If You Think The Riots Are Bad Now, Wait Until America Goes Bankrupt In A Few Years

The Federalist ^ | February 3, 2021 | Christopher Jacobs

[DownInFlames]

Since JFK.

[wildcard_redneck]

"The rioting and violence at the Capitol a few weeks ago was both a horrific and tragic event in American history."

They lost me right there.

[PeterPrinciple]

Biden: We Have To Spend Money To Keep From Going Bankrupt

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Fact is, that is the truth. We can’t over come all the bad prior decisions. The cake is cooked.

I worked with business in bankruptcy. Lots of interesting observations. Everything was fine until the bank called and said no more credit.

It was always the banks fault for calling the loan.

[circlecity]

Just watch, the Dems will try to nationalize all retirement accounts. They’ve floated the idea for years.

[Organic Panic]

Better bring in 50 million illegal aliens and refugees and give them unlimited welfare. That’ll fix it. By giving the democrats an even bigger standing army to keep the tax slaves in line.

[PeterPrinciple]

Now, to easy your mind regarding bankruptcy. Life went on, but it was tough. Some went to work in town and some found new creditors to repeat the process.

In Mongolia, they had a hard life but were excited about the future with the new found freedom.

Bankruptcy is just a realignment. All the creditors stand in line for the assets, those at the back of the line get nothing.

The physical assets stay there, the book entries/electrons disappear.

[Karoo]

“The American public won’t do anything until their bank accounts are effected and stomachs empty.”

That is so true.

I guess we need to learn how to grow a veggie garden and hunt for meat, Buy a cow for dairy

PRAY

[thirst4truth]

We called our stock broker yesterday and asked him "what is happening"? He said, there are no more rules, if there are, they change them on the fly, he is disgusted, but what choice do we have, stay invested.

We inherited over a million dollars about 4 years ago, now its a matter of keeping it and not losing everything our parents worked for. Seriously considering moving, no more investing in real estate in Oregon or the US.

[eyeamok]

The USA has been Officially Bankrupt since August 15, 1971 when Nixon declared it Publicly.

[bk1000]

It will be the death of the democrat party, who depends on pandering hand-outs to get votes. No more sitting back waiting on that EBT or SNAP card refill, ‘cuz it ain’t coming.

[PeterPrinciple]

, which is why conservatives must also work to reduce our unsustainable spending levels.

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Even if we made perfect decisions from now on, it won’t overcome all the prior bad decisions.

Nothing changes till the cash flow stops.

or the corollary.

Cash flow affects mgt more than mgt affects cashflow. If I win the lottery, management decisions get pretty shitty. If I lose all my cash flow, I get hungry and start making better decisions.

Well, that may be you and I, the rest will riot.

[ridesthemiles]

I started working when I was 16.

Worked until about 66.

HAVE NEVER USED A PENNY OF MEDICARE

[Karoo]

Time for

“Give me Liberty or give me death”

*******
Is anyone listening to today’s War Room?
Gaetz is guest and he is hitting a HOME RUN.

Watch it if u can

[cuban leaf]

That is how I felt during the dot com rise and bust. There has always been a “gambling” aspect to trading stocks. But if you educated yourself you could reduce it to a small percentage of the formula. Now it is most of the formula.

The exception is technical trading. It is based more on information rather than gambling. However, the information is not about the company. The information is about what other investors are doing, rather than the company’s strengths or weaknesses.

[cuban leaf]

Seriously considering moving, no more investing in real estate in Oregon or the US.

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We bought 32 acres in rural KY and live there. One selling point: The annual real estate taxes are $248.

And with all the WFH happening, and much of it becoming permanent, you can expect suburban and rural real estate to experience an increase and, in some cases, a boom.

There will definitely be permanent ramifications from this Rona nonsense. Well, decades worth anyway.

[PeterPrinciple]

We inherited over a million dollars about 4 years ago, now its a matter of keeping it and not losing everything our parents worked for. Seriously considering moving, no more investing in real estate in Oregon or the US.

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There is no safe harbor.

What is a millions dollars?

$4,000 interest a year in a money market

8-10 years in a nursing home.

When times get tough like they are going to, your most valuable asset is relationships. Your money and wealth are worthless.

That being said. One should get their Bible out and start reading slowly with moving lips. The most valuable relationship!!!!

[nathanbedford]

My 2¢ from some days ago:

Nathan's maxim: a lot of smart people have gone broke being right at the wrong time.

Many of us believe that the current state of unsustainable national debt, together with uncounted liabilities coupled with the danger of derivatives means that a harsh reckoning for the economy is inevitable. That it will come we do not doubt, but we do not presume to say we know when.

By way of illustration, the stock market has been operating for years now, really since Greenspan, on the assumption that the Fed has assumed moral hazard duties. In other words, so long as the Fed has our back, it will do what is necessary to pour money into the banks to prop the system up. We have learned that as bubbles burst the Fed will step in. So the market keeps playing because it believes the music will play on. Still, many are watching the Fed because the second they espy the mere wisp of an emanation or intimation of increased interest rates they will trample innocent bystanders in their rush out the door.

That a reckoning will come we think we are smart enough to know. But we don't know when nor do we know it's dimensions. If severe enough, it will lead to political as well as cultural disintegration.

Nathan's other maxim: the remedy for failed socialism is not genuine reform restoring capitalism but invariably imposing more socialism.

So we don't know what we are dealing with here, how close we are to the reckoning, the severity of the pain nor the degree of political derangement that will result. There are entirely too many leftists who would welcome a crisis that they would not let go to waste. My own view, we will not emerge more capitalist, more democratic or more constitutional.

[FreedomNotSafety]

The writer, citing Daniels, reinforces the mistaken notion of applying the terms “trust funds”, “solvency”, and “earned” to Medicare (same logic for SS) which are “pay-as-you-go”, tax and spend, wealth transfer payments, aka welfare.

The trust fund is a fiction and today’s payments are made from today’s taxes and borrowing. Funding levels and taxation levels are political calculations and can be changed at anytime for any reason. Benefits are not earned nor do they accrue except in a political fashion. It is impossible for them to bankrupt or insolvent.

Tax cuts pay for themselves by depriving the gov of revenue which it generally uses to harm the economy and instead allows it be spent and invested by individuals who in general increase wealth. The Laffer explains the principal that rates of taxation can reach a point of $0 revenue.

The writer and maybe even Daniels are the fuzzy thinking conservatives who believe Progs and Dems are just “mistaken” in their actions instead deliberate and calculating.

[SWEET OLD BILL]

I wonder why the analysis is always about Social Security and Medicare and never about welfare, Medicaid and foreign aid.

[wny]

you ain’t seen nothing yet....

combine a pre-blizzard supermarket crowd with 2/3 empty shelves from last March/April due to covid hysteria and a black Friday Walmart mob....

it won’t be pretty. what do you think people fighting over the last big-screen TV on sale will do to each other fighting over the last loaf of bread on the shelf?