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When it's your checkbook you care, but when it's the nation's, the collective attitude is that, "eh, what effect could it have on me?" Well, an economist on the radio the other day simplified the matter. You see, countries like China, and Japan, and Saudi Arabia own a great portion of this nation's debt. If, say, China decides to all of a sudden collect, and we have to default, the tammy end result is a serious blow to the value of the dollar, and a resulting blow to the nation's economy. Now, as a tammy conservative friend of mine pointed out, tammy this isn't likely to happen since so many of these countries are so highly dependent upon our economy. But attempting to collect on debt isn't the only thing that could hurt us. Sometimes just threatening is enough. As the economist had explained, the government understands how much it would suck if one of these countries decided to collect. While the risk of this happening is small, it still affects the way our government legislates. If, for instance, we're in a free trade talks with China, and we put something on the table that China doesn't like, all they have to do is wave an IOU signed by the U.S.,
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