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Bankruptcy or Default and it's Heretic meanings for a bail in for all

serfserf Member Posts: 9,217 ✭✭✭✭
edited April 2020 in Politics
 The Wheels are coming off the tracks as Congressional parties point fingers at each other. Third world country time for The Great Society of The American Dream . The black hole in D.C, is going to be sucking up every beguiling tricksters it can find to explain to the taxpayers they must tighten their belts to save the country.
 
                                                    serf
     https://www.rollcall.com/2020/04/27/despite-mcconnell-comment-states-cant-go-bankrupt-only-default/

Despite McConnell comment, states can’t go bankrupt, only default?

 

Bankruptcy is messy and chaotic, but defaulting could be worse.  

There aren’t many examples of state default. The last state to stop paying its bondholders was Arkansas in 1933. Puerto Rico, a territory, recently defaulted on some of its debts, deepening an ongoing financial catastrophe on the island.

The one clear take away: States that default would face significantly higher interest rates on subsequent bond issuances, if they could borrow at all. According to a 2016 paper from the Federal Reserve Bank of Cleveland, after its 1933 default Arkansas reached a deal quickly with its bondholders, but “the state’s reputation suffered for a long time and it was unable to return to credit markets without federal assistance.”

 

 
  The trickster disobeys rules, ignores what is normal or expected and often encourages chaos. He or she is often very good with words and uses them to trick or fool others and to make up for his or her other shortcomings, such as physical or moral weakness. They take on different personas or put on acts depending on the audience or on what they need. The trickster openly questions and mocks convention and encourages other characters to follow their impulses, to do what is fun or what feels good rather than what is right. The trickster often creates and enjoys chaos. 




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