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The Coming Collapse Will Cause Many to File Bankruptcy

The Coming Collapse Will Cause Many to File Bankruptcy
"In recent years, it has been impossible to switch on the television without hearing about Americans filing for bankruptcy. It has grown so bad that countries are now declaring bankruptcy due to their failing economies. alone this year Japan, Greece, and Spain Cyprus, Portugal, and now the Ukraine have all fallen victim to financial difficulties that would have resulted in a default if the United States had not stepped in to bail them out. The only thing the media does not discuss is how ineffective it is. Greece and Spain are essentially engulfed in flames as their financial problems continue to worsen and government services are shut down. The current unrest in the Ukraine has resulted in over 100 deaths and has no end in sight. Japan's current debt-to-GDP ratio is 250%. Perhaps I should say it more loudly so that it is better absorbed. Japan is addressing its financial difficulties by generating more currency and purchasing US debt. In contrast, the United States is not in much better condition and is assisting Japan by printing dollars and purchasing its debt. When examined closely, it is nothing more than a typical Ponzi scheme. It's comparable to when your adolescent children devise a plan to buy each other Christmas presents, in which they purchase what they want for themselves. So, when the gifts are opened on Christmas morning, they appear so surprised by the gift their sibling gave them, only to swap it behind the scenes for a gift they purchased for themselves. This is essentially how the global economic system functions, as all nations print their fiat currencies indefinitely.In the United States, things have improved slightly for the time being. In 2013, 1,1 million Americans chose to eliminate their debts through bankruptcy. This is a decline from 2010's record-breaking 1,6 million. Do not act as if everything has improved and a catastrophe has been averted. What these figures do not reveal is that the population-to-employment ratio for the 51 million Americans receiving food stamps was only 56%. This is six points less than in 2008. If not for social programs and 29% of young adults under 35 moving back in with their parents, the number of Americans declaring bankruptcy would be much higher.Not only are citizens of the United States filing for bankruptcy, but municipalities are also beginning to fall like dominoes. Alone in the past year, four localities in California have filed for bankruptcy. In 2008, the city of Vallejo, California was the first domino to collapse, and it has been reported that they are already in financial trouble again after emerging from bankruptcy. Although they eliminated their debt, they continued to pay unsustainable pensions based on their revenues. Numerous cities are examining the possibilities and probabilities of filing for bankruptcy as this issue spreads rapidly across the country.The issue is not that we lack sufficient funds, but rather that Americans as a whole have expenditure problems. Since the credit industry became entrenched in the American populace, savings accounts have decreased and credit card debt has skyrocketed. The average American now owes approximately $16,000 in credit card debt and $35,000 in consumer debt. Although it may not seem like much, the average American earns only $36,000 per year. Clearly, things need to be reset, because this way of life is utterly unsustainable. Government agencies have promised pensions and compensation to their employees without the means to pay for them. The prevalent mentality is to purchase now and pay later. The only issue is that there is no money to pay for later, which is imminent. As the global economy continues its downward spiral, we can hear the fat woman warming up in the distance.
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"The Coming Collapse Will Cause Many to File Bankruptcy" was written by Mary under the Finance / Wealth category. It has been read 195 times and generated 1 comments. The article was created on and updated on 31 May 2023.
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