Finances

@rajk999 said
All debts are secured by assets of some kind.

Not correct unfortunately.
Nixon took USA off the gold standard almost exactly 50 years ago due to losses incurred in Vietnam.
The massive USA government debt is backed by nothing more than trust that they will pay it back. Same for most countries .

@the-gravedigger said
Not correct unfortunately.
Nixon took USA off the gold standard almost exactly 50 years ago due to losses incurred in Vietnam.
The massive USA government debt is backed by nothing more than trust that they will pay it back. Same for most countries .

on a minute scale I know a teacher in york who has run up 40k of debt twice almost 4 years apart and has been made bankrupt (rented property, cars on lease) both times writen of.....wrong immoral but people get away with it.

@badradger said
on a minute scale I know a teacher in york who has run up 40k of debt twice almost 4 years apart and has been made bankrupt (rented property, cars on lease) both times writen of.....wrong immoral but people get away with it.

I believe it called working the system in your favor.

Trump once said: I am only following the rules you guys made in one of his bankruptcy cases.

-VR