This had been a major issue with Chinese under CCP government. But with normalizatin of diplomatic relation of USA-China in late 1970s, the problem has spread into American government, especially Democratic Party. Yesterday El-Erian, suddenly came out to ask, US Debt is Your Problem. With the War with Iran on-going, record diesel prices, and a global bond sell-off: how much more can the world economy take? As a Chair of Obama Global Development Council 2012-2017, one of Foreign Policy’s “Top 100 Global Thinkers,” Mohamed El-Erian: America Is Exporting Its Debt Crisis – this got me quite surprised.
Who is exporting crisis? Federal Reserve Board of Governors (FRB) Highest Paid Employees. In 2023 the Federal Reserve Board of Governors (FRB) reported 793 employees making more than $100,000 per year; the average salary was $271,372.
But rethink about the famous say incidence, when Nixon shock in 1971 induced a 20% weaker USD, Treasury Secretary Connally Announcing to his G10 counterparts, “The dollar is our currency, but it is your problem.” A second precedent is the Plaza Accord of 1985, during Reagan administration and Treasury Secretary Baker, which delivered a 25% decline in the greenback.
No One Want to Talk about This – Shouldn’t Treasury Secretary and Federal Reserve do something? Especially when the world is dumping US skyrocketing bonds, how can the Treasury Department and Federal Reserve governors still be so arrogant? If they can, American certainly can not afford! The 40 trillion is going up every second.
The Iran crisis actually started with Democratic government under Carter (God bless him, he just had 100 anniversary of birthday). Democratic party gathered under the flag of progressiveness and egalitarian, but they are the one united with a Iran King who disregard his people and their sufferings! Remember the 1971 party celebrating 2,500-year of the Persian Empire? And When the Iran Revoultion cultimated with a new government under the spiritual leader Khomeini, USA choose to be the enemy. What Carter do with Iran is similar with what Clinton administration, Obama and Biden do with CCP. United State government has no regard for the suffering of the world, but they claim to the world that United States is the champion of Democracy. United State government is double standard , – How can you uphold the values you claim so dearly and at the same time betraying it in so many ways with your conducts and behavior? That is why someone like Trump can be elected to be a President and still get a second term. Because CCP pay Democratic Party to do nothing!
Similarly, Frances Fall for Leo ! Bill Gates’ Foundation want to invade the space of “France, Europe’s Financial Shame”? Why not do the same for America ? Especially for the Shame in American School? – start from Washington States America. High school student protests spread across France as tensions escalate! What Trump’s Dismantled Department of Education Means for American? Teachers Protest, Say Bill Gates is Ruining Education for the world! Now Mohamed El-Erian: America Is Exporting Its Debt Crisis – does not surprised me anymore!
The book, Unjust Debts: How Our Bankruptcy System Makes America More Unequal, throws open the doors and windows to the bankruptcy system so readers can see for themselves how this law works and doesn’t work for the real people it so profoundly affects.” —Beth Macy, New York Times bestselling author of Dopesick and Raising Lazarus
Bankruptcy is the busiest federal court in America. In theory, bankruptcy in America exists to cancel or restructure debts for people and companies that have way too many—a safety valve designed to provide a mechanism for restarting lives and businesses when things go wrong financially.
In this brilliant and paradigm-shifting book, legal scholar Melissa B. Jacoby shows how bankruptcy has also become an escape hatch for powerful individuals, corporations, and governments, contributing in unseen and poorly understood ways to race, gender, and class inequality in America. When cities go bankrupt, for example, police unions enjoy added leverage while police brutality victims are denied a seat at the negotiating table; the system is more forgiving of civil rights abuses than of the parking tickets disproportionately distributed in African American neighborhoods. Across a broad range of crucial issues, Unjust Debts reveals the hidden mechanisms by which bankruptcy impacts everything from sexual harassment to health care, police violence to employment discrimination, and the opioid crisis to gun violence.
In the tradition of Matthew Desmond’s groundbreaking Evicted, Unjust Debts is a riveting and original work of accessible scholarship with huge implications for ordinary people and will set the terms of debate for this vital subject. In the U.S. government, bankruptcy law is created by Congress, administered by federal bankruptcy judges, and enforced through the U.S. Bankruptcy Courts, which are part of the federal district court system. Another revealing of the disintegration in American legal system.