The subject of countries' debts came up over coffee at work today and it seems I'm not the only one who thought the US held all the markers. Only one guy didn't and he reckoned the US owed massive sums to China. That seems to be backed up by the internet - not a source I tend to rely on but quick and easy to use for idle curiosity. After the US it becomes more confusing with differing views as to whether China has debts of its own but on balance I'd say it probably does. But then who does China owe money to?
My head hurts!
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Years ago US manufacturing discovered it was cheaper – by a large amount – to manufacture goods somewhere else, first Mexico, and eventually China. Cheaper costs meant higher profits. It took a long time to realize that with more jobs being sent overseas, things were cheaper to BUY, but there was considerably less money to be SPENT. China quietly started buying large US companies, so even the profits started going out. Eventually it caught up with us. (Here’s an irony. A few years back we were going to dispute a China controlled area, but could not when it was discovered the area manufactured our army uniforms.) It’s a real mess, and will take us years to get out of it.
ReplyDeletej.
Ouch!
ReplyDeleteActually, that's got a nasty, familiar ring to it. We've set up call centers in India and sent manufacturing to Malaysia. I wonder what our fallout will be...or has been?