On Debt

[Mortblanc]

One of the things that has been consistent over the ages is that at the end of any event the banking industry will come out intact.

That is partly due to banking being one of the first international industries rising up out of the "Dark Ages". From the very start of the banking industry they had built in failsafe systems to insure their survival and the survival of their assets.

The surviving banks will buy out the failing banks and that includes the debts owed to the failing banks.

Over here, in the middle of the banking and real estate market crash not only did the banks repossess the homes of those that could not pay, they left those homes empty and abandoned as a sign that they were willing to turn nonpayers out on the exact opposite principle that "If I can not get mine they can not get theirs".

Many people had their homes auctioned off, for one penny on the dollar, while they watched from the curb.

It was much the same during the Great Depression of the 1930s. Total collapse of the economy but mortgages and taxes were still due.

Property taxes are the last thing most over here worry about. TPTB must usually wait for 5-10 years before they auction off property tax delinquencies or offer land for sale due to nonpayment. But eventually they will get their money.

The one truth that everyone should acknowledge is just because one part of the system collapses and you lose your job does not mean the entire system goes down. The banking and tax collection structure, in one form or another, will survive anything the world can throw at them.

Even your romantic, self sufficient, idyllic, medieval serfs and villains paid rents and taxes.