What happens when a nation is bankrupt?

Answer 1

Yes the international community was bankrupted in 1930 with its precedent in law Tompkins vs. Erie Railroad 1939. In order to bankrupt people, they were established as property with the previous case. Mr. Tompkins was declared a corporation that could not sue the Erie Railroad because he was not under contract with them. Hence, when Tompkins lost this case as of contracts law, people were then property not unlike slavery in history, but now it was official internationally. The real reason for this occurrence was that the Polity forgot the source and process of issuing sovereignty. So, what to do with the people? The choice had to be made and the gold was getting everyone in dutch as of countries plundering for gold attempting to control the currency. The rich families (Polity - Rothschild, Rockefeller, Brown et al) decided to pull the gold from the money-backing it and legalise the currency instead. In other words, the paper itself became the substance. Nothing wrong with that as long as everyone agreed. The problem remained that once people become aware of the fact that we are insolvent, few agree with it, but no one knows the answer overtly except The Brauch foundation (TBf). Their view is to introduce the Federal Reserve certificate (FRc) to the banks. Once the FRc is introduced cover huge blocks of money, profit certification takes place and solvency. It is very simple, if one comprehends the previous statement.

For those of you who have any question, the one asking this question, and answering it, are the same person...and I think clearly an interesting, but absolute kook!

I won't try to dispute too much of the absurdness above, but lets take a few main things:

The word Bankruptcy defined: Insolvency; a process governed by federal law to help when people or entities cannot or will not pay their debts. The condition of being unable to pay one's debts as they become due.

But the Governments of the World since 1930 (generally) have and are paying their debts.

It is proper to notice that there is much difference between a bankrupt and an insolvent. A man may be a bankrupt, and yet be perfectly solvent; that is, eventually able to pay all his debts or, he may be insolvent, and, not be a bankrupt.

The bankrupt laws are intended mainly to secure creditors from waste, extravagance, and mismanagement, by seizing the property out of the hands of the debtors, and placing it in the custody of the law; whereas the insolvent laws only relieve a man from imprisonment for debt after he has assigned his property for the benefit of his creditors. Both under bankrupt and insolvent laws the debtor is required to surrender his property, for the benefit of his creditors.

Doesn't sound like anything that can even remotely said to apply to countries and governments since 1930 does it? And anyone should notice quickly...he claims US law cases had an effect on all the international governments in the world. That he would suggest that Germany, Italy, even France...(or any other country) just prior to WW2, in 1939, (or now) would care the least about some finding by some district of a US Court against a US railroad, should tell you a lot. Also note he claims the only ones that know all this is - The Brauch Foundation -. That, (if it exists anyplace other than this guys imagination), he says on his bio is something he originated! (Although it doesn't stop him from addressing it in the 3rd person). But considering so much of this site is otherwise droll, factual and non fiction, it makes for fun reading.

Answer 2

Like any government, the US could default on its debt obligations, or even abrogate its national debt, which would be the same as declaring bankruptcy but not with the same legal standing. But before that would happen, it could simply authorize a higher debt ceiling and use that money to pay its other debts, which is what it is actually doing whenever it has a budget deficit. The US as a country has a net worth far in excess of its national debt, but as of 2014, the debt of $17.6 trillion was about equal to 104% of the Gross Domestic Product.

Answer 3

Yes, unfortunately.

Many have in the past and the United States appears to be about to do so now. We simply cannot give everyone everything without someone paying the price.

Answer 4

The world will go crazy and all of the girls will die cuz we need Justice, Gap, Old navy, Ann Taylors, and all of those rockin stores :) :(