get in early on shale gas, page-18

muzzarati,

I'm not disagreeing with what you are saying. Is it sustainable, I don't know.

I think its important to also look at that analogy in a different manner.

US debt most people would agree is a problem, its obvious really. But that analogy to a home family budget is just wrong IMO.

Firstly income and outgoing can't be argued about. But consider this who owns US debt?

Families have to pay back debt. Governments don't unless of course they are like Greece and owe it to somebody other then themselves. Governments everywhere constantly roll over their debt, they can in theory do this indefinitely, people can't. The US still has debts from WW2 that haven't been repaid. Whats important surely is debt growing slower then income. Clearly not the case at the moment in the US.

Also an over borrowed individual or family owes money to somebody else, the US debt is largely owned by the US Government, US Pension Funds and The US Treasury who own the majority, then its foreign countries.

And finally the US owns and issues its own currency. It has the ability to inflate away the value of the debt over time.

I'm not defending the US debt just pointing out that that analogy is wrong and attempting to be a devils advocate.

I would love to have the ability to inflate my debt away and actually own it mostly to my self wouldn't you?