Other Countries Buying Our Debt
Rep. John Tanner (D-Tenn) spoke in the House of the US debt of $1.2 trillion that the Bush government owes to foreign countries and banks who have been buying up our debt. (italics mine)
Money quote (pun intended):
President George W. Bush and the current administration have now borrowed more money from foreign govenments and banks than the previous 42 presidents combined." (bold number mine)
This means that we no longer own our country. It is owned by other governments and banks.
Now, in personal finance, when you owe money to a bank the loan has a date of expiration and a payment schedule. When you or I don't make the dates, guess what the bank does? Takes the collateral.
My first question is: What was put up as collateral?
My second question is: When are the payments due?
My third question is: Who's going to come up with the money for the payments?
My last question is:
...no control, or out of control?