We’re screwed. The time to secure our own oxygen mask before helping others is long overdue. Big government for the loss or bust, because there are no such thing as global bailouts.
China, Japan, others: “Hey America, time to pay up.” America: “Sorry, we can’t.” China: “Then we’ll crash your currency by calling in your debts. Have fun scrambling for a solution. You’ll soon be destitute, out of options, and out of international friends because you borrowed all their money and defaulted on your loans. If you won’t liquidate your remaining assets or sell them to us on the cheap, we may collectively do it for you (aka invasion).”