So many people these days live in debt, it has become normal, a way of life. We are indebted either through personal, government or corporate debt. We pay though interest, taxation or as a hidden cost in the consumer products that we buy.
As far as personal debt goes, we’re all made to feel that we have an absolute obligation to repay this debt, we live in fear of the shame of default and bankruptcy: we have an emotional involvement to our personal debts.
For the vast majority of people, their debt is accrued through the purchase of fashionable junk products, keeping up with the Jones’s and so on. If these people default, they are often ruined, their lives in tatters with nothing left of value, even their homes are forfeit as security.
Not all loans are secured though, what of the man who has run up his credit cards to buy, perhaps, gold and silver or other tangible assets? These assets are then unsecured, can be hidden away to start a new life after debt. This man is in far better shape, he just needs to lose his emotional attachment to his debts.
Corporate debt is a different story; emotional attachment to debt is rare, at least for successful businessmen. For the CEO and other board members of large limited liability organisations, they have no personal responsibility for the debt of these organisations. Bankruptcy is just a business decision; the real skill is how the bankruptcy is managed.
Banks will have a claim on secured assets but future success for these businessmen will depend on just what some of this debt has been spent on. Will the company disappear forever or will it rise like a phoenix from the ashes, probably under a different trading name in different premises?
Entrepreneurs are particularly good at this, They very rarely succeed at their first attempt, often going bankrupt several times before they finally succeed. People like this have no emotional attachment to their debts, they will walk away from them, having set themselves up for a new business venture, keeping key assets and contacts from their previous failure.
To many people, the above may seem unethical, dishonest even, but life is a ruthless game. Consider that the most ruthless people are the bankers themselves. They create currency from thin air – in today’s computerised age, they don’t even need to print it anymore, just tap a keyboard – this money is then lent out with usurious interest, see this: “Usury: the Science of Shylock.” We owe the bankers nothing.
Donald Trump is an entrepreneur that has declared Chapter 11 bankruptcy protection six times, meaning that his company can remain in business while wiping away many of its debts. Although many will try to use this fact to smear Trump, this is just normal business practice. Now Donald Trump is the President of the United States of America, a country that despite still being the greatest military and economic power in the world, is deeply in debt and is now racking up an additional trillion dollars a year in debt just to keep ticking over. Trump is an expert at handling bankruptcy and I must thank a recent X22 report for crystalising my thoughts on this: “BJ Has The Backing For The BREXIT, Trump’s Economy Gains Strength – Episode 2045a”.
At a time when the US is so deeply in debt, Trump is spending money on building walls, infrastructure, industry and bringing jobs back to the US, all with borrowed money of course. We all know that that in a world with out of control debts of around 250 trillion dollars, it can never be repaid, all we can do is use it while we’ve got it and Trump is doing just that.
China too is suffering from bank runs, it banks and the country generally are ridden with debt. Yet still China is spending trillions of Yuan on developing its one belt one road initiative.
Both Presidents Trump and Xi Jinping are preparing their countries for a life after debt. Of course the US and China will have a trade deal and Britain should have a trade deal with the US and we will. I’ve already written about this a few years ago in my article: “The wrong direction”.
In 2009 when Greece was faced with a government-debt crisis, the then Prime Minister Alexis Tsipras promised his people that he’d stand up to European bankers and threatened to default on his country’s debts. All to no avail; Tsipras was soon brought into line by the Eurocrats.
This is how doing business with the European Union really is, it is a banker-driven technocracy that uses debt as a weapon to subdue its member countries; conquest by another name. The Eurocrats have dreamt of a Marxist world where we’d all be enslaved in their debt prison, even while so many of their banks are on the brink of collapse and their accounts haven’t been audited since God knows when.
I once watched an old friend die of cancer. As the cancer grew, it drained his body’s resources until, before he passed away, he was just a husk of skin and bone. This reminds me of the European Union and what it will do to us if we don’t break free of it.
The world will face a serious debt crisis soon enough. There will be winners and losers, I’d prefer to win and I’m sure you would too. Our best chance of survival is to break away from the EU and join others that are preparing for a life after debt: the EU has squandered its resources pursuing the Marxist dream. It will fail.
Let’s hope that Boris Johnson knows all of this, perhaps we’d better be ready to give him a push in the right direction.