usa bankruptcy services
Could the USA file Bankrupcy to clear all of its foreign debt??
Our national debt is between 40 and 75 trillion dollars.
Our entire national economy produces about 13 trillion dollars worth of goods and services.
That means, if the US govt would completely stop spending money on all military, school, infrastructure, welfare etc…. it would take us about 5 years of work for the entire country to pay off the debt.
So, could the US govt just file Bankruptcy with the World Bank?
Yes, the US could renege on its debt obligations. It has nothing to do with the World Bank, however. Also, keep in mind that if the US did this, it would affect foreigners as well as US citizens.
The US owes debt to individuals, to countries, and to institutions. These folks are located all over the world, including in the US. Anyone holding US treasury bonds or bills is really lending money to the US. If the US failed to pay back this debt, it would bring the US economy down, along with many other economies.
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