[GarySpFc]

However, exaggeration doesn't render his observations meaningless: the birth rate is still below replacement level; the muslim problem is still raging; both know-how and capital are still flowing west; etc. Those problems may all be resolved tomorrow, even--but they do exist today.

Russia has almost paid off its foreign debt, and still has $185 billion in reserves. Jobs are being created for the educated Russians. You might want to catch up on what is going on there. The building boom is amazing. My Russian mutual fund is up 48% this year.

[Neophyte]

Russia has almost paid off its foreign debt...

Well, Romania of Nikolae Chaushesku (spelling?) had paid it's foreign debt entirely, but starved to death millions on the way to this staggering achievment...

I guess, you have mortgage, some hire purchases etc. It's normal. Only filthy rich or crazy would buy everything cash or forcefully repay his debts causing enormous suffering for his family. I mean, debt is something positive, ability to incur it is an advantage... that's why you need a credit rating.

It is not too different for states, is it?