To think the UK & USA are bankrupt?

[NorhamGardens]

And when there is another financial crisis they will have no option but to look to China to bail them out? Surely the US, as already trillions in debt, can't continue to print money etc?

Fast forward 20-50 years it could be that China run/own vast amounts of the world's economy including most of the banks?

I am no economist & looking for someone to explain if this is as likely as some seem to imagine & what the implications will be?

The US & UK are not bankrupt....yet. However, the fundamental problem is that we are still trying to live beyond our means.

What we need to start accepting is that China, South Korea, Japan, India...that region are kicking our asses in terms of economic growth. And especially in the case of China, it is actually affecting the entire world. They're also generating real wealth via manufacturing. Us? Well our manufacturing is buggered. Services shuffle money around but it doesn't create real wealth.

China has an eye watering surplus, we have eye watering deficits. Left unchecked then we will see over time our living standards decline whilst theirs grow.

The idea is that over a period of time these things work themselves out but right now, i'm not sure we'll see that correction in our lifetime.

The US have been living in debt for far too long and only now are starting to wake up to the fact. Unfortunately China & Saudi Arabia own large chunks of them now.

The "cuts" the US are making at the moment is laughable and not even coming close to what they need to do. Unless they do something soon, I reckon it's only a matter of time before the market forces a correction and I fear the impact on the world will make the last financial crisis look like a walk in the park.

Glitter

There's plenty of money in this country and we can certainly spare the little that we do to help the very poorest of the world. All overseas aid spending is less than 1% of government spending. We shouldn't balance our books at the expense of the most vulnerable people in the world.