|
Reader question: Please explain “hock” in this sentence - The US is in hock to the rest of the world. My comments: The United States has debts to pay other countries. That’s nothing new – and perhaps no laughing matter. Every year, the US of A typically runs a trade deficit with its major partners, including for example China and Japan. Countries like China and Japan, among others, then use the money generated from the trade surplus to buy, for example, US Treasury Bonds – money the United States has to pay when the notes mature. Hence, over the long run and in short, the United States owes other countries a lot, in terms of Treasury papers at the least. Anyways, “hock” is an American slang for “pawn”. If you hock your necklace, for instance, you pawn it – you temporarily give it up, handing it over to a pawnshop for them to keep in exchange for a certain amount of money to run an urgent errand. In order to have the necklace back, however, you have to pay back the money owed, plus a stiff interest. Hence therefore, it’s not a good idea to be in pawn or in hock, or simply, in debt. Figuratively speaking, “in hock” can also mean that you’re indebted to someone for favors they’ve done you. Whatever the situation, you’re put under obligation, and that’s in the main not a good position to be in because sooner or later time will come for payback, in kind or kindness, one way or another. | 
