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You begin to stress out over which check is going to bounce first, and whether or not you're going to have to declare bankruptcy. 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. anal gallery If, say, China decides to anal gallery all anal gallery of a sudden collect, and we have to default, the end result is a serious blow to the value of the dollar, and a resulting blow to the nation's economy. Now, as a conservative friend of mine pointed out, 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.
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