Since around 2010, the government has added trillions of dollars to add liquidity to the markets in hopes of some form of economic recovery. The scary thing is, this money was not real money that they have in their coffers but money printed out of thin air in the form of quantitative easing. Most Americans don’t understand what quantitative easing is, but in a nut shell it is nothing more than making up money that is backed by nothing. In essence, it devalues every dollar we earn. The Federal Reserve admits to increasing the money supply by 20 times, so if I have my math right every dollar in my pocket is only worth a nickel now. The media has been beating this drum of a complete recovery when in reality jobs are leaving by the millions. In fact, this actually began back in 2000 when US corporations started moving all of their manufacturing offshore. This is when the US economy became debt driven and nothing more. We are no longer makers of anything, but only consumers and that will only work as long as they keep printing money to give to the banks to loan it to the consumers.
Looking at the unemployment numbers it’s hard to believe that it is only 6.7% at the last checking. You can’t pick up and read the financial papers without hearing about a major corporation filing bankruptcy or the announcement of layoffs and or closing of numerous corporate locations. At the peak of unemployment a few years back, the employment to population ratio was 62% and that’s when unemployment was over 10%. Now at 6.7%, that ratio is now 56%. Once again, checking my math, that ratio should be increasing as the evidence points to number decreases. It’s obvious someone’s cooking the books. The good news is, for all those out there that are struggling bankruptcy filing is still available. They just need to look for that silver lining in the bankruptcy cloud and see the positive side.
Historically, when the topic of filing bankruptcy comes up all you really care about is the negatives. Rarely does anyone hear about the good things that filing bankruptcy offers. If someone wants to hear some good news about the topic they should consult a bankruptcy attorney. A bankruptcy attorney will tell the individual about the automatic stay and how powerful it is. The automatic stay is put in place at the time of filing bankruptcy and stops the creditors from collecting on any debt. In fact, it is so powerful it will stop all legal activity including, foreclosure, lawsuits, judgments and wage garnishments. Creditors will no longer be able to even contact the debtor, as a result, debtors will enjoy the peace of not worrying about who’s on the other end of the phone when it rings.
The second most positive benefit of filing bankruptcy is the bankruptcy discharge. The bankruptcy discharge is the secret that creditors don’t want the debtor to know about. Creditors want individuals to believe that a bankruptcy filing will destroy their life. This is why there is so much negative information online. Debt collectors will do anything to talk someone out of filing for bankruptcy because they know that once the person files, they will no longer be able to call the person and when the bankruptcy discharge comes they will receive nothing. When filing Chapter 7 bankruptcy all unsecured debts are completely wiped out with no repayment whatsoever. When it comes to Chapter 13, the debtor and their bankruptcy attorney are required to submit a feasible repayment plan to the bankruptcy court. In Chapter 13 bankruptcy, debts are paid by priority with secured getting the first crack at the cash. Usually, very little will be paid on the unsecured debt and any remaining amount will be included in the bankruptcy discharge at the end of the repayment plan.
The truth is, there is no economic recovery that the media is talking about and people need to be proactive to search for the truth. When things don’t add up, take the talking heads at face value understanding who they work for. Many Americans are starting to wake up to the truth as it’s getting pretty hard to cover up the non-existent recovery when over 50 million people are receiving food stamps and many are moving home with their elderly parents because they can’t keep a roof over their heads.