Well I know alot of people are worried about our increase debt to the Chinese and good ole hilary said "You can't be tough to your banker." Or something to that effect.
What can they do, I know in the U.S a person can buy your tax sales (In this case U.S debts) and then earn accumulated interest on it if you are delinquent.
I also know with credit cards companies that if you owe them thousands of dollars, they can sell your debt off to someone maybe a law firm, and they would be your new debtors. They usually try to get a judgment against you if it is a for a huge sum of money at a high interest rate annually. So if you did have a mortgage they would be the first person on your home while you have been elbowed out to second.
So that's a lien, however that is the U.S. What happens when you borrow on such an international level? Since we are using Chinese money for ourselves what happen if America decide they cannot pay off their debt to China and default on their loans? Can China force a Lien on American soil? Who would grant such a judgment if it were to happen?
Also like you so stated what would happen if we did give them the finger or went to war with them. However what I am mainly interested in is what can China do if America decided not to pay up legally?
This post was edited on 10/1 at 12:32 pm