debt jubilee

DEBT JUBILEE

Ah, good old hyperinflation.  You bought FLIR scopes and freeze dried yak spleen on credit, and with your advanced basket weaving degree that only set you back a hundred grand in student loans you are now working as one of the last executives at K-Mart, living in McMansionville in the classy part of town ( a whole Interstate between you and the ghetto ).  Things are a little tight after the misses got liposuction ( her and the pool boy look happier these days ), but with the way the economy is going the Fed inflating the dollar makes the debt easier to pay.

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As soon as Saudi Arabia goes full feral on us and embraces their new Sino Overlords, the day the PetroDollar Dream dies, why, a good dose of hyperinflation will wipe away most of our debts.  With a few good pay raises we can pay off our mortgage and be sitting pretty.  Because the Federal Reserve Bank loves us and wants to help, sort of an apology for the last century of taking a nice gold dollar and running it through the shredder.  Then stomping on the remains.  Then taking a crap on top on them. 

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Even if that fantasy came true, which I have a hard time believing, ask yourself this.  How are you going to pay off that inflation adjusted property tax?  We’ll come back to that.  First, a little history of hyperinflation.  They are generally over with pretty quickly.  That is the good news.  The bad news is, you never win.  You, the little guy.  Those in power always figure out a way to rig the game in their favor.  Do you recall the Weimar inflation?  Most folks remember the wheelbarrow full of cash being stolen, and the worthless currency left on the ground. 

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Do you remember the part about the postage stamp used to mail a pension fund being worth more than the check inside?  Do you remember the part about the unemployment that went along with it?  Sure, workers would take their pay at lunchtime and buy groceries, as the food prices would double by quitting time, but you still needed a job for that to be applicable, didn’t you?  The Nazi’s might have been the wrong horse to hitch your wagon to, but they got everyone employed, eating and having coal in the winter.

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The newly crowned Federals wiped away their war debts by hyperinflating the Continental.  As a bonus, a lot of veterans were hard pressed and sold their wilderness land grants to speculators.  The rich got richer.  So, your mortgage gets paid off by inflation, in theory.  You’ll sign it over to some rich pricks corporation in order to get some food, as soon as you get canned by another company belonging to that same corporation.  The more houses on the market the cheaper they get.  Food will be much dearer.  And hard pressed local governments will start jacking up farmland taxes.

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So forget getting filthy rich selling potatoes out your garden.  Remember the stories of the zoning Gestapo the day after the hurricane coming through and writing violations?  All those government employees with a need for a paycheck will be snooping out your backyard with drones, food production being taxed.  Even if you can afford the county property tax, how about the city food tax?  The one thing you can take to the bank, and win bets of jelly filled donuts on, is the ingenuity of the taxing ( and enforcing ) authorities.  They always think of something. 

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Those pricks in Oregon probably made water catchment illegal so they could fine you after the water plant went tits up.  Another thing they will change is the interval between non-payment of taxes and government seizure.  That will shrink drastically.  As the level of force escalates over non-vacating former owners.  The SWAT team is equipped and raring to go.  We cannot foresee the depths of depravity our “civil” servants will go to so as to clutch their iron rice bowls ever closer to their black hearts.  But they will.  Go back and watch “Michael Collins” for a few ideas on collaborator elimination.

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This last economic implosion, the bankers basically stole everyone’s homes, then instead of reselling them, they got turned into rentals.  That is more profitable, and they didn’t have to worry about them succumbing to the weather ( the property management team that got a cut was in charge of preservation ).  As you saw, these Mexican labor plastic wrapped hunks of crap deteriorated VERY quickly, so file that away in your salvage plans.  But this time around, with unemployment, who will be left to rent?  By that time, will the banks be happy to let you have the thing?

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Will the counties actually work with people rather than penalize them for being poor?  That didn’t happen during the 1930’s.  The poor were still ostracized, belittled if they resorted to welfare ( what existed back then ), and felt lucky to have a dangerous job at a factory.  But that was a wealth consolidation period.  This next time, wealth has already severely contracted.  The bankers might just leave you to your own devices.  You can have the house.  Which soon will not have power or sewage.  Those services cannot be provided by the broke counties unable to secure more loans as they default on the old ones. 

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So you might just see a two prong degradation.  Those areas with disarmed sheep will be squeezed and abused, the ones with some wealth left remaining on the grid-barely-but homeowners violently abused until they go under financially.  There will be your insane property taxes and SWAT raids.  Those counties still pay their loans to the banks.  Those rural areas full of pissed off armed folks will have most of their centralized services ( imported energy or power pipelines shut down, semi truck roads not maintained ) cut but the governments more cooperative.

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This is going to be how the energy and resources are triaged.  Those areas still paying back the loans get cut off last.  But they WILL get cut off, eventually.  That is what happens during decentralization.  The center cannot hold.  But be clear on what happens during that process.  The more tyrannical governments will see the most violent reactions.  Eventually, once the citizens break under the burden.  Those areas violently reacting FIRST, at the onset, will of course lose their beloved imperial swag, the bribes to pacify.  But they will also avoid the long term destruction.

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A good example might be Afghanistan.  They lost the benefits of a national government, going back to a pure tribal economy.  But they also lost the detrimental effects of a national government that was always broke and trying to exploit the people through taxes.  Towards the end, none of the benefits of centralization were delivered but all of the costs were still extracted.  It was cheaper to pay off the warlord ( who protected you ) in food than it was to sell food ( with prices forced down to benefit mechanized foreign growers ) and try to pay the taxes that got you no police protection. 

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Tomorrow, I’ll cover more of the benefits of forced decentralization, inflation strategies, etc.

( .Y. )

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