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Old 06-13-2012, 05:44 PM
 
79,908 posts, read 44,064,775 times
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Quote:
Originally Posted by Toyman at Jewel Lake View Post
It's going to be an interesting ride. Detriot may well be the first major city to go bankrupt...what will be the first state? I really have to wonder what goes through the minds of the leaders of these places? How do they imagine they can keep spending more than they bring in? I mean, who do they think they are, the feds?
Cleveland defaulted in 1978 under Dennis Kucenich.
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Old 06-13-2012, 05:45 PM
 
Location: Maryland
18,630 posts, read 19,379,893 times
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Judge dismisses Detroit city attorney's challenge to consent agreement | Detroit Free Press | freep.com

A judge dismissed the lawsuit so looks like bankruptcy will have to wait a few weeks or so.
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Old 06-13-2012, 05:48 PM
 
Location: The D-M-V area
13,691 posts, read 18,406,067 times
Reputation: 9595
Quote:
Originally Posted by pknopp View Post
Cleveland defaulted in 1978 under Dennis Kucenich.
Yes I remember that.

Dennis the Menace.

Another Democrat.
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Old 06-13-2012, 06:21 PM
 
9,639 posts, read 5,997,710 times
Reputation: 8567
Quote:
Originally Posted by monkeywrenching View Post
now all we need is for the USA/federal goverment would declare bankruptcy.
It can't go bankrupt... It's not possible as long as we print our own currency.
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Old 06-13-2012, 06:24 PM
 
Location: somewhere in the woods
16,880 posts, read 15,169,069 times
Reputation: 5239
Quote:
Originally Posted by LordSquidworth View Post
It can't go bankrupt... It's not possible as long as we print our own currency.

if nobody will accept that currency outside of the USA, it will be very possible to go bankrupt.
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Old 06-13-2012, 07:39 PM
 
9,639 posts, read 5,997,710 times
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Quote:
Originally Posted by monkeywrenching View Post
if nobody will accept that currency outside of the USA, it will be very possible to go bankrupt.
The U.S. cannot go bankrupt...
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Old 06-13-2012, 07:41 PM
 
Location: Sinking in the Great Salt Lake
13,139 posts, read 22,761,037 times
Reputation: 14116
Quote:
Originally Posted by LordSquidworth View Post
The U.S. cannot go bankrupt...

"This ship can't sink!" Titanic (In 3D April 4, 2012) - YouTube
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Old 06-13-2012, 07:43 PM
 
Location: somewhere in the woods
16,880 posts, read 15,169,069 times
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Quote:
Originally Posted by LordSquidworth View Post
The U.S. cannot go bankrupt...

any goverment can go bankrupt.

what will happen when the interest payments are more than the federal goverment can afford?

what will happen when the people get tired of the federal goverment and just stop paying taxes?

sooner or later the dollar will no longer be a world reserve currency, when that happens, what will happen then?
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Old 06-13-2012, 07:51 PM
 
Location: Allendale MI
2,523 posts, read 2,199,030 times
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Quote:
Originally Posted by monkeywrenching View Post
any goverment can go bankrupt.

what will happen when the interest payments are more than the federal goverment can afford?

what will happen when the people get tired of the federal goverment and just stop paying taxes?

sooner or later the dollar will no longer be a world reserve currency, when that happens, what will happen then?
print money and cause hyper inflation but it cant go bankrupt.
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Old 06-13-2012, 07:51 PM
 
10,494 posts, read 27,183,051 times
Reputation: 6717
Although I do not think it will happen, I would LOVE to see Detroit go bankrupt.
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