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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Skeeter Bug who wrote (234015)12/22/2009 4:48:08 PM
From: MulhollandDriveRead Replies (1) | Respond to of 306849
 
you claimed growing corn could pay off this $400k debt, but that's not legal tender for debt repayment - the bank won't accept it corn as a mortgage payment. i can grow corn until i'm purple and there is still only $200k in the system when i will eventually have to pay back $400k.

i think the given assumption here is that you the corn grower can find a willing buyer for the corn, THEN you can pay back the debt with whatever profits were made from the labor...

denninger's position is that the debt overhang now is too great for the country to 'earn' their way out....

we have a lot of debt slaves walking around right now, and the number of the slaves going the default route is rising every day



To: Skeeter Bug who wrote (234015)12/22/2009 5:46:24 PM
From: GraceZRead Replies (2) | Respond to of 306849
 
Let's assume you are right. Apparently, according to your example, the US has become poorer and poorer throughout its history because debt has grown along with the country (along with our bank accounts). We must be poorer than we were in the beginning of this country, when there was no US debt (actually this country was settled using indentured labor so debt has been around since the first inhabitants left their native countries).


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