Some people worry that our foreign friends (China being the biggest of them all) may decide to stop lending us money one day or, heaven forbid, request that we pay back all or some of the money we owe them.
As much as this could very legally occur, I'm not worried. The national debt will never be fully repaid -- and I'm okay with that. I think it is utterly shameful and disingenuous for us to have accrued so much debt over many, many years; however, I think the countries who have loaned us so much must be aware that we could never hope to repay it all.
Even if one of our creditors did decide to recall their loans, what's the worst that could happen? UN sanctions? Please.
This is not at all surprising, considering that is the way we are all taught. Credit is the road to your future. You are nothing without credit. It seems the more credit we develop, the more powerful we get. So many people are living false lives running on credit, until the recent financial crunch. Complacency has ruined many people, "oh, this endless stream of money will never end" "my house will always gain in value so we can always just keep borrowing on the equity so we can pay off credit cards so we can get more credit cards to pay the balances of our car notes so we can buy a Mustang for our 17 year old daughter cause her friend Nicky has one and she is only 16 and her parents bought it for her when she was 15 to use for drivers education class." What a fine example we have.
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