>
>
> In the wide wide world of capital, creditors have the power, debtors
> have interest payments to make, or else they get their assets seized.
Say whaa?? That may be when the debtor is Mozambique or Brazil, but this debtor has 12 aircraft carriers and a history of ignoring rules set up by itself whenever they are the least bit inconvenient.
Methinks the US foreign debt has become, like German reparations after WWI or US household credit card debt, a largely unpayable and, in the long term, probably unserviceable debt that cannot and will not be repaid. The actual form of the default and the financial sommersaults used to spin it may be of interest, though.
>
>
> -- Dennis
-- Enrique Diaz-Alvarez Office # (607) 255 5034 Electrical Engineering Home # (607) 272 4808 112 Phillips Hall Fax # (607) 255 4565 Cornell University mailto:enrique at ee.cornell.edu Ithaca, NY 14853 http://peta.ee.cornell.edu/~enrique