If you are verging on bankruptcy and your house is threatened with foreclosure, but you have a clear-title Ferrari, you sell the Ferrari to keep up your mortgage payments. This is just what the US might eventually have to do.
There might just come a day when the US cannot raise the debt ceiling another inch, and cannot borrow another billion dollars, while the GOP continues to refuses raising taxes on those making more than $250,000. How will the government continue to issue food stamps or pay the seniors and veterans their due? How about selling the Statue of Liberty to France? Or Alaska back to Russia? Or the Yellowstone National Park to Germany? Or the state of Washington to Canada? Or, better yet, the entire electric grid to China? – to prevent a total economic collapse.
This is not pure speculation. It is exactly what Greece has been forced by her financial overlords to do, so as to stay liquid and solvent – temporarily – by selling off her public assets and privatizing her infrastructure. Thus, the big banks get more and more bloated, while Greece becomes daily impoverished.
Back on the personal level, the little guy, even one in the Middle Class, or a farmer, has been victim to Big Banks in a deliberate scheme where by the banks make loans they know the debtor will under certain foreseeable circumstances default, e.g. when a drought hits the farm, when they will foreclose and claim the property for themselves. Thus, the super-rich gets super-richer, and the little guy falls from the Middle Class or the farm to join the food line.
Financial Oligarchy at its finest!
Anthony Marr, Founder and President
Heal Our Planet Earth (HOPE)
Global Anti-Hunting Coalition (GAHC)