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The USA credit thing!
Topic Started: Jul 29 2011, 12:42:43 PM (293 Views)
Hevs
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Miraculous Mamma Mod

ok, so you can tell by my title that I'm not very technical with this stuff, but I think this could be very serious!
14.3 trillion dollars is a figure I dont understand, in our currency thats about 100 bananas right? :whistle:

But if the credit runs out what does it mean for us and for the rest of the world?

Over to the brainy peeps of the forum....... :foottap:
Edited by Hevs, Jul 29 2011, 12:43:14 PM.
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Lynnj
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Lynn extracts head from sand, reads Hevs post and returns head to sand, where its safe and happy
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ABCDiamond
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We Australians would then be able to buy 1 US dollar will just 1 Australian cent :lol:

Due to the problems that the US has had since the GFC, their currency value has deteriorated from being worth about A$1.25 down to the current 90 Australian cents. Good for Australians buying US products or holidays.

The change in ten years of the USD/AUD:

USD/AUD for the 24-hour period ending Sunday, Jul 29, 2001 22:00 UTC @ +/- 2% (Typical ATM rate)
Selling 1.00000 USD you get 1.92706 AUD
Buying 1.00000 USD you pay 2.00850 AUD

USD/AUD for the 24-hour period ending Friday, Jul 29, 2011 22:00 UTC @ +/- 2% (Typical ATM rate)
Selling 1.00000 USD you get 0.89307 AUD
Buying 1.00000 USD you pay 0.93010 AUD

Other than that, the real answer must be very complex, however, 14.3 trillion dollars =14,300,000 million dollars.
This is equal to $46,000 per head of the US population.

This image shows how the Public Debt figure has changed over the last ten years, but note:
It has actually been worse, in the early 1950's it hit 120% of GDP.
:
Posted Image


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ABCDiamond
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To compare to the UK:

Public sector net debt (excluding financial interventions) was £944.3 billion (equivalent to 61.9 per cent of GDP) at the end of June 2011.
About £16,000 per person.

This compares to £803.7 billion (55.3 per cent of GDP) as at the end of June 2010.

http://www.statistics.gov.uk/cci/nugget.asp?id=206

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Anne
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Wonderful Winsome Wench

And in idiot terms, that means.....
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ABCDiamond
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Anne
Jul 31 2011, 10:24:01 AM
And in idiot terms, that means.....
Holidays in America will be cheap :thumbsup:
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Hevs
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Miraculous Mamma Mod

:thumbsup: :lol:
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Tiredwithtwins
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Admin

what i dont understand is, if all these major countries have such huge debt ... wheres all the money?????? are there uber rich sheiks in UAE sat laughing their heads off at us all??

im confused ... and will follow lynns example and insert my head in the sand.


will only come out when i win the lottery :lol:
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ABCDiamond
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The US national debt is owned predominantly by Asian economies.

China and Japan combined hold about almost 50% of the total issued US Security bonds.
However, that does not come near enough to the actual total of 14,500 billion.

Now I am interested in finding out the real story, but look at these figures if you want to see some mind boggling numbers... http://www.usdebtclock.org/

eg:
$20,066,071,000,000 in prescription drug liability etc. That is $20 Trillion.

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