Will probably be between China and the US. By analogy with personal debt – if you owe too much and can’t pay it back, the creditor will come knocking on your door and if necessary use force to get it back. The US foreign debt particularly to China is becoming unsustainable. One day they’ll want it back… I mean most products in the US are made in China – what is the US really giving back except increasingly worthless greenbacks. The so-called “financial rescue plan” is just going to delay and increase the problem by devaluing the greenbacks yet more.