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The US imports $380 billion worth of oil and has a $653 billion overall trade deficit. The total debt per citizen is $179,358 and rising. Objectively, US consumers can't pay for the energy they are consuming on a current basis. Will creditors stop lending to US governments and consumers, thereby reducing the flow of oil and consumer goods until debts are paid? Are internal political discussions about carbon emissions policy moot because external creditors will decide the policy?
http://www.usdebtclock.org/#
@Jim, at the risk of sounding "alarmist" the debt number I gave is the combined personal and government debt. I don't think many Americans could ante up $179 K if the debts were called tomorrow. You're assets are still on average $54838 more than the debt, mostly in the form of real estate equity. We all know that real estate was inflated by lax lending standards and "free" money to borrowers with no means. How long will it take to squander $55 K at current rates or for the real estate market to adjust to realistic valuations? When liabilities exceed assets, you're technically bankrupt. The party may carry on a bit longer before the debts are called.
Look on the bright side, if you asked all "new citizens" to ante up their share of the public debt at the border, illegal immigration would stop. Welcome to the US. You owe $45 K.
http://www.usdebtclock.org/#
@Jim, at the risk of sounding "alarmist" the debt number I gave is the combined personal and government debt. I don't think many Americans could ante up $179 K if the debts were called tomorrow. You're assets are still on average $54838 more than the debt, mostly in the form of real estate equity. We all know that real estate was inflated by lax lending standards and "free" money to borrowers with no means. How long will it take to squander $55 K at current rates or for the real estate market to adjust to realistic valuations? When liabilities exceed assets, you're technically bankrupt. The party may carry on a bit longer before the debts are called.
Look on the bright side, if you asked all "new citizens" to ante up their share of the public debt at the border, illegal immigration would stop. Welcome to the US. You owe $45 K.