So America has finally figured out that it spends more than it earns, they have been headed this way for forty plus years so no suprises there. Obama wants to tax the rich as they are the only ones with money, the republicans are rich so they don't want to pay up and they all want to borrow more money to pay the interest on these loans. Fourteen and a bit Trillion dollars disappearing from the world economy.:sweat: Now that this has come out into the light countries who own America's debt are going to sell it cheap wether the interest is paid or not so things are not looking too good there. This means that the American dollar will suffer a lot more, their imports will cost more so China and other countries will produce fewer goods and Australia's iron ore, bauxite, etc will be in much lower demand. In the meantime before these effects are felt farmers will be exporting less due to our comparatively high dollar which will also make tourism suffer (and anything else we export because it will be expensive), so there is a good chance mortgage rates will rise to keep our dollar down a bit. Does this sound right to everyone? Because it has the potential to make GFC look like a beach party arty:.