What is the debt and how is it created?

They say we borrow money from China. There is a "debt clock" that rolls over like crazy.
It seems to me that when I purchase government bonds the government owes me so I am part of the debt. What say you?

2012-10-14T11:38:00Z

Let us suppose a Third World country has extra money from high oil prices and they save it in the US, does that add to the debt and can that country shout: "The mighty US owes me."

2012-10-15T05:51:31Z

If Romney wins, our economy may improve and countries like China will have more faith in it and buy more bonds and we will owe them more. Our national debt will increase even more rapidly!?
Is it possible that the more successful we are, the larger the debt?

?2012-10-13T21:43:25Z

Favorite Answer

The debt is created by the federal reserve. it has been bankrupting our country since 1913. the removal of the gold standard makes our dollars worthless. the continual printing of money with nothing backing it up causes inflation.

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