The federal government now spends one of every four dollars in the entire economy. It borrows one of every three dollars it spends. No nation, no entity, large or small, public or private, can thrive, or survive intact, with debts as huge as ours.
When I was a teenager, my father went bust. He could have declared himself bankrupt, but he was an honourable man and he insisted on paying back all his debts. That almost ruined the family. I was aware that my mother and father couldn't control things anymore. I guess I was afraid that we would end up on the street.
I listened to the students on campus in Plymouth, worried about their steadily deepening debts and how on earth they would ever escape them.
Germany, Japan and, to a lesser extent, Britain and Italy, were lifted out of the debris of war by the Americans who poured in billions of dollars and forgave other billions in debts.
Within my social circle, there is a large group of people who will take bitcoin as legal tender; like, you can go to them and settle debts in Bitcoin, and they will happily take it.
The grandchildren should not bear the debts of the grandparents.
It is absolutely impossible to settle the debts to pensioners, teachers, and others. The country hasn't got enough money to do so.
This is the great crisis in football now. It's not just Rangers; it's a lot of clubs. Big clubs always create more debt despite the huge income they have. It's almost an achievement, isn't it? They make so much money, and yet, still, their debts rise and rise and rise. How does that happen? It's absurd.
The more we get out of the world the less we leave, and in the long run we shall have to pay our debts at a time that may be very inconvenient for our own survival.
In the medium and long term. Spain is solvent and able to pay its high debts. In the short-term, we have the capacity to meet our obligations.
Greece's debts are all denominated in euros, but it isn't clear who holds how much of those debts. For that reason, the consequences of a national bankruptcy would be incalculable. Greece is just as systemically important as a major bank.
There's one thing very important to me in business and for the long-term: always be honest with people. For the past 60 years, I always pay my debts.
'The Sopranos' gets praised as novelistic, but it follows the most banal of life patterns, showing the sheer tedium of being a mobster. It has dead spots, boring plotlines, weak episodes. Characters develop slowly, or don't. Like viewers, a gangster might get bored, fade out of the action, then come back to find none of his debts forgotten.
A default on our debts as a result of not meeting our obligations would be a disaster for the stock market, and Americans would see their retirement funds shrivel up.
