All American citizens will be required to learn Chinese as their second language, then teach it to our babies as their first language! Just kidding!!!
I believe that China did loan us a bunch of money though, so it may not be a joke after all.
Everything will be affected in a negative way if we can’t pay back our debts.People forget, foolishly, that the National Debt is offset by the National Debt we hold from other nations. They owe US money, a LOT of it, which is why we aren’t listed as a debtor nation. We act as if the National Debt could just be paid off. Sorry, international economics makes that utterly impossible. It just doesn’t work that way.

What would happen? We would call in OUR debts. Nations around the world would lose capital and go into economic collapse, the world economy would fall on it’s face and governments would topple as the US went into a recession and then a depression. Markets would collapse and businesses would go under in the turmoil. Everyone would lose investments. War would break out.

Not a pretty picture, but that’s one scenario.strong and shocking economic reforms will have to be put in place to "Shock" the citizenry into a more frugal means of living. We will be told that the current good times we are having cant last….that all this personal prosperity must end..that we must be willing to pay more for our own personal health care and that coverage is mandatory..that we must retire later at age 72 and that we must receive less social security benefits etc….that real estate taxes must go up as well as sales taxes at the state level but that personal income taxes federally must be cut so that the wealthy investor class can have more money to invest…etc….

Unions will be villified for their cadillac wages of $25 an hour and their health care plans will be changed so that they offer less coverage but have higher premiums.

We will be told that the days of nice wages on which we could just work 40 hours a week and expect to support our families and put a roof over our heads are gone…that after all people across the globe in china are willing to do the same work at 1/20 of the price that american workers will do it for.

The education system will be changed to make 11th and 12th grade voluntary..so that children who are smart enough can go straight to college or trade school while the dumber ones graduate high school after the 10th grade and go work at walmart…and to compete for lettuce picking jobs or landscaping jobs with illegal aliens.Most likely what happened in Mexico and Argentina a few years back. Both countries severely devalued their currency in order to pay back money that they had been loaned. This in turn caused money in the system to be worth hardly anything, meaning that the value of their money crashed hard. If this happens to us, it means stagflation (way worse than when Carter was president) and likely the end of the dollar as we know it.

Find more information on credit consolidation services

Tags | pay off debts