.
Here in the UK there are so many people who seem to believe there is unlimited funds and we can continue as we did before.
I don't know the future but clearly much of Europe has to become much poorer as does much of the USA. The USA is not a country to be poor in. Yes I know its not good to be poor anywhere but in some countries the poor are still protected by health services, a fair justice and education system.
