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Originally Posted by GatorB
Then who has all the money? Say there are 10 people on the planet. It would be impossible for all 10 to be in debt. Who would they be in debt to?
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I was listenting to some economists on the News today and they were saying that if Greece defaults it will be banks in Germany, France, UK and US who will take the hit. So it will end up with the poor old tax payer bailing them out.
Is it just all paper money that in the end is worth little or real money?
What ever it is, the world needs to start to live withing what it earns. Debt is going to be a real crisis or a storm in a tea cup. If Russia and Saudi own all the debt, what will they do if China defaults? Going to war with China isn't an option.