eli5: Who does the US owe almost 32 trillion dollars of debt too? If it’s the most powerful nation in the world, can’t it just get rid of it?
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About your last question, people look at the risk, when lending someone money. If you always pay your debts, you can get away with paying less interest. In the last 10 years there have even been countries that had a negative interest rate.
If you decide to stop paying interest or stop paying your debt altogether, others will try and get that money back and will never really trust you again. So financing in the future will become very difficult
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