My father (a commercial artist) worked on a bunch of his properties and persons he talked to were always surprised that he ever got paid.
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I recall reading somewhere that the U.S. has an excellent rep for paying back their loans, albeit by borrowing money from someone else, and then paying them back by borrowing from someone else, and so on, ad infinitum. What (if any) of that is accurate?
This has to be one of the most ironic thingâs I have read all year.
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Itâs not at all as ironic as you think it is.
It is very good that other countries hold our debt in US dollars, pragmatically.
Are you also the sort who doesnât believe in inflationary monetary policy?
I am surprised that we donât have a database for contractors to consult. âCertainly, sir, Iâll just check your name in the app before we sign⌠oh, it seems your name is listed. You have five unpaid contracts. Sorry, no deal!â
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The neat thing about Yiddish is that itâs mostly an old German variant with some Hebrew words. Even the name is almost homophone to modern German âJĂźdischâ (Jewish).
The United States is in debt by design. The real purpose of the debt at the beginning was to get wealthy citizens financially linked to the well being of the Union through the purchase of treasury bonds. It still is the case today that debt held against the US Treasury makes you want the US to succeed. The trick is keeping the debt to a manageable level.
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If only it could be that easy. One thing I learned in 30 years of contracting was to vet my clients before making a deal. I made money on some jobs simply by saying no in the first place (learned that the hard way). My customers had every right and duty to check me out before hiring me, and I quietly did the same to them before taking the job.
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All true. But⌠Those were also true of the UK, until they werenât. Like insolvent companies, you never really know how much debt is too much until creditorâs perceptions change and they start charging more interest. And once creditors start questioning your ability or inclination to pay them back, itâs too late to back off of your borrowing ways just a little bit. Of course with his talk of renegotiating the federal debt and a history of using bankruptcy as a tool, Trump seems more likely to CAUSE a debt crisis than to prevent one.
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Contract supremacists never want that information to come out, funny.
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