Basically that we are broke and the U.S. won’t be able to repay its 19 Trillion of debt. In a weird way his honesty brings him up a level in my book.
Thats why so many people like him, they see the powers that be, getting worried and trying to stop trump, Im sorry but that kind of thing only makes more people vote for him. Most people are sick of hearing 'things will change, Im not a DC insider, etc etc, every election cycle…well this time, we are hearing the truth and they realize if trump wins, lots of corruption and greasing pockets with Govt deals is likely going to stop.
That’s rather an open secret. People are well aware how far the US is in debt, at some point the house of cards will collapse.
Yes, compound interest on debt, being unnatural, is unsustainable and will inevitably result in collapse, unless the creditors will be compelled to accept less than what is owed.
Church Fathers and medieval theologians realized this long ago, hence the wisdom of the Church’s condemnation of usury.
This also points to the wisdom of the Biblical year of mercy, in which every 7 years, all debts are wiped clean and one can begin anew.
How true. Aware, yet feeling powerless.
While Republicans cry about it, having both the House and Senate they gave the President a funding bill which provided everything he wanted…then they had the gall to pass a solitary bill a week later defunding Obamacare when a few days before they fully funded it.
What hypocrisy! I think that is what has fueled the Trumpets choosing a pretty flawed candidate just because he’s that far outside. The Republicans have lost those who believe in reigning in the insanity.
That said, still not a Trump fan.
Mr Schiff, CEO of Euro Pacific Capital, makes his money by convincing people that investing in US dollars is bad. He may have another motive for suggesting that declaring the US as bankrupt is a good idea.
America’s dirty little secret isn’t much of a secret. I don’t think there are many people on the planet that aren’t aware. The fact that Barack Obama is President of the US is probably as secret as the fact that the US is over its head in debt.
Visit Amazon and review the negative reviews of Mr. Schiff’s book.
He advocates certain things that may not work out in the long run.
But take a look.
All Donald Trump understands is Bankruptcy! He has lead four companies to bankruptcy; it only natural that his approach to running a nation would be the same. BTW, public (profit) accounting is vastly different than government/charity accounting. With a public bankruptcy, he only steels from the workers … With a governmental bankruptcy we would face war and sales of land. Is this what we want for the country?
Truth? Its lie! Trump is “Sharking” just like he does with all his business deals. He sees opportunity to steel from the governments pention plans, military benifits, and all the untold assets he is not mentioning because he is using public accounting rather than the appropriate government/charity accounting. He wants to steel from the poor to make himself greater. Yes, China will get robbed major … But basically, Trump wants to tear apart the country just like he did with his past four bankruptcies and steel from the common man.
Steal. Pension. Benefits
What pensions? What benefits? The last person I personally knew who was drawing a pension for over 30 years with a company died at 68 in 1982. His wife drew no survivor benefits and had to sell her home and live with relatives.
My husband used to have benefits, paid vacation days (now the factory closes and you draw no paycheck), yearly bonus (which ceased in 2001) along with profit sharing. Greedy company execs? Nope, government regulations and corporate taxes. There are very few company employees now as over half the workforce are temps (yes, former employees).
Buy American, help feed your neighbor.
In fairness, I think Crusaderbear was correcting the spelling in the previous post rather than making a political point
Trump probably does understand bankruptcy, but I’m not sure this post evidences much understanding of it. Without looking at the debtors’ schedules, the plan, and the manner in which it was carried out, nobody can say whether a Chapter 11 (which is what they were) paid everybody or didn’t.
There are priorities in Chapter 11. The workers are high on the priority list, and get paid before just about anybody else. The investor is at the bottom of the list. The investor gets his investment back only if the company revives and becomes profitable again after all creditors are paid.
In paying the debt at a discount, what Trump was talking about was doing debt swaps, which the government does right now, but in a negative direction. The government doesn’t pay its debt at present. It simply “swaps” maturing debt for new debt, oftentimes with more added on to pay the interest.
Could that be reversed? Yes, it could if the government got its fiscal house even remotely in order and if the economy improved. Let’s say the economy improved so that the Fed wasn’t accommodating Wall Street all the time with effectively zero interest rates. Let’s say 10 year treasuries went to 3% instead of 1.5%. The government could “swap” for less than the face value of the old 1.5% treasuries and bondholders would be glad for the opportunity. Then, if the deficit spending was reversed, the government could actually start paying the lowered principal down instead of always adding to it.
Most government employees get very nice pensions.
And government salaries are pretty good, as well.
And almost none of it is funded. It’s just a blank check already signed for our children and grandchildren without their consent.
I was trying to politely point out some spelling errors…in GG post.
Oh yes, we are getting dangerously close to a major collapse, when that happens it will be BAD for everyone, nothing like the little ‘bump’ we had in 2007/08…this will impact everyone and have a domino effect.
I assume they can see it coming, just like its claimed they saw what happened in 2007-08 before it actually happened, but all the talking heads just keep telling everyone, everything is fine, dont worry, etc etc Hey, we can just raise the debt ceiling over and over and over again. LOL
Yes, you are talking about tight money and using the money supply (banking 101)as what the chairmen of the fed would do. Billy really screwed us when he refinanced everything to 15 - 10 years … And we are back with another Clinton and a worse preditor knocking at the white house’s door.
As for the process with chapter 11 and the quadruple times Trump lead companies there … Trump really robbed the worker. It’s all in the records.
Does anyone besides me notice that the headline in the OP doesn’t match the article that is linked ?