America: Only Two More Years?

www.thetrumpet.com ^ | From the February 2011 Trumpet Print Edition | By Robert Morley

[Red Badger]

Long read, but worth it..............

[Elsiejay]

“We are five days away from fundamentally transforming the United States of America.” Thus spake Socialist Autocrat Barak Obama, Oct. 31, 2008.
A key element of that fundamental transformation is driving the nation into a condition of insurmountable fiscal debt. This was not unintended or accidental, and neither is the Transformer’s angry rejection of the idea of America as the world’s ultimate guarantor of liberty accidental or lacking objective purpose.

[FromLori]

Good article but I don’t think we have that long. The Fed has already monetized the debt. When QE2 ends in June the Fed will likely start QE3 in an attempt to keep the system afloat unless someone stops them. That should make what he is saying come true. Unless somehow we have a miraculous turn around in jobs/housing/economy over all and I don’t see any positive indicators in those ares.

[FromLori]

p.s. Look at this idiot’s lets dig our hole deeper!

World needs $100 trillion more credit, says World Economic Forum

http://www.telegraph.co.uk/finance/financetopics/davos/8267768/World-needs-100-trillion-more-credit-says-World-Economic-Forum.html

[gloryblaze]

Ping to finish reading and re-read this evening.

When I have access to adult beverages.

[catbertz]

I have food and water stocked up, defensive means etc to deal in the short term. My question is what would happen with bills, like the mortgage, in a total national and fiscal collapse? No one could pay and who’s going to collect? Do we just wait for a new currency, convert debts and keep going? Crazy times to imagine.

[MeganC]

No offense, but Obama is merely amplifying financial damage that Bush started with his bailouts and stimulus spending. Not to upset you or anyone else, it’s just we need to be honest that deficit spending is bad *even if* Republicans are doing it. 2012 needs to be when this crap comes to a halt and the double standard has to stop too. We MUST be better than the left. Otherwise, what’s the point?

[Thunder90]

Anatoliy Golitsyn was right on many fronts...

Both domestically and the occurrences in both Russia and China are proving him right.

[sam_paine]

No one could pay and who’s going to collect?

Even if the currency goes to hell, the deeds still exist.

If you default on your mortgage, then the banks convert their liens to ownership (robo-forclosure was just practice!)

If the banks default then their creditors may end up owning your house.

If they want you out, then they call the local Sheriff and his deputies walk you out into the street.

Go ahead and try your "defensive means."

The state will win, because he will pick one target at a time.

[John.Galt2012]

If the banks default then their creditors may end up owning your house.

So if China ultimately holds the bonds (debt), do they get my house and land?

[PSYCHO-FREEP]

Also, the Fed is creating money out of thin air, then printing it and buying their own bonds from themselves with it. They are also selling those worthless bonds at a loss to investors, who are selling them back to the government at a gain.

This is utter insanity! Stay completely away from Government Bonds in the near weeks to come. Especially the so called “Inflation Proof” Bonds. These are JUNK Bonds through and through.

[sam_paine]

So if China ultimately holds the bonds (debt), do they get my house and land?

Not if you don't default on the loan. That is, not if you keep your job, pay the taxes, pay the insurance and pay the payments as agreed to on time and in full with your wheelbarrow full of dollars.

Miss a step when things are in chaos, though....

[Red Badger]

I’m wondering, too.
My mortgage is with CitiBank.
If they collapse, like Leahman Bros, who gets my mortgage? Uncle Sam?.................

[CommieCutter]

How are you going to pay the Sheriff if the currency is worthless? Why would the Sheriff even go to work?

These aren’t rhetorical questions I’m really want to know.

[CommieCutter]

Everyone will miss a step. If China is that involved well then we’ve been taking over without firing a single shot.

[familyop]

"The dollar will plunge in value, the Dow Jones will plummet and officials will lock down stock markets. Without access to debt, Wall Street will experience a chain of unstoppable domino failures."

Except that DOW stocks are based mostly on foreign manufacturing for foreign consumers. So the once-US stock market might continue to be happy, while millions of Americans are living in squalor.

[familyop]

"Last July, historian Niall Ferguson told business leaders and academics at the Aspen Ideas Festival that America’s window to reverse course was closing."

A reminder that the rich and the left are, for the most part, the same. Most of the glorified "tax payers" are either directly government employees or indirect beneficiaries (for now) of government debt (corporates).

[familyop]

"My question is what would happen with bills, like the mortgage, in a total national and fiscal collapse? No one could pay and who’s going to collect?"

Sitting on mortgages will be like sitting on a mountain of gold. During times of extreme scarcities, one might not be able to move either, much, in exchange for useful goods. But it'll sure be worth a lot, after business resumes. Many individuals will be keeping track of all of the mortgages, because that's where their money went.

[catbertz]

Your post is closer to what I’m wondering about. Someone named Sam responded, but perhaps got the wrong impression about what I was asking. I’m not planning to welch on my debts. I’m just curious what would likely happen to these debts if the whole freakin system collapsed. Dollar dies, government fails, banks crash, possibly even civil war..you get the idea.

[mo]

IMHO...Barack Obama may either be America’s last president...or its greatest-in which case he would have to turn right so hard as to make Ronald Reagan look like Lyndon LaRouche...