meg
wake@9,
it doesn’t matter what China thinks, truly, as long as we produce our own goods in our own borders. we can default – countries do it, all the time. the WB is the global financial system hand-maiden, helping keep credit/debt alive to fuel the uber-wealthy. we wouldn’t need to restructure our debt if we didn’t need a credit line. it’s theoretical thinking, of course, the US is deeply in need of a credit line as we import most of our necessary & basic goods.
besides ultimate default tho, we have the other option – balancing our budget and living within our means. for this to work, debt has to be deincentivized. savings has to be valued, again.
check history for the aftermath plans of revolutions. systems need cleansing from time to time. revolutions happen in all manner of ways. sometimes, people who have had enough find that their continually asking, “pretty please” no longer works.