By how much will the USD have to be hyperinflated to pay back that $15 trillion owed to china? $15 trillion is almost $50,000 for every man woman and child in the country.
Greece's national debt is only $470 billion, or about $41,000 per citizen. And the majority of this debt came from guaranteeing bondholder debt, unlike in the US where one of the biggest banks in the world was allowed to fail. So how has the US managed to rack up such a ridiculous bill if they are not even providing social programs like most european states?
Hyperbole.
1) US owes China $1B. The largest holder of US debt is .... US Citizens, pension funds, insurance companies, social security, etc. Most of Greece debt is held by foreign entities (which mean interest payments are a transfer of wealth from Greece economy to outside interests).
2) Breaking it down by citizens is misleading. Per capita income and per capita GDP is much lower in Greece. Debt in Greece is 150% of GDP which is a staggeringly high number. When you combine it with flat growth, current year deficits, short maturity, and high interest rates the "service load" on Greece is staggering.
It would seem that the US has a bigger immediate problem on it's hands than greece does. The USD is losing is dominant role in world finance, and with it the monetary hegemony. I wonder how long it will be before we see 1 billion dollar notes?
US has fiscal issues but when you make a statement like it is larger than Greece when that is just nonsense and makes you look foolish. 1 billion dollar notes really? If US did want to inflate our way out of debt inflation the value of dollar by 10% annually over a decade would cut the debt to GDP to <50% and foreign debt to GDP to <20% which would be one of the lowest among first world debtor nations.
Now not saying the US should do that but talks of billion dollar bills is just nonsense.
