With all the hub bub going on this month with U.S. debt and refinancing, and raising the debt ceiling I think the U.S. needs to go back to school. The U.S. government needs to take a few lessons from less popular countries such as Mexico. It was announced this week that the U.S. has only 74 billion in cash reserves with a debt of 13.4 trillion. Funny isn't, but again I guess Mexico doesn't like to brag like other countries. Mexico has a cash reserve of 99 billion dollars and a debt of 212 billion. Mexico could probably give the U.S. a few lessons in economics.
I'm not a doomsdayer and not against the U.S. As an outsider now for 25 years, it doesn't take much to see that the number 1 status is not real. The picture is much like one of your neighbors who has everything; fancy cars, big house, lots of toys, lots of vacations, designer clothes and they have the tendency to turn their noses up at you. Only to find out later, they don't have a pot to piss in because they have spent their lives living on credit. Then, once one of them loses their jobs they quietly move away only to find out later they had fallen into foreclosure, lost their fancy cars and now live on the edge. A simpleton's analogy but one that makes sense to me.
Here we live in a humble house, constantly battered by outsiders who look down their noses at us. However, in the end, we live humbler lives, don't brag about how great we are and we have money in the bank and a roof over our heads that no one can take away because it is all paid for.
Take a lesson.