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Anonymous
Firstly, some people need to read more newspapers. The USA has a national debt of more than $10 Trillion. Some of the debt is held within the united states, but the majority of it is held by foreign banks and countries. The USA owes both Japan and China more than $500 billion each in treasuries, the british around $300 billion, even the caribbean holds more than $100 billion. All this information is available from the US Treasury. That's just the governments, once you include the foreign banks, which own the public debt (HSBC, Barclays, MUFG) the US easily owes Japan and China more than $1 trillion each.
Also, not all of Europe has the same financial model as the US. The UK is very similar, 40% of the population are said to have been spending more than they earnt thanks to the property boom and credit cards, so they're screwed. But take France as an example, they have shunned credit cards (much like Japan) in favour of cash and debit cards. People are also much more likely to rent until they have larger deposits for property, so a smaller mortgage... they just don't like borrowing money they don't have. Other countries are the same, so it's not all of Europe, it's just that everyone who uses the euro currency gets caught up in it.
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