Would my country be the richest in the world?

Question

If I set up my own country (you are all welcome, by the way) then would it be considered to be one of the richest as I don't have any debts? The USA owe trillions and we (UK) owe billions as with all countries, but mine doesn't owe a thing, therefore making mine the wealthiest-why doesn't this work?!

Answer 1

Because you are not Warren Buffet

Answer 2

heck yes!

whats ur country called dude

ill get a citizenship

ill be the ur helper

and u the greatest leader of all!:D:P

Answer 3

Silly question to be asked.

Answer 4

Do you have any income ?

Answer 5

well unless you have trillion of dollars, then how on earth could you afford to have a country of your own.  

Answer 6

It would never work.

Answer 7

sounds cool

Answer 8

there is no unclaimed land anywhere in the world including both poles. you would have to go into debt to buy your country! think of a new one buddy boy.

Answer 9

OK, you find some un-owned land (!) and persuade people to live there. You have no national debt. But you also have no economy!

Before long an economy will develop of its own accord. People will start trading with each other, using barter. As ruler, you will want to introduce a currency, to allow easy transactions and saving. The notes and coins will of course have your head on them. You will also have the brilliant idea of taxing people so you can spend money on public good works, with the side effect that you can pay yourself a salary out of the tax you raise.

Your fledgling economy will need to import and export goods and services, and suddenly you find yourself in a position where you're starting to run up a national debt, as you need to import things that you can't make for yourself. As ruler you will of course need a flashy Mercedes, so you buy it on credit, and this adds to the national debt. One thing leads to another and before you know where you are, you're one of the poorest nations in the world. You try to solve the problem by printing more money, but that just leads to hyperinflation.

Where did it all go wrong?!

Answer 10

what is your country?

Answer 11

well, to set up your own country you would need land, which in today's world, is quite expensive, and that could put you in debt. also, i'm pretty sure the UN has a recognition fee that it charges to all new countries for membership, and you HAVEEEEE to sign up to that.  

Answer 12

Reader needs something of recognized vaue to provide same as an exchange medium.  Otherwise anything you extended is devalued.

Debt, however large, is not value.  Worse, the UK & USA values are

subject to huge devaluation, should creditors demand something other

than the value each government pegs actual value as.  Suppose the

oil producing nations demand gold backed dollars, the dollar and Euro

are likely to dance the same tune played to German Marks after WW1.

You'll need baskets of pound notes then to buy mum a pint of bitter.

Hope reader drags in fresh oyster buckets to cover her pink gins.

Answer 13

you are very creative. But, stop daydreaming...  

Answer 14

When you plan to set up the country i will sell you the land on north pole or antartctica...And i can give you loan on 0% interest terms...Hey man this is my business to help guyz who want to set up their own countries. BEST OF LUCK.

P.S- Are you picsean?

Answer 15

depends on the population  

Answer 16

Sheesh...tough crowd in here today!  

Seeing as your country isn't owing of monies to anyone else, yes, you would be considered wealthy, just not the wealthiest.  That honour belongs to Jen's World!!   In fact, other nations owe me money!  Why bother with your own, when I would gladly give you three parcels of land in mine?   I need help with a design for my flag.  Have you any ideas for me?  I'd like something original please.

  Peace & monkey grease, Jen