[citation][nom]feeddagoat[/nom]Then so too will america since China holds most of Americas Debts. Unfortunately the opposite is more likely to happen and is evident in Chinas growth, China through "Communism" doesn't have the welfare or equality attitude that Western countries have. Ultimately it can do what ever it wants to exploit people to help their economy grow. BTW the EU is very communist in its ideals and approach to things.[/citation]
Completely and totally wrong. The US actually holds most of it's own debt, the federal reserve owns about 5 trillion (remember back in early 2000 how Limbaugh used to say the deficit wasn't a problem because it was money we owed to ourselves? - I used to listen to him daily in my engineering lab when I was interning), private investors and firms are about 1 trillion, china is about 900 billion, Japan is about 800 billion (remember back in the 90s when everyone was worried about Japan buying the US?), mutual funds are about 650 billion, US pensions are about 500 billion and states and local gov'ts are about 500 billion. The rest is mad up a few other countries and companies here and there (oil exporting countries, Brittan, insurance companies). The overwhelming majority of the US debt is held by US banks, investing and insurance firms, and US citizens via pensions and retirement mutual funds.