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You do have some pretty serious debts, and since Americans don't, for example, like spending taxpayers' money on things like Health, paying off some of your debts would be sensible. It has to be done at the right time though. It's a good thing to do when the economy is hot: ie high GDP, low unemployment, low interest rates and high inflation. If your in recession, it's not a good idea. I don't really know what stage the American economy is currently in, in terms of the economic cycle.
About a year ago, Gordon Brown (who was then Chanceller of the Exchequer, but as you probably know is now Prime Minister) made a heap of cash from selling the right to broadcast videos through mobile phones at ridiculous prices. Since he had all this spare money, he used it to pay off all our war debt to America. I wasn't too happy about that, because our economy is in the nadir of the economic cycle (and yet isn't even in recession thanks partly to Brown's excellent performance as Chancellor), and the American government never charged any interest on the debt, but I guess he thought it would boost confidence in our economy: "look, we're so rich we can afford to pay debts that have no interest!"
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... I am surprised at your insolence in writing to me at all. You know, as I know, that I bought this constituency... may God's curse light upon you and may it make your women as open and as free to the excise officers as your wives and daughters have always been to me while I have represented your scoundrel corporation.
I have the honour to be... your obliged humble servant, Anthony Henley
- MPs reply to constituent, mid 1700s
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