Let's talk about the US declaring bankruptcy
source: http://forums.wallstreetexaminer.com/index.php?showtopic=833443
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- resolute
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In the Bears' Chat forum on the Wall Street Journal, some seem to think the US will have to declare bankruptcy.
Apparently no foreign countries are buying our bonds anymore, just the fed.
"Considering the current US debt and its rate of increase, the US borrow and spend solution reminds an insolvent person who keeps on borrowing money, as long as there is anybody "silly" enough prepared to lend him. He knows that at the end of this process he will not pay anything back but simply declare bankruptcy, write off the entire debt and start its financial life anew."
If we declare bankruptcy, the dollar will not be legal tender and foreign countries may be weakened.
And some in the US think we are a Christian nation? The bible says the borrower is servant to the lender. Our representatives are selling our lives as slave labor to our lenders...unless we declare bankruptcy...or like the Law of Moses required every 50 years was to be a Jubilee, where all debts are forgiven. The only problem is, how many of the foreign countries that have our debt are Christian?
Apparently no foreign countries are buying our bonds anymore, just the fed.
"Considering the current US debt and its rate of increase, the US borrow and spend solution reminds an insolvent person who keeps on borrowing money, as long as there is anybody "silly" enough prepared to lend him. He knows that at the end of this process he will not pay anything back but simply declare bankruptcy, write off the entire debt and start its financial life anew."
If we declare bankruptcy, the dollar will not be legal tender and foreign countries may be weakened.
And some in the US think we are a Christian nation? The bible says the borrower is servant to the lender. Our representatives are selling our lives as slave labor to our lenders...unless we declare bankruptcy...or like the Law of Moses required every 50 years was to be a Jubilee, where all debts are forgiven. The only problem is, how many of the foreign countries that have our debt are Christian?
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- groups:
- Community, Greatest Depression
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- tags:
- Markets, Oil, US Economy, Debt, 5 more
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evoleon
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Man I had no idea the US could use it's collapse as a weapon. I was thinking that when it occurs we would just revert to third world status.
- 2 years ago
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evoleon
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good_stuff
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Worst comes to worst we can always sell california to china. Seems a shame to lose such a beautiful state though... Maybe we could settle our debt and only give them Arizona.
- 2 years ago
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good_stuff
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a_d_4_m
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Christians...that's the problem here
- 2 years ago
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a_d_4_m
