Originally Posted by
blue8671
From what little i understand it appears that from Tuesday the good old US of A will no longer be in a position to meet the intrest payments on it's outstanding loans, This seem's to stem from there decision to try and spend there way our of the recession without making cut's as we have had to put up with in the UK and Ireland. Now they have reached a point were it was reported today that Apple has more money in the bank that the US government !
The position they are in now is that there credit rating could well be downgraded making it much more expensive for them to borrow money as Greece and Ireland to name but two have been forced to do, this causes even greater problems in trying to reduce there debts and it can turn into a downward spiral for themselves and most of the western world that relys heavily on trading with the USA.
One question if i dont keep up my mortgage payments the bank takes my house, now the UK used to own America so if they dont keep up there payments does than mean we can have it back because if it does i want California.