T Nation

Should States, Munis, Fed Declare Bankruptcy?


We are addicted to debt. So, wouldn't it be wise to repudiate all our debt so that we could start a new debt cycle? Just cancel all those debts, plus mortgages, student loans, cars and so forth. Nationalize all the lenders and start the whole thing over.

The Bible advocates this, so what the hell? Why not? Fuck Goldman Sachs and JP Morgan. Most of them belong in prison anyway.


"Then thereâ??s New Jersey. It has the highest taxes in the country, a $10 billion deficit and a depressed economy when first-year Governor Chris Christie took office. But after looking at the books, he decided to walk away from a long-planned and much-needed project with New York and the federal government to build a rail tunnel into Manhattan. It would have helped the economy and given employment to 6,000 construction workers.

Gov. Christie acknowledged thatâ??s a lot of jobs. â?¦ â??The bottom line is I donâ??t have the money. And you know what? I canâ??t pay people for those jobs if I donâ??t have the money to pay them. Where am I getting the money? I donâ??t have it. I literally donâ??t have it. â?¦ The day of reckoning has arrived. Thatâ??s it. And itâ??s gonna arrive everywhere. Timing will vary a little bit, depending upon which state youâ??re in, but itâ??s cominâ??.â??