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hegemony

US Credit Card Debt Nears $1 Trillion

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We are fortunate that we have laws/regulations and practices that other countries don't - Revolving credit grace periods, laws defining usury, debtor rights, fair collection act, etc.

 

It also goes to show that some of our recent "economic activity" is an "imagined economy" where its paid for with money that is anticipated (but not guaranteed) to be paid - whether its by the Government with bonds or consumers with credit cards, personal loans, and so forth. I think I saw on CNBC that Puerto Rico's Government declared default on their treasury bonds creating some chaos among bond underwriters and insurers.

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For my part I would like nothing better than to see our currency return to the Gold or even a Silver standard.

 

It's far more liquid and of some authentic real value in comparison to printers ink and paper and not tied to some phantom imaginary (by design) ghost assets.

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For my part I would like nothing better than to see our currency return to the Gold or even a Silver standard.

 

It's far more liquid and of some authentic real value in comparison to printers ink and paper and not tied to some phantom imaginary (by design) ghost assets.

I have heard it said that the gold reserves the US has (way more in NYC than Kentucky if DIE HARD 3 had a true factoid) is "basically useless and just sitting there" since above poster is correct, the value of currency is in essense a digital standard (now, and in the recent past.)

 

Sent from my SM-N900V using Tapatalk

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I wonder how much of that is reported balances vs actual debt.

Exactly. I've had months where >50k reports but it is not a revolving balance.

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I wonder how much of that is reported balances vs actual debt.

Exactly. I've had months where >50k reports but it is not a revolving balance.

 

ditto. Balances in the form of true "debt" are borrowed and generating an interest charge.

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We are fortunate that we have laws/regulations and practices that other countries don't - Revolving credit grace periods, laws defining usury, debtor rights, fair collection act, etc.

 

It also goes to show that some of our recent "economic activity" is an "imagined economy" where its paid for with money that is anticipated (but not guaranteed) to be paid - whether its by the Government with bonds or consumers with credit cards, personal loans, and so forth. I think I saw on CNBC that Puerto Rico's Government declared default on their treasury bonds creating some chaos among bond underwriters and insurers.

 

 

I wonder what would happen if just 10% of folks with outstanding debt filed BK in the same week. Catastrophe?

 

 

Due to the slumping economy, and trust me it's there, that's why I met with a bankruptcy lawyer. If anyone at this point next year is like "well I didn't see that coming" you weren't paying attention. Even my employer RIF'd a few hundred people the day after my consult solidifying my decision to go down this route.

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We are fortunate that we have laws/regulations and practices that other countries don't - Revolving credit grace periods, laws defining usury, debtor rights, fair collection act, etc.

 

It also goes to show that some of our recent "economic activity" is an "imagined economy" where its paid for with money that is anticipated (but not guaranteed) to be paid - whether its by the Government with bonds or consumers with credit cards, personal loans, and so forth. I think I saw on CNBC that Puerto Rico's Government declared default on their treasury bonds creating some chaos among bond underwriters and insurers.

 

Great. We're going there in June. Is it worse in PR than the DR? I'm worried about moped gangs.

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