Why Bankruptcy is Not a Magic Wand for Illinois
By The Daily Bell Staff - June 18, 2017

What if everyone declared bankruptcy, would that solve all financial woes? Or rather, would it be the ultimate debt bubble burst? Bankruptcy is a “solution” that would become disastrous if everyone were to use it. So can it truly be considered a solution at all? It just shifts the financial burden to someone else.

Most people just don’t care though, because usually, it is the big bad credit card companies or debt collectors who seem to be getting screwed. People with mountains of debt are told that they were preyed on by lending companies. Look at this excerpt from an article by a law firm about the myths of bankruptcy.

We are all so programmed all our lives to pay our bills and to think we have to that it’s just hard to believe that…if we file bankruptcy…we may NOT have to.  The law says that you have to pay all your bills all the time, but the law also says: “except if you file bankruptcy”.  If it helps, think of filing bankruptcy as something that works like magic. “Now you owe…POOF!…now, you don’t“.   Why?  Because that’s just how it works.

That’s just how it works. But how does it work when we are not talking about an individual declaring bankruptcy?

Whispers are starting among debt-laden states, and Illinois is starting to talk bankruptcy.

So can they just wave a magic wand and, poof, all their worries go away? No, but they can transfer all their worries onto the lenders.

Chapter 9 bankruptcy protection could be extended to states if Congress took up the issue, although Stanford Law School professor Michael McConnell noted in an article last year that he believed the precedents are iffy for extending the option to states. Nevertheless, Illinois is in a serious financial pickle, which is why radical options such as bankruptcy are being floated as potential solutions.

Ratings agency Moody’s Investor Service earlier this month downgraded Illinois’ general obligation bonds to its lowest investment grade rating, citing the state’s growing pile of unpaid bills and its mounting pension deficit. Illinois, by the way, has the lowest credit rating of any state. Lower ratings mean higher borrowing costs, since lenders view such borrowers as riskier bets.

And indeed Illinois is quite the risky bet for lenders. Lenders may have assumed that since states could not go bankrupt, they would eventually be paid back, with massive interest rates added on. This means the state would either have to substantially cut its spending or raise taxes.

In a state with such robust unions, who arguably helped drive the debt crisis when it comes to unfunded pensions for state employees, it is unlikely that spending could be seriously curtailed. The Illinois Supreme Court overturned a law that would have reduced pensions because it violated the Illinois Constitution which says the state cannot change what they agreed to for retirement benefits.

So that leaves raising taxes. But who is going to pay the sky high tax rates when everyone flees?

Adding to the state’s financial pain is a shrinking tax base. For the last three consecutive years, Illinois has lost residents. Its population is now at its lowest in a decade. Tepid wage growth on top of fewer residents puts a strain on the state’s ability to grow its tax revenue.

Bankruptcy is being sold as a panacea to financial irresponsibility, but what exactly changes when the debt is wiped clean or drastically reduced? The same politicians will be in power. Will they suddenly change their big spending ways?

And what happens to those unfunded pensions? Illinois could have to borrow more of anyone will lend, at an even higher interest rate, in order to pay for them. Or they will continue the cycle of raising taxes and scaring off residents. What happens if the pensions ultimately cannot be paid?

There is nothing magic about bankruptcy. For individuals, it can at least be a wake-up call to be more fiscally responsible. A government, however, cannot change in the same way, because it is a headless conglomerate of interests, lobbies, and citizens all pushing and pulling for their own particular view.

Fiscal responsibility is the only answer for individuals and governments. Under no circumstances should debt be taken on which is unable to be paid back, as is the case in unfunded liabilities.

You don’t have to play by the rules of the corrupt politicians, manipulative media, and brainwashed peers.

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  • georgesilver

    “Fiscal responsibility is the only answer for individuals and governments.”
    Never going to happen. Global debt is 325% Of World GDP, …$217 Trillion. This debt is never going to be paid.
    The only solution is sound money and this will not happen until the present system of fiat debt based currency crashes and burns.

    • larryparks

      yes. “Sound money” means a stable, honest and constitutional monetary system. That would be gold and silver coin as our money. There is no other way to read Article I Section 10.

      • Wade House

        Gold and Silver? You mean the same gold and silver that is controlled by the Elites and directly leads to wars and governmental control.

        The same gold and silver that’s been used for years and led directly to the situation we are in today.

        Sorry Charlie, it’s not even close to a sound money system. It’s the same dam system that’s been in use since 600 BC. What the hell is the matter with people.

        You don’t get positive change by repeating the mistakes of the past!

        You repeat the positive and you might get positive results.

        The most successful Monetary System that modern man has known has been the Tally Stick Monetary System of England. Circa 1100 AD-1700 AD. Or something like that

        It turned Britain into a World Power…Peacefully, for like 600 to 700 years! Until it was overturned by the Bankers/Money/Lenders/GOLD Lenders.

        The TRUTH WILL SET US FREE! That and others willing to spread truth instead of Banker Propaganda.

        The Banker, Brainwashed Propaganda will be so easy to destroy. It will quickly shrivel up in the light of truth.
        Their harbingers of doom and gloom will melt away like ice on a warm day.

        • charlie

          I wish you could even be 50% right but after 7 decades of studying history I have decided this will never change. greed will always be the controlling factor of kings elected of course by the uneducated welfare society.This little bump in history will be a good study for the ten year olds watching America slide into poverty class for the hard working class americans supporting immigrants until they become educated and the voting majority.

          • Wade House

            Hey Charlie,

            You don’t have to be 10 to see America sliding into poverty, you just have to be alive…now!

            The past creates the future. But just as important, adversity creates growth. No adversity, no growth.

            As very crazy as it sounds, these banking morons have actually shown US the way out of this mess. They have given US everything we need to change the current situation. EVERYTHING!!! The Why and the How!

            They have dug their own grave, and they know it. Why do you think the airwaves are so full of trump and other distractions.

            Because words and distractions are all that they have. It’s actually quite funny.

            I don’t watch any news programs or most any media for that matter, so my programming is not as deep as with most people.

            You can read the news and be mis-informed or you can not read the news and be uninformed. – Mark Twain

            My take is different;
            You can read the news and be programmed or you can not read the news and be un-programmed.

            My version is the version I follow.

          • The System as it and IT presently is, appears to be defaulted to deliver …. Share your views and pass that off as news in a fake version of virtual reality …… for is that not the true nature of all current things??????.

            Yeah, of course it is.

      • charlie

        oh yeah, try to buy gas or grocerys with a gold coin and once you do, try to imagine keeping it to yourself from the gangs or criminals that will come out of the woodwork. What paper would you trade it for to buy the necessities you need to get by? the stuff already in use? how many gold owners can afford a small army of mercenaries to protect their wealth? and how many criminals can band together to take what they want?

    • Wade House

      Here, Here!!!
      100% agreement!
      You go George!!! Rock It!

  • alanwhite1000

    Liberalism, Progressivism, Socialism, Marxism, ect….. always end up bankruopt

  • Earn nest

    we all owe maybe 350k for government liabilities. We don’t declare it but we are bankrupt. Perhaps the scam that is the global fiat system will continue and our great grandkids will owe tens of trillions? Happy father’s day all.

  • mickey

    what few want to say publicly is that the population change is bifurcated. There are a lot of hgh income hi potential tax paying people moving out of illinois, if nothing else for 6 months and a day to get away from the weather.

    At the same time, the low income population is growing faster than the potential tax payers are leaving.. They do not pay that much into system. Yetthey use all parts of the system.

    Part of the problem is new immigrants & familys , whether or not legal, share apartments which is not so bad by tself–but no addl property taxes are collected and the school population has grown unexpectedly.
    I certainly do not have the fix but in order to fix a problem you first have to correctly identify the problem.

    Meanwhile the legislators ar ein the pension system and of course they do nto want that to change as they have a vested interest in taking care of themselves. Also most public wokers get a real nice retirement healthcare package, less expensive for them than medicare.

    Understand the problem before fixing it with the wrong solutions.

  • Boysie

    The FIX is very simple –
    Try and convince your government to STOP targeting people in other countries – stealing their hope and forcing them to immigrate –
    Try and convince your government to stop targeting other countries with all sanctions / financial and economic sanction and covert wars
    Try and convince your government to Cease and Desit using the IMF and World Bank and Inter-American Development Bank to screw countries and peoples – depriving the people of all hope and forcing them to immigrate
    When you have done even one of these suggestions – you will be very well rewarded..he problem is that most Americans like yourself – have no idea why all these refugees,,but he answer(s) are with the American government and American corporations that rape these countries and deprive the local population of their future..

    • charlie

      Eisenhower said beware the military complex. That of course includes all the people making huge profits from war generated against socalled waring countries.

  • gamathers

    Government bankruptcy and default on loans is inevitable with the socialistic mindset we have in the US. If not the state of Illinois it will be California or some other state. If it doesn’t start with the states soon we will see the Federal government deaulting.

    • Boysie

      I can I politely recommend that you do NOT latch onto things that you hear so easily – You have NO IDEA what socialism is – America was NEVER at any time in it;s SORDID HISTORY a socialist entity – When I was a boy (at too long ago) – Howard Hughes with a reported US$700 was the richest man in the world – He also used his finger nails to eat his meals – yes they were so long – Since that time, there is probably 700 millionaires in America – and now / WHAT / it is the American and the World’s population that is / eating their fingernails / – because America has become addicted to it’s perverted lifestyle and does not intend to give it up —

    • esqualido

      The federal government need never worry about default as long as it can print unbacked money (and why even bother with the paper and ink if you have a computer.) This is advocated, coincidentally, in today’s Wall Street Journal. The world’s greatest magic act is doing so while keeping people ignorant that this automatically increases the cost of living, even if government hedonics declares that a $70,000 pickup truck in 2017 is no more expensive than the $20,000 one of 1990, because it has twice the features.
      The last two Treasury secretaries, Lew and Mnuchin, have stated the issue of a national debt increase should not even be subject to a vote in Congress. Google “Albert Gallatin” to see what an honorable Treasury secretary had to say about that (maybe we should demand that each must, like him, be Swiss-born.)

  • Boysie

    In 1963, my country who previously was a British colony became independent – at that time my country had NO DEBT – Currently, my country owes the USA / IMF / World Bank/ IADB / – more than 500 million American dollars – and the IMF has PERMANENT RESIDENCE at the offices of the B** – What has been done with all these loans – Your Best Friend give you a loan and then insist that his enforcer must live in your house to ensure that you repay the INTEREST + THE PRINCIPAL..often they will also lend you more money – so that you can keep up with the interest payments – In the meantime the people – What about the people – who cares – most of them who are not un-employed are on minimum wage – so who cares.. / the consequences of the past 50+ years are evident to the local population – lack of hospital / medical care / education / infrastructure / neglect / despair / lack of hope / endless spiral of antisocial conduct and much much worse – but who cares and why?

    • Wade House

      I Care…GREATLY!

      Well put Boysie!

      Here’s a sign of change! When I first started coming here, I didn’t agree with anyone.

      Now I actually agree with at least 3 commenters here. That’s real change considering the new Fox News mentality here.

      Why do I come here then? I just answered that question. And unlike most people here, I was actually invited…by Anthony Wiles, years ago.

      I kinda feel responsible for the degradation of this site…I won’t explain why.
      So I won’t let it fall to Fox News Type Hell, without a fight.

      So anything concerning the financial situation of people and the U.S. in general, will get addressed here by me.

      Who am I? I’m in the business of helping millions and billions of people and the planet itself. Don’t ask how…you won’t comprehend, and I’m not a baby sitter.

      But I started here. I was given a chance. I wouldn’t forget that…ever!

      Apologies for my slow moving in bringing the Trillennium Platform forward.
      It will address all the issues brought forth by this website. It will address all your concerns.

      And you will glimpse the light of the bright future that we have in store. And you will see that the days of doom and gloom are on their way out!

      You can do nothing but complain. Or you can attempt to bring change.

      I made my choice years ago. Now it’s your turn!

      Not you Boysie. You are okay and on your way. This is just in general. 🙂

      • Boysie

        Thanks for your response – however I am a pensioner and I am happy to bet you “One Month’s Pension Payment” / that / Absolutely Nothing Will Change – To find out / Why Not / – You will have to read American history – starting in 1734,,,,,

        • charlie

          I agree, only a dreamer who probably slept through history classes from the 60’s could possibly think there will be a positive change. history will always be rewritten to fit the new political power’s position.

    • charlie

      education, not only in schools but in common sense. my friend with his 8th grade schooling owns 500 acres in two different areas and never borrowed a dime. He was always self employed and started several companies. He still hangs his clothes on the line. Only will his health care provider be his demise.

      • Boysie

        I think you have mis-understood my comments – (1) – NOT interested what you friend did or did not do – (2) – No such thing as Common Sense – This is a misnomer – what is common to you is death to me – (3) – Unfortunately it appears that very many ordinary Americans have a certain level of difficulty when it comes to matters of an intellectual nature –

    • esqualido

      Your countrymen might have done well to listen to Andrew Jackson (unlikely as that would have been, as he hated the British), who wrote “There are no necessary evils,”, and regarded public debt as one of the deadly ones (and who walked the walk, leaving office with the U.S. not one cent in debt. The U.S. was virtually debt free when FDR adopted Keynesianism (“pump priming” it was called- $20 trillion in debt later, should be called “waterboarding.”) Corrupt politicians in league with bankers deserve much of the blame. but it is the people who elected them who are ultimately at fault. An honest, educated people would not have allowed it (sadly in a democracy, people will try to vote themselves a free lunch.)

      • Boysie

        Alack and Alas – My fellow country – Men / Women are born with (3) mouth and no ears – that is one problem – but listening to American for any reason would be even worse..since everything is based on the premise that if only you would BUY & READ HIS BOOK – then you could win all friends and influence all peoples – but we Americans prefer to do it with Guns / Bombs and Bullets,,,

  • Boysie

    The article lacks a certain gravitas – it assumes that the borrower is always at fault – but what if the Lender creates an environment – which is guaranteed to create borrowers…as is currently the case—then supplies their NGO’s to dish out handouts to the local population – and thus contributing the the totally false narrative (a) the overwhelming generosity of the Lender and the total reckless conduct of the Borrower,, It is an absolute requirement that the writer of these articles have some idea about the subject matter – and not just cut and paste sections of articles – because they fit together…From the contents of the article one can tell that the writer has no direct experience of what the other side of the coin looks like or how the other side of the coin actually works –

  • Dimitri Ledkovsky

    Nah! Illinois is too big to fail. Helicopter money is on the way, a few entries in the electronic data base and we’re good to go until the next boiling point.

  • MetaCynic

    The state of Illinois is already billions of dollars in arrears to its private contractors. Just as with fedgov, IL’s debt and unfunded liabilities are so great as to be unpayable.

    So it’s inevitable that the state’s debt will be defaulted on in some manner. Which will it be? Will the state’s residents manage to mobilize the political muscle to change the constitution to then allow a default on the state’s suffocating public sector pensions, or will the productive makers with their capital and know-how just flee the state leaving behind the parasitic takers to loot each other into oblivion?

    Why should a formal bankruptcy be so unthinkable? It has its useful purposes including the teaching of valuable lessons.

    Those who are so foolish as to lend money to profligate governments in order to profit from the interest paid at gunpoint by taxpayers, deserve to lose it. Lenders will be gun shy after a bankruptcy and reluctant to once again lend money to government. That’s good. More capital will then be available for private uses and not squandered on failed state central planning projects which Austrian economic theory as well as history assure us is inevitable. Furthermore, to help pay its debt the state will be forced to sell off its property and to privatize its legitimate services. Libertarians should celebrate and not mourn such an outcome.

    • Good point, the lenders knew what they were getting into.

      • charlie

        I’ll bet the lenders were the unions.

  • autonomous

    When the blind lead the blind, both end up in the ditch, and government is always blind as are those who look to be lead by government.

  • Praetor

    The Sabbatical every seven years. Rabbi Rav Kook, “The seventh year to rectify the social ills and inequalities that accumulate in society over the years. When poorer segments of society borrow from the wealthy, they fill beholden to the affluent elites. The debtor is a servants of the lender, slaves.” Chapter 7 is sabbatical every 7 years.

    There are 6 or 7 different forms of bankruptcy. 9 deals with municipalities. Illinois being a state, they would have to make new law. Greece is an example of a country going bankrupt with no solution.

    Bankruptcy is not a sin, but it makes the person entity institution look stupid and selfish. The penalty is and should be, no more borrowing till the person entity institution has grow-up and act like adults and understands the consequences of their actions and behavior.

    It ain’t a sin but it is wrong. By the way I’m not a Jew.!!!

    • Wade House

      You don’t sound Jewish, you sound like most banker brainwashed individuals, that’s all. Times and thoughts will soon start to change.

      F the Banks and Bankruptcy! Screw any small group of people who think they have the ‘sole right’ to create money out of thin air, and control US with it. F them back to hell! F their screwed up Banking System!!!

      The TRUE SIN is Fractional Reserve Banking…PERIOD. “Born in Sin, Created in Antiquity”

      When the truth comes out, and it’s well on it’s way, it’s going to make those who think they are so smart, look like total fools.

      “It ain’t a sin but it is wrong.” What a Tool.

      • Praetor


        Just like all troglodyte trolls, say Jew bank religion sin and freakout begins. You fricking Nazis are are clueless. You’re hate permeates you’re very being. You dumb bassturds see anything closely related to religion and you loose you’re FN mind. House of Wad, grow-up or shut-up. You are a stupid putz.


        • Wade House

          “stupid putz?” Sounds Jewish to me. But it doesn’t matter. I don’t hold people’s religion against them. I simply don’t do racism or religion. They are both the same of course.

          And a stupid putz, clueless fricking Nazis, dumb bassturd, troglodyte troll like yourself couldn’t shut me up in a 1000 years, even if we were face to face. 🙂

          What a tool! Ha HA HA!

          Amazing how child-like you act.

          • Praetor

            Using my words doesn’t make you’re rant any better. Is that black mask you wear cutting off the oxygen to you’re brain. Nazis are haters and the only person here expressing hate is you. For individuals such as you there really is no help, you’re mind is warped by the non-education you did not receive, you where brainwashed. Now go ahead and repeat everything I just said in you’re own words, again.!!!

          • Wade House

            Anyone reading what you write can tell which one of us has an education and which one of us doesn’t.

          • Praetor

            OK, Nazis Boy. You be so smart write you’re own mein kampf and start you’re own political part. Hatemongers unit under the House of Wad.!!!

          • Wade House

            You’ve got this strong Jewish vibe hang-up going with all the Nazis and hatemonger talk stuff.

            Are you sure you are not Jewish? You sound Jewish. You sound more Jewish than anyone I know and I grew up in a Jewish neighborhood.

            My neighbors, friends, and even best friend growing up were all Jewish. And you have everyone of them beat. 🙂

            None of them acted like you. So maybe you aren’t Jewish.

            No, you are more of the Nazis, Hatemonger type that you so spew against. Yes…now it fits.


            People always talk against what they truly are.
            Sort of like Homo’s always talking against homosexuals.
            That kinda thing.

            Those types of people are normally also gay. The Roman Soldiers, which you have as an avatar, were mostly gay also like the Spartans before them. Google it. They were highly homosexual societies…but of course you knew that already.

            It’s OK to be Gay. I don’t hold a person’s religion or sexual preference against them at all. I don’t care about stuff like that.

            God is Gay, always wanting to look a a man’s penis. Jesus was Gay, traveling around with his 12 male buddies (no women allowed). In fact, now that I think about it…everything about you is Gay.

            Plus, just my observation, your avatar is really too grown-up for a sissy little cry baby like yourself.


          • Praetor

            You make my point. You’re full of hate.

            You talk a lot about gays Jews homos god and only once you mention a women. You were triggered on one word ‘Rabbi’ and you went on a hate filled tirade. People like you always end-up projecting what’s inside of themselves onto other people.

            You’re next trip down the ‘Words of War’ is wanting to comment violence, you’re a psychopath who should be institutionalized for everyone’s safety. But hey, keep posting, you are making my point fool.

            House of Wad, you’ve been triggered.

            The article was about bankruptcy not Jews Gays or God.!!!

          • Wade House

            Rabbi, Jew, whatever. religious words or memes don’t work on me.

            “wanting to comment violence” I believe you meant “commit violence” Mr smarty.
            But really history proves it’s usually carried out by the uneducated, such as yourself.

            Educated people are far less stupid, harder to manipulate…for the most part :).

            To bad you had to turn it into a word fight instead of a fight over what’s right. But that’s how trolls are, call people names first. It’s a “Troll Sign”. They’re not very bright. So all they can do is call other people names.

            The problem stupid trolls have with me is that “I eat trolls for breakfast.” They have very limited intellect, so really it’s quite easy.

            You need to scroll around to see what I said about you and your parents. Or were you smart enough to not ‘take the bait?’ Ha HA ha 🙂

            BANKRUPTCY: False Argument! A Distraction.
            The U.S. Treasury can print Debt-Free money whenever they want.

            Congress has the actual constitutional right, but a president can do it too: Note Lincoln Greenbacks and Kennedy Silver Certificates.

            Both worked great until they were withdrawn from circulation by the banks, and they tightened the money creation machine at the same time(s) causing ups and downs in the economy.

            The Fractional Reserve Fraud System must be destroyed in America and “OUR” U.S. Treasury should create money and set the value thereof like “OUR” U.S. Constitution says.

            No U.S. State or U.S. anything should even have to consider bankruptcy. And I and others are here to make sure that is the case!

            How? You just sit back and chew your chaw.
            Not everyone is as powerless as you are. Not everyone has been dumbed down to the point of helplessness.

            Least of all…me.

            And please don’t come at me with the same old B.S. line;
            “The Gov will print to much money and cause inflation. :(”

            The government has no reason whatsoever to print $2+ Quadrillion dollars per year like the central banks do, out of thin air of course.

            I have the actual government and corporate records to prove it!

            There is plenty of money to do whatever we want done and not come anywhere near the disastrous amounts of money that fractional reserve banking does. NO WHERE NEAR!!!
            The funny thing about what’s about to happen is that everyone gains, including haters like you.

            The only losers will be the banks…and possibly religion.
            Religions will also to stop it and people will turn their backs on them in droves until they jump on the wagon themselves.

          • Praetor

            Hey look, its the disgusting, I would say human being, but you’re no human being, animals aren’t human.

            Jew Religion Bankruptcy Christ Rabbi.

            You are a complete and utter loon. You are one of the more funny nannies I’ve come across in a long time. You’re over inflated opinion of yourself is beyond words, not. There is no discussion here, everything you have said so far is really ridiculous.

            Now find the word I misspelled and lets here all about it. Funny House of Wad.!!!

          • Wade House

            You finally learned how to use spell check? How many years has it been out?

            You are right, no discussion here. You need at least half a brain for that, and you my friend are sadly lacking.

          • Praetor

            You’re funnier than most. But keep trying House of Wad. You might just get there.!!!

          • Wade House

            At least one of us got an education tonight.
            You learned how to use spell check and write complete, comprehensible sentences. I should charge your arse! 🙂

            Come on Praetor, loosen up.

            You got to admit that was pretty funny.

            I even chuckled at that one on the way to work this morning. 🙂

            Peace Out Brother, I don’t mean any harm.
            I’m harm-less 🙂

          • Praetor

            Well, let you in a secret. I will always use words that do not fit in a sentence or misspell a word or two, also use bad punctuation. Some times use some religious reference to get the looney atheists, and the religious fanatic on their rants.

            The thing that’s funny you are more insane than most. If you are on you’re way to work and thinking about a ridiculous comment you made on the DB, now that is insanely bizarre.

            Just remember the article was about bankruptcy.!!!

      • charlie

        we can talk all year about “printed” money but the power is there and we will never be able to get it under control. and if they were fools how come they have all the power. the power is the crooked lawyers that can control anything that happens to their benefit.

        • Wade House

          What is, What was, and What is to come, are all different things.

          What has been true for a thousand years doesn’t guarantee the next thousand years will be the same.

          There are things going on now that haven’t happened in 12 thousand years. The World is Ripe For Change!

          You won’t see those things on the news but you will and do feel them already. If you do see them on the news, others will take credit for it.

          Lower Gas Prices, No Drought, Beautiful skies with plenty of rain, a 99% reduction in hurricanes doesn’t do it for you?

          I understand. The next round of progress, they won’t be able to hide and it will make the news…but like I said, others will take credit for it.

          But what matters is; not who takes credit, but what actually gets done.

    • Wade House

      PS NOTE:

      Screw rabbi’s, screw religion, screw god himself, lazy, psychotic bums. We can do better!
      “Religion is a dragon that must be slain if humanity is to move forward”
      Sorry to step on anyone’s toes…NOT!!!

      Rabbi’s, preachers, popes…shish. Get Lost, Morons!

    • charlie

      just another laywer established way to make a living off of the unlawyered.

      • Praetor

        No one is forced to borrow, go into debt. That is a choice. Lawyers truly have nothing to do with a person going into debt. Lawyers are slugs. When it comes to debt, its about personnel responsibility.!!!

        • Wade House

          “No one is forced to borrow, go into debt. That is a choice.”

          There are millions of people in America, who would disagree with that statement.

          So should people just sit down and die because they can’t afford food or auto repairs, to get to work, so they can purchase whatever they need?

          You are such an FN Moron not to notice the system is set up to do just that.

          Or maybe you do know about the system, and you are just an outright liar, or troglodyte troll.

          But to me you are just plain Dog Excrement I try not to step in. And if I do, I just scrape it off and keep on keeping on!
          No biggy.

          • Praetor

            Borrow money for food or auto repairs and you are calling me a loser and moron. Then you use troglodyte troll, Please you stupid child. Truly you’re life most amount to zero, borrowing money to buy food, what a putz… Problem is to give you advice is like telling the sun not to shine.!!!

          • Wade House

            “Problem is to give you advice is like telling the sun not to shine.!!!” Is that an attempt at wisdom? FAIL!

            But you get and “A” for effort, like all the other children who try and fail under the new educational system rules.

            Unfortunate that our once proud educational system now spews out under-educated trolls like yourself.

  • acudoc1949

    All of modern banking is based on a lie. Loan contracts are invalid because the so-called lending parties, the banks, under the provisions of the unconstitutional Federal Reserve Act of 1913, DO NOT OFFER ANY FINANCIAL CONSIDERATION IN THE CONTRACT—–HENCE THE CONTRACT IS INVALID!

    It is this lie which will ultimately crash the system. You cannot build a house on sand.

    It would be another story if you were actually borrowing accumulated savings—-then financial consideration would, in truth, be actually offered. Some party would be giving up purchasing power for the term of the loan in exchange for interest. Nothing fraudulent here.

    But the currency that is ‘lent’ in the present system is created ex nihilo by your signature on the ‘loan’ document. The institution offers up nanoseconds of computer time figuring out the principal and interest on your recurring payments. Meanwhile, you work yourself to the bone over a lifetime so shyster bankers can have mansions in the Hamptons!

    QUOTE Everything a lie. Everything you hear, everything you see. So much to spew out. They just keep coming, one after another. You’re in a box. A moving box. They want you dead, or in their lie… There’s only one thing a man can do – find something that’s his, and make an island for himself. If I never meet you in this life, let me feel the lack; a glance from your eyes, and my life will be yours. UNQUOTE—-“The Thin Red Line”

    • Wade House

      AGREE 100%.
      Nice to see someone here with their own actual brain cells that work properly, in that they don’t spew the normal Banker/Media controlled propaganda.

      Good Times are coming! I know because I and others are helping to bring them!

      Beautiful skies, regular rains, milder winters, fewer hurricanes, lower gas prices, truth on the wind…Oh yea, the times… they are a changing!!!

      Fear, Doom and Gloom don’t reside in this House! 🙂

      3 out of 12 homes on my middle-class street are in foreclosure. That’s a 25% foreclosure rate.

      Most brainwashed morons will blame the homeowners. But anyone with brains can see that the problem is systematic and it’s the System that needs addressed.

      And address it I will!!! I don’t complain…I bring change!
      I am so not powerless like so many others! 🙂

      The Future is as Bright as a Beautiful Sunny Day!

      • Amen to the surging inevitability and novel rapidly emerging capabilities of that Bright Future, Wade House. The System as it now is has no idea at all about how to save itself from its own catastrophic demise because they have no control over the stealthy commanders of freely shared secret explosive intelligence and all of those new fangled and dangled entangling NEUKlearer HyperRadioProActive IT Systems of Operation … Massive Missions with Alienating Information Presenting Alternate Virile Virtual Reality Picture Shows for both Irregular Zeroday and Regular Daily Presentation and Consumption Of Future Great Game Plays.

        Lead with any of those new apps and all fools will be lost in a wilderness of their own ignorance which arrogants will destroy with their own hubris.

        Do we excite and play the same and/or similar Future Built Games for Future Builders, Wade House? You would not be alone here on the Daily Bell if such were the case.

        • charley

          too much weed my friend. somewhere in there is a message to the uninformed I guess. The only thing driving this madness is greed and mankind has and will continue on that path.

          • Methinks at least ignorance and greed are sub-prime movers and drivers of the madness in more than a few of mankind, charley. And it is most certain that they who be flirting with mayhem and verging on the insane, fear freely shared greater intelligence more than they can admit to for it is destroying them, one sentence shared at a time.

            And half of your first sentence is perfectly correct, amigo.

          • Praetor

            I was reading about, Hendricus G. Loos, it seem they have the tech. to makes us go into debt against our will, now that is over the top for the Keynesian collective.!!!

          • Wade House

            “make us go into debt against our will?”
            Really? Seriously? OMG!

            They’ve always had that power. Where have you been, under a rock for a thousand years? You just finding that out?

            Jesus H. Christ! You are so far behind the times it should be embarrassing! What a loser!

            Please enlighten us more with your wisdom…Please.
            Laughter makes the world a better place! 🙂

          • Praetor

            What is the matter with you limb node, you’re life one big pile of sh/t. Why don’t you look-up the story on this guy, instead of throwing out this meaningless drivel. If some one is making you borrow money, you be dumb all day sucker. FN child.!!!

          • Wade House

            So I can be programmed like you…
            Let me think about that for a second…

            Do I want to be uneducated and call people names because of my limited vocabulary and intellect?

            I’ll pass.

          • Wade House

            Nothing is wrong with me limb node! You are the one who drivels like a child.

            You’re too Stupid to argue with. Get an education and then come back and talk to me.

            And I really don’t need someone to tell me the obvious like you and your boy Hendricus G. Looser.

            I’m not as dumb as you are…sorry. It’s not my fault.

            Blame that stupid w/hore you call a mother and that retarded sack of sh/t you call a father.

            That’s who I blame. Not you. You are just a product of your environment. Like father like son.

        • Wade House

          Firstly…I’m not alone, and if I was, it wouldn’t matter at all.

          The System is designed to keep us down,hold us back, not save us. It’s working exactly as it should.

          The problem is that people believe the system is here to help us. I am under no such false presumption.

          We are here to overcome the system(s). Otherwise, we are not worthy. We are just as lame as the other Fox News Devotees.

          We are the Future Builders! Program yourself and your future or others will program you and your future for you!
          And I’m not having that!

          You are right. Their system doesn’t know how to save itself.
          But that’s good news for the rest of us.

          They will try; they will pump the airwaves with religion, fear and trump. But all they have are words.

          And if that’s all they have, we are well prepared to make them eat those words!

          • Change and/or break the System and destroy its Operands is surely then a worthy legitimate goal for any and all who would be liable to corruption and perversion in service of the grotesque anomaly, Wade House?

            Hmmmm? A Struggling Establishment Model would be wise and do very well to fund such an operation, giving them as it might do, a remote present lever of future control which they can imagine to command. The markets are certainly crying out for something new and quite different to save them from collapse, are they not?

            I wonder if such a call to action and proaction, even without let us presuppose the Advanced IntelAIgent Aids of the Almighty and NEUKlearer HyperRadioproActive IT Weapons Systems, would be/will be desperately classified as a dangerous phorm of terrorist extremism to be combatted ruthlessly and ineffectually by enemies of the ….. well, More Perfect than just Heavenly State is a Very Nice Place in Space to Spend Time and Commune and by fake friends who be the failing enemy within of the current futured and hedged realities planned for and presented today?

            Is this to be the start of one of those crazed betatests for mission creeps with toffee hammers to crack incredibly hard nuts ……

            The Times will tell the Tales with Media Spinning the Yarns which try to Bind the Whole and Holes Together. And such makes for an Incredible Space in which to Share and Play Grand Master and Worshipful Mentor to the Greater of Great Games Worthy of Realisation, although one might have to consider and accept that be nowadays much more an Advanced IntelAIgent Virtualisation with Supreme Visualisations to XSSXXXX.

          • Wade House

            Did you just call me a “grotesque anomaly?”

            That is so rich! Hats off!
            Never been called that before.

            You Win!

          • If one thinks to style oneself as a Corrupted System Guardian, Wade House, and heaven only knows why anyone or anything would wish to do that to themselves, is Loss guaranteed, and richly deserved too, methinks.

            To ensure Wins and Win Wins in the Myriad Sees of Madness and Mayhem is it just a simply complex matter of being something entirely different and ideally beneficent for the greater ease of general acceptance and sublime support which such a conversion would deliver.

          • Wade House

            If one thinks me a Guardian of this Corrupted System,
            then methinks you are as crazy as you sound.

          • Cool, that is good and encouraging news, WH. I wouldn’t like to be thinking you a crazy and lazy tool for fools for there is so much more to begin to do to deliver inescapable hope to dynamic autonomous change engaging in virtuous and virtual battle with the terror of DC retards and their dumb satellites.

            The ghost of Anthony Wile flies free and delves deep into the dark webs of distraction and deception which enslave the unthinking-about-such-things masses. ‽ 🙂

    • Perplexed Pete

      You are right! All “money” is created out of thin air by bankers when borrowers sign the loan documents. 95% of all “money” does not exist in any physical form; it is a digital blip in the hard drive of the banker’s computer. Bankers charge interest for loaning something they never had! This is a legalized counterfeiting, debt-enslavement scam.

      Now please note that ZERO politicians speak out about this. ZERO news agencies cover this. ZERO courts are willing to hear challenges. ZERO public schools teach this. Even the writer(s) of the above article seem oblivious to the truth. Why?

      • Now please note that ZERO politicians speak out about this. ZERO news agencies cover this. ZERO courts are willing to hear challenges. ZERO public schools teach this. Even the writer(s) of the above article seem oblivious to the truth. Why? ….. Perplexed Pete

        Because general knowledge of the truth would be an explosive precursor to the bloody demise of all corrupting bankers and their political lackeys, Perplexed Pete, and that surely must constantly terrify them and their supporters, especially now in these uncertain and dynamic times of crazy lone wolf operators in search of destroying old systems and entering virgin rich heavens ….. Virtual States of Nirvana.

        But such has been known since a long time ago, and that surely means that they all be just surviving on borrowed time …….

        It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. …. Henry Ford

        If the System had any common sense or greater intelligence of its own, would it change its odd and old oppressive and suppressive ways to something altogether more engaging and encouraging. But the Machine appears to be as stupid as it is dumb and lifeless.

        • Perplexed Pete

          Your comments are not helpful. There is no autonomous “System” that possesses common sense or intelligence. There is no machine, and therefore your anthropomorphic descriptions are meaningless. There are only people. A small percentage of these people control the banking system, and most of the wealth in the world. We do not know if they are truly sociopaths, but they certainly act like it. The comments of acdoc1949 are helping people wake up to the reality of the legalized-counterfeiting, debt-enslavement banking/money creation system that leeches trillions of dollars of resources and labor from billions of unsuspecting victims. Your cryptic babbling is only causing more confusion.

          • Oh? So you do not think a small percentage of people controlling the banking system, and most of the wealth in the world, a machine and cabal, or machine-like cabal to be reprogrammed/better programmed?

            Is that a common view?

  • George_Costanza

    That part of the State Constitution (about not changing what “they” agreed to payout) is UnConstitutional !!!
    It also violates Illinois Territory’s agreement to be part of the United States.
    End compulsory water fluoridation.
    End government “pensions” paid for by the rest of the citizenry {that is called extortion}
    Illinois can become financially sound if that anchor is cut away.
    or, the extortion called “property tax” will be un-payable by anyone living there.

  • r2bzjudge

    In a depression, things collapse.

    There is a short term debt cycle known as the business cycle and a long term cycle, which ends in economic depression. Kondratieff called it the winter season.

    The cycle repeats over and over again regardless of lessons learned from the past. Everyone in congress knew why Glass Steagall existed, yet they dismantled it.
    Shortly after a Nikkei bubble happened, a Nasdaq bubble occurred and people ran headlong into a housing bubble having learned nothing from the burst Nasdaq bubble. Oh, and now there is a car loan bubble and car loan fraud to go along with it. No one has even had time to forget lessons, yet new bubbles pop up.

    Bankruptcy may not be a magic wand for Illinois, but the reality is that the state is virtually bankrupt. People are leaving Illinois, which is taking away their tax base. At some point the tax payers will be forced into bankruptcy, as they will not be able to afford their own basic needs, due to the income taxed away from them.

    Something is going to break, one way or another. A reset has to occur. Then the next long term debt cycle can begin.

    • Perplexed Pete

      You need to read acudoc1949 comment below. Your comment shows that you presume the business cycle, depressions, crashes, resets, and Kondratieff winters are inevitable. Bubbles are not created by primitive “animal spirits” as Keynes said, nor by “people run headlong” into them, as you say; bubbles are created when bankers create artificial credit-money and direct it into the economy. This artificial surge creates distortions in price mechanisms. These distortions send false signals to entrepreneurs (who are professional prognosticators who study price trends for a living), who then pile-in to market sectors that seem sustainable and profitable. BTW: the evil business cycle never existed before the modern legalized-counterfeiting, debt-enslavement money (banking) system was created.

      If you are new to this subject and want to learn more, check out Ellen Brown, G. Edward Griffin, and Byron Dale, all of whom have been interviewed on countless youtube videos.

      • Hi, Perplexed Pete,

        All of that information is the old script that everyone was/is expected to follow.

        Things have changed recently …. more than just a little, hence all the madness and mayhem/chaos and conflict. There are now novel virtual and more virtuous narratives to disrupt and destroy the traditional establishment faked news force which is invariably always anonymously sourced for responsible agents to escape accountability.

        But such a rush of change is perfectly normal and to be fully expected for nothing ever remains the same and it is surely madness confirmed to presume otherwise.

      • Wade House

        Way to go Pete. Right on the Money…so to say. 🙂

        Funny to have to explain about artificial price bubbles to people in this day and age…the age of the bubbles.

        But nobody did it like Matt!

        The Great American Bubble Machine

        From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression — and they’re about to do it again – By Matt Taibbi

  • Absolutely ever New Congress that accrues any amount of debt that has to be paid by any future Congress is a bunch of conspiring thieves, robbers and liars.

    The same goes for fiat currency “printing” devaluation.