Posted on 03/10/2011 5:43:34 AM PST by Free_in_Alabama
I was reading about bankruptcy, county, state, ... because that’s where I believe many locations are headed. I then read an article about personal bankruptcy. One of the things the lawyer was recommending in the article was to load up on unsecure debt. I consider it fraud to load up debt knowing that someone is getting ready or will declare bankruptcy. I believe the courts hold that view also.
That’s when I had an epiphany . The government knows damn well they can’t pay all this debt off and won't even try.
The deficit in February of this year alone was more than all of 2007. They are spending and running up the dept before they declare it void. I don’t know what all comes with this but a major restructuring of the world financial system is not far away. Everyone (governments) is going to wipe their books clean and screw the people in the process.
I post rarely so if I did this vanity incorrectly, my appologies in advance. I mostly read other people's comments and opinions to articals because I find everyone's insight amazing even if I disagree.
Yes, this is part of Obama’s Marxist agenda to destroy America by causing economic ruin.
Yes... and most of the money they are spending wildly is focused on keeping them in power once the sh*t hits the fan.
That’s why they are crapping bricks right now over this union issue. That’s their primary bread and butter... involuntary contributions.
Even when the country goes broke, the dollar collapses, and our way of life is forced to change overnight, the liberal democrats will continue to play the same game... blaming republicans and company CEO’s for the whole mess... and the media will play right along.
If we don’t figure out how to bring the communist propaganda machine we call MSM down, along with the public sector unions, America is over.
Just to set the record straight, I work in bankruptcy and it's the clients that think this way, not the lawyers. (They know better, there would be hell to pay.)
Having said that, I think you are on to something. I don't put Obama and his ilk beyond this sort of thinking at all.
The default approach is a
VERY likely result of our current deficit
and the profound drop it current worth
it the Western World will cause
Riots, Terror, Pestilence, and Mass Death
Correct, isn’t their a roughly six month lookback to prevent that sort of thing from happening?
A good vanity IMO
You did fine and I think your conclusion is spot on. Just a few years ago I would have ridiculed anyone saying that the USA would ever default...that our debt could ever get so completely out of hand so as to threaten our way of life. Now I see it as only a question of when. We have squandered so much...
At the very minimum. And the look-back on home refinancing/cashouts can be as much as four YEARS. That’s when a bunch of people really went hogwild with their home equity “credit cards.”
I disagree. They plan on “paying” the debt by hyperinflating the currency and making $14 trillion an average day’s wages.
Lucky you!
As long as you have a printing press, you (theoretically) never have to default. However, a defact default can occur through hyper-inflation. This will cause all previous debts to be paid off for pennies on the “dollar”. Anyone who is responsible and actually saves money will get screwed.
I think the Market sees this coming, which is why Treasury bonds are getting dumped right now. Of course, the rest of the world depends on US citizens being reliably irresponsible consumers. If that changes, everyone is probably screwed for a generation or two.
Great Post Sir;
I respectfully disagree though. As one who has experienced tens of millions of dollars in claims (debt) in the real estate development business as a result of an environmental lawsuit against a project of mine, I can tell you that those in government with a brain DO NOT “intentionally” want to go the “abbrogation” of debt route.
I never filed BR and worked my way out of the mess. But, it took a decade to do it! Remember, simply refusing to pay off your debts is one thing (abbrogation), a default, which could be temporary and principle partial, is entirely another thing. I see a default, yes, “abbrogation” (simply refusing to pay ANYTHING on the debt), NO WAY! And, there is a HUGE difference. In my not so humble opinion, since compared to the public at large, I am very painfully experienced in this subject, the U.S. is better off declaring a default now and “settling” these debts rather than printing billions of worthless dollars to try and fraudulently buy it’s on debt. Wow!...wish us mere citizens could do that....i.e. print up some money and pay our debts!
I once had a 4.8 million loan (secured). It’s a long story but rather than file BR I “settled” it for $88,000.
The U.S. and World Governments will get in a room someday and “settle” these debts and life will go on, albeit much more painfully, for all of us.
The good news is that the “masses of purely stupid Americans” will finally come to their senses and realize that 535 legislators backed by a President and 9 corrupted judges simply cannot be allowed to borrow money, except in time of declared war, period. This means an effective and binding Constitutional Prohibition against the Federal Gov’t borrowing money.
I imagine that China and others will get around ten cents on the dollar, if they are lucky and depending on whether or not we have someone like Christi or Palin doing the negotiating on behalf of the American people or an imbecile like Obama. But, China will shrug it off and keep on producing CHEAP goods and selling them to us!
Either way, default, inflation, or settlement the average Joe taxpayer gets killed. I'm now spending my assets rather than saving for a rainy day. I cant help but get a little sick at the thought that I'm spending my future now. I just don't want the government to seize it or inflate it or change the rules and make it worthless.
Some great people on FR. I like to read people's thoughts, opinions and analysis more that the articles themselves.
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