Defaulting on debt............from Rico

CONSUMER DEBT DEFAULT

The 'offical' economic numbers and unemployment numbers are fiction, at best. Why are we bombarded with fairy tales instead of being treated like adults and being told the truth?
- One theory has it that any electorate stupid enough to put these poltroons into power are not adults.

Unemployment. Nearly one-in-four males between the ages of 25 and 65 are unemployed...put another way: have no job at all.
- Even more lack full-time jobs, yet that is certainly NOT the party line being pushed in the media. Besides, what could possibly go wrong with the 'party fighting for the little guy' ...the Dems (C) looking out for them? Look at unemployment figures under different Congresses, and consider that the Dems (C) have been in control since 2006.

Economy. Giving the 'impression' that things are getting better, the FED reports that credit card balances in 1Q fell by $19.5 billion. Great news, huh? Things can't be all that bad if people are paying their bills!
- Not mentioned are the FDIC numbers that reflect $18.7 billion of that $19.5 billion had been "written off." Borrowers (consumers) defaulting on debt makes for depressing and 'bad' news, so it's glossed-over. The numbers are out there, you just have to dig for them yourself.

This concept of massive consumer default on debt segues nicely into "the plan" for the US...Government debt default.

GOVERNMENT DEBT DEFAULT.

You may be under the impression that government debt is the safest place to be (holding government bonds, treasurys), right? Take a look at the frequency with which governments default on their debts. Just like the consumer who borrows too much money and cannot hope to pay it all back, governments have displayed the same mentality.

Sovereign default, governmental debt default, is an implicit policy of purposely disregarding debt.
- Stimulus has not worked, but it really wasn't meant to 'work' in the first place...it WAS only meant to 'look' like something was being done while the political class and the 'connected ones' helped themselves, and no one else. Certainly not you or I.
- The massive levels of debt now being piled-upon our backs isn't 'meant' to be paid back. The math guarantees it cannot be paid back. Keynesian money creation merely delays the end game a little while, but when the debt holders figure out the debtors won't be paying them back it will suddenly screech to a halt and it will be game over.

It was DEBT more than anything else that made the sun set on the British Empire. Failing to learn from history, it will be Uncle Sam's turn next.
- To paraphrase the words of the immortal Maggie Thatcher, we will soon learn that the problem with socialism is that you eventually run out of other people's money.