Maybe we should have VAT like in the UK at 17.5%
What happens when a state goes bankrupt?
- Thread starter peilthetraveler
- Start date
What happens when a state goes bankrupt?
It will likely not be long before we find out, and when we do, it may turn out they were essentially bankrupt all along, and just postponing the enivitable.
Fire sale on assets? Increases to their tax obligations? Diminishment of services? Higher funding costs? Defaults on current obligations, looking to get concessions? Race for the exits by neighboring states also in need of funding? All the above? Early release and accelerating sentence completions of felons? States going into the prostitution business, whole hog?
IOU's for state employees. Municipal projects shuttered mid-completion. Furloughs. And the hits just keep on coming.
Losses to bondholders, WPPSS see daisy.
It will likely not be long before we find out, and when we do, it may turn out they were essentially bankrupt all along, and just postponing the enivitable.
Fire sale on assets? Increases to their tax obligations? Diminishment of services? Higher funding costs? Defaults on current obligations, looking to get concessions? Race for the exits by neighboring states also in need of funding? All the above? Early release and accelerating sentence completions of felons? States going into the prostitution business, whole hog?
IOU's for state employees. Municipal projects shuttered mid-completion. Furloughs. And the hits just keep on coming.
Losses to bondholders, WPPSS see daisy.
study argentina. the provinces ie states went broke during the argentina financial crisis.
California will take half measures like furloughing workers. It is a crazy country where veteran public school science teachers make more than scientists
wait till interest rates rise. that will be the end game.
the only good thing to come out of this crisis is that americans won't be so arrogant. China and Russia already ignore the US. Canadians are distancing themselves.
California will take half measures like furloughing workers. It is a crazy country where veteran public school science teachers make more than scientists
wait till interest rates rise. that will be the end game.
the only good thing to come out of this crisis is that americans won't be so arrogant. China and Russia already ignore the US. Canadians are distancing themselves.
You being a canadian says it all.
I quite frankly I could care less if canucks distance themselves from the US. But that's the point your average american could care less about canada. Don't go around thinking that canuck fecal matter doesn't stink, if it thaws it would.
Graduate School.
Whats interesting that nobody seems to notice is that Dollar bills were originally IOUs for gold. Now Dollars are just plain IOUs for nothing. Now the state wants to give IOUs for the IOUs.
If this were a corporation people would be screaming "Scam!" Imagine if a corporation started issuing bonds so they could pay bonds. Yet nobody notices that the government is trying to pull off this ponzi scheme.
Amazing, isn't it? Right under our very noses... and the hoi polloi can't even muster a squawk. But then, our "borrow and spend" economy works better if the majority of our populace is clueless....
Slick Deal... the State can issue IOUs for tax refunds and such, but citizens can't use those same IOUs to pay tax obligations.... tsk, tsk.