wouldn't cities/states declare bankruptcy before a US collaps?

[97guns]

im no economist but am wondering if the house will fall like a house of cards from the bottom up or like the twin towers from the top down? i know there are alot of cities and states that are in a big world of hurt.

[palani]

The several states rely only upon gold and silver for tender of payment. Gold was knocked out in '38 and silver was knocked out in '67. The states have no way to perform according to their treaty. The new construct on the scene is "this state", a borderless, peopleless concept that is funded by fiat only. If you would try to pay this new construct in gold or silver (with no face value) (or of foreign markings) you would be denied.

The new construct "this state" was conceived in bankruptcy and knows no other method of operating. Meanwhile the several states are not operational and unfunded. They are not even staffed as all politicians choose private offices in "this state".

[1970 silver art]

I think that there was a county in Alabama that declared BK. I suspect that there will be more counties that declare BK as the ecomomy gets worse and the tax bases for these counties and city gov'ts continue to shrink.

[Apparition]

Perhaps some smaller and humbler cities may declare bankruptcy with states less likely to do such.

I remember Vallejo, a city just a few miles from where I reside, declared bankruptcy a few years ago.

But still, I don't think that politicians in most cities or states would eagerly declare bankruptcy before (clandestinely) lobbying Congress for some bailout funds which I think CA Gov. Schwarzenegger and a few CA state politicians did so a year or few months ago.

[Book]

im no economist but am wondering if the house will fall like a house of cards from the bottom up or like the twin towers from the top down? i know there are alot of cities and states that are in a big world of hurt.


All hierarchies sacrifice from the bottom up. The top sets it up this way. Unions call it "Seniority" and teachers call it "Tenure" and Corporations call it "Downsizing". Washington would start selling our States to China to keep their Federal Pensions going...lol.

:D

[gunDriller]

im no economist but am wondering if the house will fall like a house of cards from the bottom up or like the twin towers from the top down? i know there are alot of cities and states that are in a big world of hurt.


orange county CA went bankrupt back about 10 years ago. a pretty wealthy county.

i think the car crash (fed & some states) is already in progress, it's just less noticeable some days.

[Liquid]

Apparition, I know Vallejo. I work out of Mare Island occasionally, and have a friend who lives in Vallejo. Man, that city is a pit. Crime has gone up since the running 'bankruptcy', but it's funny how that ciy has avoided collapse.

The PD only has 6 officers on patrol at any given time. The running joke is that once you cross city limits, it's time to hit the gas pedal.

I'll admit, I've run a few red lights there. Especially at odd hours of the night with packs of undesirables around. Make sure your gas tank is full...when going through Vallejo.