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April 21, 2014
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The world will soon wake up to the reality that everyone is broke and can collect nothing from the bankrupt, who are owed unlimited amounts by the insolvent, who are attempting to make late payments on a bank holiday in the wrong country, with an unacceptable currency, against defaulted collateral, of which nobody is sure who holds title. -- the woodpile reportPosted by gerardvanderleun at April 21, 2014 10:08 AM. This is an entry on the sideblog of American Digest: Check it out.
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Oh yay, while not bankrupt, I'm ONLY at the "....who are owed unlimited amounts by the insolvent" stage!
Apparently, working it off in trade is easily accepted by a few, absolutely rejected by most, even at $0.50 on the dollar.
Posted by: CaptDMO at April 21, 2014 4:22 PM
With the rise in food prices we now see, I see the day when even the middle class will get their comestibles from food lines, living the stores to either rack up prices even more to cover their costs, or going out of business.
Add to that the coming decision for people to either go into business for themselves, drop out entirely, and we'll see a collapse in productivity and economies worse that the 1930s.
War is coming, and it won't be over until sometime in the 22nd century.
Posted by: Alan Kellogg at April 21, 2014 8:10 PM
I'll gladly pay you Tuesday for a hamburger today. I'd rather owe it to you than cheat you out of it.
Posted by: chasmatic at April 22, 2014 9:29 PM