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As I recall, we made the transition from a net creditor country to a net debtor country in 1985.
FORBES: Tough Truths About The Dollar, The Debt and The Economy
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That leaves net creditor nations like Brazil and China, for instance, as possible bailout aids who can add to the IMF bailout funds.
FORBES: In A Bizarro World, Should Poor Nations Bail Out Rich Ones?
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One big difference is that in the 1960s the United States ran a current-account surplus and was a net creditor to the rest of the world.
ECONOMIST: A further steep decline in the dollar seems inevitable
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And like Japanese banks, the Chinese ones gather deposits from thrifty households but lend only some of these back out, mainly to companies, parking the vast excess in government bonds and with the central bank (although the Chinese government, unlike Japan's debt-laden government, is a net creditor that invests these excess funds overseas).
ECONOMIST: Japanese banks
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Prohibiting creditors from refinancing residential mortgages unless the creditor determines the refinancing provides a "net tangible benefit" to the borrower, but makes it difficult to know whether lenders are in compliance.
FORBES: Congress Lags The Markets On Mortgage Mess