Bankruptcy 2015 - Part I

Peter Build — Sun, 19 Apr 2009 17:54:23 +0000

The US hasn’t gone bankrupt yet because of the second theory - panic! People still believe money is worth something. To further that believe, out of 495 different forms of gov’t accounting, in which one of them wipe out trillions of dollars in US internal debt during the Clinton era, call the “Because I said so accounting.” Also because of the world wide accounting, where assets are shifted between countries, to make the whole world responsible for the perception that money is worth something. Truly I say that when the Sec. of Treasure declares the reserves insolvant and Fema kicks in the 6900 series protocols we will all know that bankruptcy on paper is here. Watch for it! The first sign will be “no more war.”

Bankruptcy 2015 - Part I

Gregman2 — Sat, 28 Feb 2009 05:04:11 +0000

You ask, “So, why hasn’t the US gone bankrupt?” It’s a good question. It’s just a matter of time. However, it’s more likely that the entire “U.S. Federal Government” will not go bankrupt in cohesive fashion, but rather will unravel at the seams. Consider all the unfunded liabilities in its various public pensions, including the states. These will soon have to be renegotiated (which is a form of default). The underlying problem to the housing crisis, I think, is outsourcing and trade deficits (which we’ve run for 20+ years) and it has driven down real wages here in the U.S. Consumers are laden with debt because it’s now a service economy and the supply chains have been off-shored. If a service economy is so great, why are there so many Indian engineers working here in the U.S.?