How about the debt be put on the sidelines and say that the breakup of the U.S. turned really nasty and broke out into war. Which states/countries would go into war with each other?
If Illinois became its own country, I believe that the large rural portion would start attacking Chicago. I live in that rural portion and there is a large amount of dissent towards the Windy City. In the state legislatures the rural areas feel crowded out by the politics of Chicago. The rural land feels like it has no control because of the partisan politics as well. The destructive politics of the state have left Illinois with one of the largest state debts. The debt is so ridiculous here that one of Indiana's past governors compared Illinois to the Simpsons. I kinda agree with him, Illinois would be a nation of joke butts.
Thoughts? Analyze another "new country" if you want.
Ah, you're right. I was confused because what you're talking about isn't personal debt (which would include both the financial sector and non-fincial businesses). It's the specific Household (or Household/Non-Profit Sector, if you're picky) debt.
And yeah, also checked wrong on the numbers there... oops :P
Minus the national debt, the personal and public debt totals about $40 trillion+
this is completely irrelevant to the point i made that the citizens are also in debt.
these people are in debt. ofcours that isn't part of the national debt and ofcourse we do not count it as national debt.
the point that they are together in debt for 15.8 trillion however still stands. (until the gov. go's on a bailout streak again)
First, the government doesn't bailout citizens. The citizens default on their loans and go bankrupt, and go from their, either restructuring their debt or working out some other method in court.
Anyways, as related to the topic, their debt is irrelevant, because it would have no effect on the divvying of the debt by foreign creditors (which is the suggestion you brought up and I assumed we were discussing. The whole discussion of how much you think America sucks is on another thread, I believe). Hence why I brought up the same point twice.
Assuming the States were to split up into separate nations they would face many new economic problems, but the debt of individual citizens wouldn't change, nor would debts of financial institutions. Just the national debt (although it wouldn't necessarily decrease).
And now, this we shall conclude this line of discussion so others can ask questions about World Politics.
they bailout banks. indirectly paying the mortgages of the citizens.
ofcourse not that their debt is lower then. but it wouldn't be needed if everyone would just pay their bills.
as related to the topic, their debt is irrelevant, because it would have no effect on the divvying of the debt by foreign creditors (which is the suggestion you brought up
no i brought a idea on how to devide the national debt in a even way. (just plain ideas that jumped to mind nothing serious (as the question at 1st isn't realistic anyway))
i brought up the personal debt. when you said the citizens were not in debt but the government is (or something along that line)
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