Pffft - why do people say I have zero debt, own everything seem to think they are "safe."

If the economy collapses, you have riots in the streets - doesn't really matter that you have zero debt. People will be breaking your door down to get what you have. Forget about having some debt, I would be more worried about having surplus food/water/ammo and the like.

I put my real estate licence in retirement this year because I honestly cannot sell houses to people I know will be losing them as quick as they get in them. Here in TN foreclosures have not flooded the market even though it appears to some they have. They haven't. Over the next five years we will see more and more.

Its going to get a lot worse before it gets better in my opinion.

I heard from senior realtors say that if you don't own your home out right (paid for with cash) any debt you have when the shtf will add fuel to the fire. They will come and take your home and anything else of value to help pay off the debt. This is what some of them were saying about our future outlook.

So... I got out of the rat race as I am not into making money off people who are naive to the facts because the MSM likes to paint a pretty picture. It's a trap.

Where is the accountability? Oh I forgot...no one is making them be accountable. We are still sitting back all comfy watching American Idol to care.

Alabama, hm, so must be Jeff Sessions or Richard Shelby. Both Republicans. Both wealthy. Both well connected.

Many in the banking industry see the cliff ahead as 'Bernanke' implied. To many shakeups and resignations also in big business and banking. So i feel many of the responses hit it on the head with the devalued dollar. To many dollars out there to keep the price up and inflation down with the printing presses so active. Plus the amount circulating in the economy is way to low a level.

5 years is a long time to borrow money.
Seems like a logical statement the senator was making.

Here we go 5 months and counting, I am a residential home builder from Toronto ,most of my clients now are Americans coming here to purchase [modestly priced]homes and prepare them for occupancy whether it be increasing the square footage or adding another story they are coming "if you build it they will come"most are in their mid 30 s and up ,when I ask what brings you North[ and I know its not the Toronto Maple Leafs ]the answer usually is the same, investment purposes or retirement.
Now I am not an investment banker or wall street guru, here its [bay street ]but I know they are better investment returns on 5 year terms than Toronto,however if your coming to dump your money and assets in a vault that is secure from outside geopolitical turmoil than Canada is the place .
We are so cheap and conservative that we make the Brits and Japanese look like party animals when it comes to loaning money.
Which comes to my last point the Banks in Toronto are not loaning to people who have don't have at least 30 percent equity in your home ,America may be going broke ,but the folks I deal with don't even blink when I start my pricing at a 100,000 and move north from there.
I have digressed from my point I apologise [cant help it, love New York license plates when they are parked in the driveway of a potential sale]most of my American clients don't need financing at all!
Where as Canadian clients need some type of financing when you start getting to 50, 000 and up, most banks are declining second mortgages to couples with perfectly good credit and very profitable careers ,matter of fact I was telling this to one of my clients from New Hampshire and he offered to do in house financing for a couple who were having trouble securing a second mortgage.
Point is, Bankers are not stupid they have stopped loaning money where the residence is collateral, if you don't have at least 30 percent up front they shut the door,that tells me simply there is no 5 years from now. I know I have rambled on here but deception never introduces itself, you have to look very hard for inconsistencies and usually when it comes to money its all pretty linear if the numbers don't add up then there's a problem because the only thing that never lies in our society is greed .

It means when the crash comes, and it IS coming, everything will lose most of its value, EXCEPT for how much you owe. Just like they did in the thirties. People are already "upside down" or "underwater" on their mortgages, meaning they owe more than the house is worth.

Imagine that times, say, a hundred. Anyone who takes out loans now at what they perceive as realistic amounts, will be in for a big surprise. Let's say you get a mortgage for a hundred grand and buy a little shack to live in with it. Suddenly, everything crashes. Your little shack is now worth ten bucks. Your pay, if you can even find a job, drops to one dollar a day. But you still owe a hundred grand. You could work the rest of your life and not pay it. So, to recoup their "losses", they will take your shack and anything else they want from you, and you will STILL owe more.

They are also re-instituting debtor's prisons. You will end up there, once they have squeezed you dry, and then you will work for Wackenhut for free till you die.

Originally posted by CaptChaos
(...)

They are also re-instituting debtor's prisons...

Greetings:

Very interesting.

Do you have any more info on this?

Thanks for your time and consideration.

tfw

Originally posted by MidnightTide
Pffft - why do people say I have zero debt, own everything seem to think they are "safe."

If the economy collapses, you have riots in the streets - doesn't really matter that you have zero debt. People will be breaking your door down to get what you have. Forget about having some debt, I would be more worried about having surplus food/water/ammo and the like.

This is why I'm happy to live in a nice Mormon community, it is almost like being a survivalist is built into the religion. Almost all of my neighbors have good food storage and have personal and community gardens.

We have semi-religious meetings where we learn how to can/bottle food, garden, proper food storage methods etc.

Religious dogma aside, it will be great to be surrounded by people who are prepaid for whatever may come... We even have rapid response disaster plans.