A (simplified) explanation of the US Debt Ceiling

Rocker

This fully explains the US debt ceiling shenanigans !!!

http://www.youtube.com/watch?feature=player_detailpage&v=Li0no7O9zmE

Before:

Employees were paid handsomely for doing nothing

Now:

Those same employees are not paid for doing nothing *.

* Only goes to prove that Politicians are like Diapers.  They need changing frequently and for the same reason. 

VimFuego

not bad, one small point is the debt ceiling is set by congress, not by the lenders. The lenders are happy to lend countries like US, UK etc. as much as we ask for. So long as we keep paying the interest, they don't care that we don't pay back the principle as that's not real (it's just an entry on a balance sheet). They will get pissed off if we decide to restructure the debt (say, by writing it off), but as the banks are the owners of countries that are in debt, that will never happen. So, they keep lending as it's easy, no risk money.

Myranda

So... if I declare myself a country, and get my arm to print money, can the world bank lend me say... half a trillion £'s?

Handsome_Chris

@Myranda, yes, as long as you're a in a key strategic location, and you're producing enough oil to run the western world's cars for the next 50 years.

Myranda

I have a population of 0 (other people) within my borders, and some minerals... 0/some=infinity... ergo I have more mineral wealth per capita than any nation ever! I also have no power stations or vehicles within my borders... though I have vehicles in another nation, so I think I'm an invading army.

I also exported earlier today... so have a a thriving manufacturing base... if I include the contents of my wallet against the 0 population then my GDP is pretty impressive!

I'd say based on the numbers the nation of Myranda is the most vital nation there has ever been to the global economy and is too important to fail.

CabbageCat

Myranda said:

 

I'd say based on the numbers the nation of Myranda is the most vital nation there has ever been to the global economy and is too important to fail.

I would start drawing up strict immigration laws right now. Such a Shangri-La is bound to attract economic migrants and the consequences of overpopulation don't bear thinking about.

viz

This is the most captivating film I've seen in a long time!:

http://www.youtube.com/watch?v=WFP-2_iDYMU