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Filing Bankruptcy Is Quantitative Easing For the Consumer

Filing Bankruptcy Is Quantitative Easing For the Consumer
"The majority of Americans have no idea what quantitative easing is. Yet many have heard the term, as dinosaur-related media frequently use it. The majority of people are unaware that it is a form of Keynesian economics that has repeatedly failed in the past. Obviously, you cannot spend your way out of debt. Since the dollar is the world's reserve currency, the United States is able to print money at their discretion. The world has traded in dollars for the past 50 years, enabling the United States to maintain the currency's value despite massive printing. In the past five years, the United States has admitted to printing $4.3 trillion through QE1, QE2, the twist, and QE3, which should be renamed QE infinity because there is no fixed end date. At the time of George Bush's departure from office, there were only $800 billion in existence. Using straightforward math, if the dollar was worth $1 in 2009, this dollar would be worth approximately $0.17. However, I lack a prestigious education from the Fabian Society's London School of Economics. Many of the global banking elite have come here to learn how to manipulate the statistics in their favor. Since we commoners lack the ability to print our own currency, one of the only things we can do to protect our financial assets is, if necessary, to utilize our legal system. This means that if we become overly indebted and have no way out, declaring insolvency should be at the top of our list in order to recover as soon as possible. Companies do it, so why can't we?In 2007, the economy collapsed as a result of banks lending on real estate that lacked true value and to individuals who lied about their income to qualify. Everyone is aware that the government had to intervene to prevent an economic catastrophe. Instead of filing for bankruptcy, these institutions received a $1 trillion bailout. After the money had been spent and the economy had not yet recovered, it was determined that more money was required, and quantitative easing was created. For the average Joe, the situation is deteriorating. The unemployment rate has been above 8% for nearly four years, and as pundits proclaim an improvement, Americans are beginning to experience the pain. Recently, it was reported that the unemployment rate has dropped to 6.7%, but where are all the jobs? Debt ratios continue to increase, while incomes continue to decline. The majority of Americans feel guilty for exercising their freedom to declare bankruptcy. I believe that the credit industry was responsible for creating the stigma surrounding bankruptcy filing. They are the only ones with something to truly lose.Six years have elapsed since the near-collapse of the too-big-to-fail banks. The frightening aspect is that nothing has really changed. People lost their homes to foreclosure and abandoned them, leaving a massive phantom inventory of homes in the national banking portfolios. Instead of dumping these on the market and allowing the free market to function, the majority of these homes were sold to the major participants for peanuts. Due to all the liquidity that quantitative easing pushed into the market, the housing market rebounded to levels comparable to 2007 before the bubble exploded. According to the Keynesian economic paradigm, if mortgage rates are lowered, more homes will be purchased, sold, and built. Today's mortgage rates are at levels that would have prompted a house-buying mania a decade ago; however, home sales, home construction, and mortgage originations have reached a plateau. Numerous experts believe that when people have too much debt, they do not feel comfortable borrowing, even at these historically low interest rates, making it more difficult to sustain the new inflated prices. This consequently suffocates the economy, resulting in a reverse reaction.People must safeguard their family's future, even if it means filing Chapter 7 bankruptcy, in light of all this bad news. Filing Chapter 7 will eliminate all unsecured debts and, in many cases, leave the debtor credit card debt-free. When amending the bankruptcy code in 2005, it's almost as if Congress anticipated future events. Americans should view filing for bankruptcy as an economic stimulus. After banks have injected trillions of dollars into corporate welfare, the middle class has received nothing. Instead of feeling regretful about declaring bankruptcy, individuals in financial distress should seek the counsel of a bankruptcy attorney.
" - https://www.affordablecebu.com/

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"Filing Bankruptcy Is Quantitative Easing For the Consumer" was written by Mary under the Finance / Wealth category. It has been read 157 times and generated 0 comments. The article was created on and updated on 31 May 2023.
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