I agree, its all very confusing and doesn't make sense to me.
I actually looked up the quote - apparently the original quote is by oil magnate John Paul Getty, who said: "“If you owe the bank $100, that’s your problem. If you owe the bank $100 million, that’s the bank’s problem." I understand the rationale behind this statement (ie, the b…
I agree, its all very confusing and doesn't make sense to me.
I actually looked up the quote - apparently the original quote is by oil magnate John Paul Getty, who said: "“If you owe the bank $100, that’s your problem. If you owe the bank $100 million, that’s the bank’s problem." I understand the rationale behind this statement (ie, the bank will go after you for small debt like a shark, but for huge debt, it risks default and closure if you don't pay out, so it is willing to negotiate with you for whatever you are willing to pay.)
But it seems to me that the US is in debt 36 trillion, which means we owe 'the world' 36 trillion...doesn't that, according to Getty/Trump, mean that that we supposedly call the shots?
The fact that the world is selling off US treasuries and thus raising yield rates does make sense to me.
I agree, its all very confusing and doesn't make sense to me.
I actually looked up the quote - apparently the original quote is by oil magnate John Paul Getty, who said: "“If you owe the bank $100, that’s your problem. If you owe the bank $100 million, that’s the bank’s problem." I understand the rationale behind this statement (ie, the bank will go after you for small debt like a shark, but for huge debt, it risks default and closure if you don't pay out, so it is willing to negotiate with you for whatever you are willing to pay.)
But it seems to me that the US is in debt 36 trillion, which means we owe 'the world' 36 trillion...doesn't that, according to Getty/Trump, mean that that we supposedly call the shots?
The fact that the world is selling off US treasuries and thus raising yield rates does make sense to me.