The Bankruptcy Fad of the 80's - Running up the cards?

in #article3 months ago

Friends who had no financial problems were selling the idea of going bankrupt in order to get ahead. So they charged up their credit cards, the put in the paperwork.

I see parallels between what happened back then and the spending spree by the U.S. leadership. Let me take you back to a time when I had just bought my first new car. None of the people that I met at parties were married yet. But some were all talking about the bankruptcy. They were not in debt, but they were planning to spend a ton of money and then bail on paying for it all. "Just do it!"

Going Bankrupt

I responded, "But why would you ruin your credit rating when you could just work and pay off your bills?"

"You don't understand! Once you declare bankruptcy, your debts are gone and the companies can just write it off. You will be able to get new loans because you cannot declare bankruptcy again for another 10 years."

I did read up on the laws. That part was correct, not sure if it is still ten years. The point is that they were discharging their debt and were supposed to have great credit after that. I did not believe it. If I remember right, many had high interest loans after their BK. I am not sure how they lived it down after that though.

Prepping for the big BK

I watched acquaintances buy new cars and run up their credit cards, personal loans, and even wrote a bunch of bad checks. Then they dropped the hammer and declared. Just one of those things 'kids' did.

I did not take the bate. I have perfect credit across the board and my biggest worry when changing up to a different car was how much I had to move from one trunk to the other. I have always believed in paying for things that I committed to buying. I pay bets I make. I wish our governments would manage their bills the way I have done.

Why do I bring this up?

The United States is about to raise their borrowing limit up to twenty eight trillion dollars. I have seen these kinds of debt ceilings raised over the years. There is not really any kind of limit if they always raise it. They call it "kicking the can down the street." I thought it was bad when it hit nine trillion way back when. The video shows a lot of surprising visual imagery on what that kind of money looks like.

The government's new rapid spending strategy, paired with the kind of inflation we are seeing, seems to be just like what my friends did thirty some years ago. This is going to leave many hanging with worthless investments, and all the rest holding worthless dollars. There is no mathematical way that they could ever pay it back, well not realistically anyway. If they were to sell every man, woman, and child in the U.S.A. into slavery, each would be worth about a hundred thousand dollars - then the government would be out of debt. Are there enough buyers to make that happen? No. Besides, slavery is illegal.

Again, no realistic way to pay it off.

How much did they borrow?

Let's say you open a business in the year zero. If you spend $3,795,760 per day, seven days a week until today, you will have spent the amount that our government has blown up until the present. It is an easy math problem.

2,800,000,000,000 divided by 2021 = 1.38 billion (per year)
1,385,452,746 divide by 365 = 3,795,761 (per day)

$3.79 million per day since the time of Christ

If you spend $158,156.00 per hour since the birth of Christ, without stopping or sleeping ever, you would hit the figure that has been borrowed by the U.S. Government. That is about 2,500 dollars per minute since the first Christmas about 2000 years ago. (not adjusted for inflation <-- get used to that term)

The results are being felt all over the world now. People are seeing it and it will only accelerate from here. When $100 bills become as common as autumn leaves, we will know that these politicians are idiots, at the very least.

I am thinking that they would rather have the people world-wide focused on some sort of other distraction rather than being focused on the money supply. I believe the politicians know where this is headed.

What if inflation was just one of many crisis level worries that people had to deal with? Distraction is what they are doing with the racism, riots, gender questions, vaccine deaths, sickness, election questions, human rights abuses, and fact scattering. Those who are not distracted with an endless supply of cat videos and tik-tok dances, will be so busy arguing about whose facts are more accurate, they won't even see what is hitting them. It is like that old trick where one guy stares at something up in the sky, the fake. Then when the opponent looks, here comes the sucker punch. We are in for a world class sucker punch.

There will be a lot of upset people when we find out that there was no reason to lock down or fear. No reason to close businesses. No reason for landlords to default while tenants did not pay. It was all just to keep us busy while they ran up the credit card and collapsed the system.

I am not sure what we can do about it. There are protests and strikes happening in many countries and they are bigger than the ones that were stopped by the virus overreaction less than two years ago. You can protest if that lines up with your set of facts. Otherwise, get your shot and stay at home, but prepare for the collateral impact of all this stupidity.

I have been preparing for more than five years by paying off debts and buying very little in the way of fun gadgets and toys. I have not signed for anything that I did not have the money to pay for immediately. No new debt for almost ten years. I have gotten far away from the epicenter of this collapse, but that may not be enough. One thing for sure, we should not go to war with each other over what is or is not real. It is all real. Whatever you want to believe, you will find support for it when you run a search. All sides of every argument have been given their talking points on official sites. People are searching for stories that fit their beliefs and finding them.

It is time to make plans. Time to do something more than play games, watch movies, or click through suggested videos on youtube.