http://www.youtube.com/watch?v=IYH7_GzP4Tg&ob=av3e
some AP guy wrote a pretty interesting article recently about america's debt ceiling.... he said that in fact, it's only a 9.8 trillion dollar debt because the other 5 trillion or so is owed to other govt. branches.... so 10 trillion dollars isn't such a big deal
also, in the article he explains that it's a strong debt system because it is owed in american dollars so depreciating the value of the dollar by printing out more bills (qei&ii) has meant that the net debt to china and japan has effectively dropped and increased opportunity for u.s. exports......
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