I'm an American and I agree with him on this.

Wow nevermind then, thats not impressive at all. I guess you have to start somewhere though. 

Need to continue to cut future costs and remove the damn Bush era tax cuts which were stupid to begin with. It amazes me how so many republicans are clamoring about the debt levels when after 2001 and afterward all they did was try to increase it.

We had a surplus and a declining debt of 6trillion. Now its over 14trillion and they still won't undo the incredibly stupid cuts to the rich and the corporations.

Now we're looking like inept children who can't agree on anything and about to default because minority of the republican party wants to run everything in the extreme. Damn, I hate the tea party. Bunch of extremists. I hope they lose all support in 2012... sad part is there are too many religious zealots in many areas to keep them in.

Yeah, i know some people are looking for the creation of a new theoretical currency... it just would be problematic.

I don't like how people wants the debt to be defaulted....

In XX, USA and FMI destroyed the economy of most countries in the world, by pushing debts impossibles to be payed.

However, I don't want USA having this fate. But it will only depend in the people effort to change that. The world really needs to realize that our economic system is corrupted by a few people (to not say that the system itself is a scam)

you do realize obama and his democratic congress made those tax rates his tax cuts, right?

and you do know that said tax cuts went to every american, right?

and you do realize that eliminating those tax cuts wouldnt put a scratch on a dent to our debt, right?

and you do realize obama has added more to the debt than bush did, in a 1/3 of the time, right?

and you do realize that the tea party is the only reason we are even making "cuts" in the first place, right?

it's all china's fault, if the let the yuan go free in the past 20 years then there wouldn't have been as much delocalisation and the import/export balance of the US would be all different.

worst part is that the Chinese won't even benefit as when the $$ crumbles, they'll lose the gains of this charade.

The thinly veiled wannabe dictator is obviously right to a degree. I really hope this boom and bust and living on credit and debt for the sake of growth is forever banished to the annals of history. However I fear this may not be the case. The State and Corporations are so close to each other and unless this bond is severely weakened and power shifts more democratically to the people then we may find ourselves in yet another even more severe crisis, maybe not now but in decades to come.

Lol noone actually pays the depts they only try to slow down the rate of making new debts. Has a country ever paid back its debt ? I know some smaller countrys have no dept also china has no debts but the rest of the world has debts and they are increasing at extreme speeds. Btw who owns those debts ? Are the Countrys just printing money and decrease the Value of everyones money ? How would it look like if they pay back the money ? They pay back through burning the safed money ? The Countrys get the loans from the markets ? What markets ? How are those markets able to come up with Trillions every year ? Who gets the interests ? Its all so mysterious . Markets that can easily come up with twenty times the worth of Microsoft And the money never really is printed its just numbers in a computer. Itnever actually does anything because to do anything you must spend it give it to people they will act accordingly. If the whole world decides from one day to the other all state depts are gone for every nation . Wouldnt it be better or are those numbers important ? physically nothing would change. Its astonishing that economy is just pure psychology from a certain point on. Money fullfills the exact same work as a neurotransmitter in the Brain. It activates certain areas and stimulates their growth and not only this it actually floods the brains of humans all over the world with the same neurotransmitters its mimicking.

The depts will pile up forever until we humans think so much debts why hasnt the economy collapsed ? Boom it will collapse and humanity will have a psychological crisis.

Wonder how Humans will react maybe it will be a mature reaction this time around and not a shitstorm like last century.
I wonder how long the world can draw out this inevitable breakdown. Maybe I will witness it in my lifetime it will definetly be global this time and on a massive scale. The last one was just a temporary weakness that showed a little of what awaits us or our children. Germany wants to reduce its depts since decades but I had to learn that reducing depts doesnt mean reducing the actual dept but reducing the size of the loans you were planning to take for the next years. So essentialy just slow down the dept making.

Not beeing able to pay your dept doesnt actually mean ; Not beeing able to pay your depts. Thats a lost cause and states are not even THINKING about paying the debt back. For a lot of countries its simply (mathematically) impossible to pay back their depts. Not beeing able to pay your depts means not beeing able to pay the Interests for the depts. If there is even the slightest hint of a state not beeing able to pay the depts, the ratings go down and the state has to pay even more interests. Panic starts among banks because they loose money that infects everyone and soon reaches the real economy that actually exists (but is much much smaller then the imaginery one).

I dont know how to make it better but in all honesty this is a seriously bizarre system. I wonder what would happen if noone on this planet would have depts from one day to the other. If Banks are in a crisis because they loose money from not payed interests because they spend interests like money. How big is the part of debts in the money part ? And is the debt part in the money bigger then the imaginery value part ? Depts actually just equals future work , So if a state makes depts he actually trades the work force of the future. And sells it to noone just to the system that noone controls.

My previous comment was directed at the discussion about the cutback of 2.4 Trillion in depts.