The United States pays interest on approximately $850 billion in debt held by the People’s Republic of China. China, however, is currently in default on its sovereign debt held by American bondholders.

  • yhorm@lemmy.world
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    1 year ago

    if you owe your bank manager a modest debt you are in his power; if you owe a huge debt, he is in yours.

      • Logi@lemmy.world
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        1 year ago

        They kind of did. They moved to Taiwan. But the loan was against the house, so…

    • HidingCat@kbin.social
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      1 year ago

      Ah, reminds me of that quote I saw in Civ VI: If you owe the bank a hundred dollars, that’s your problem. If you owe the bank 100 million dollars, it’s the bank’s problem.