Detroit house auction flops for urban wasteland

County tax revenue is on the ropes and about to hit the mat. Make no mistake. The only difference between a County and the Federal State is that the latter can, for a time, maintain the illusion of solvency by borrowing more. However, it is now abundantly clear that the Federal Government can now only buy government debt from itself. This is what monetization is all about.

A fiat monetary system of floating exchange rates, depends on each sovereign country member of the system buying another country’s debt. If you are able to visualize the absurdity of this system in the first place, then the reasons that will signal the system’s demise should be clear too.

Governments purchasing their own debt rather that the debt of other countries is a clear sign that the system has broken down.

A breakdown in the tax revenue flow at city, municipal, county and state level guarantees that there is a breakdown in tax revenue at federal state too. The fact that governments today are monetizing their own debt guarantees that the fiat monetary system has broken down.

As social costs rise and as social expenditure must by necessity be curtailed, civil unrest will rise. As civil unrest rises, governments will fall.

No western politician is about to relinquish power. Before civil unrest will get out of hand, we’ll have us a world war.

http://news.yahoo.com/s/nm/20091025/us_nm/us_usa_housing_detroit

After five hours of calling out a drumbeat of “no bid” for properties listed in an auction book as thick as a city phone directory, the energy of the county auctioneer began to flag. OK,” he said. “We only have 300 more pages to go.” […] “Despite a minimum bid of $500, less than a fifth of the Detroit land was sold after four days. The county had no estimate of how much was raised by the auction, a second attempt to sell property that had failed to find buyers for the full amount of back taxes in September.”


Advertisements

Tags: , , , , , , , , , , , , , , , , , , ,

One Response to “Detroit house auction flops for urban wasteland”

  1. David W. Lincoln Says:

    Who is the contrarian with the most prominent profile saying this? I purport
    that they work with the other contrarians to make sure those with power see it stripped away. A US government in exile is a safer way, even though
    there are people who will have their noses out of joint when this comes to pass, because the fact it exists will be an indictment on their sub-standard
    behaviour.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: