Experts Predict in 2013 There Will Be a Rise in the Numbers of Americans Filing for Bankruptcy
"""Now that 2013 has arrived and the United States has been saved from falling off the fiscal precipice at a cost of $4 trillion over the next decade, many expert economists are releasing their forecasts for the coming year. Over the years, it has become common for people to make New Year's resolutions regarding how they will improve their lives in the future year. As a New Year's resolution, many people would like to return to employment, if possible, due to the state of the economy. Let's be honest, the economy stinks and does not appear to be improving, if you listen to economists who will tell you the truth. People must cease listening to the mainstream media, which distorts the truth in favor of the government and only tells part of the truth. Except for those who work for the government or have a contract with the government, many more people will file for bankruptcy in the coming years as a result of the improvement. The majority of Americans are struggling to make ends meet, and as inflation begins to take hold this year, many will fail and be forced to file for bankruptcy.After the real estate bubble fell in 2007 numerous politicians advocated vehemently for reforms that would prevent banks from entering this situation again. As a new mirage of debt-fueled prosperity has already been created, their words amounted to nothing more than empty rhetoric. Initially, while banks were being bailed out by the American people, these same lending institutions reduced their lending to Americans in order to eradicate any liabilities that could harm their balance sheets. As soon as their financial situation stabilized and the Fed began quantitative easing, they resumed lending to American consumers. Now, consumer debt in the United States has surpassed $2.75 trillion and is rapidly approaching $3 trillion. If banks begin to restrict consumer credit, a large number of Americans will file for bankruptcy because credit has become a primary source of income. Currently, the majority of Americans live beyond their means and spend more than they earn. To genuinely turn around the economy would require a great deal of financial suffering. There is no alternative, and QE4 is the only weapon I have to make it worse.Here are a few predictions made by numerous experts for 2013.
Republicans and Democrats will continue to dispute the debt ceiling increase. In reality, it is irrelevant because they are simply creating money out of thin air. As he maintains his monetary policy, the dollar is losing value.
While nobody sees it, the middle class will ultimately pay for the new revenue that Congress is battling over. This is the greatest pool from which to select, and it appears inevitable.
Many anticipate that the US government's credit rating will be downgraded again this year.
Many people will be aware of the global currency conflict currently in progress. The media must have a plausible explanation for the impending inflation.
Some analysts anticipate that many nations will abandon the dollar as the world's reserve currency.
No matter what number the media continues to report, the unemployment rate will continue to rise, and by the end of 2013, less than 58% of Americans of working age will be employed.
As inflation begins to ramp up as a result of quantitative easing, commodity and food prices will skyrocket. The corporate sector will promote GMO food as a means of reducing food costs.
The US GDP will fall below 20% for the very first time in modern history. In 2001, the US GDP reached its peak of 31.8%.
With all of this terrible economic news, many Americans will be forced to declare bankruptcy in order to eliminate their debt. Recently, banks have made it possible for severely indebted individuals to continue delaying the inevitable by leveraging themselves. At some point, this will no longer work, and the only remaining option will be to file for insolvency. Those who see the writing on the wall should consider consulting a bankruptcy attorney in order to safeguard as much property as feasible. Some individuals borrow against their 401(k) to continue avoiding their creditors. These individuals must immediately settle down with a bankruptcy attorney and have him or her explain what assets are protected by bankruptcy exemption laws.
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