Category Archives: Debt collection

Armed Debt Collectors = Government Desperation

Government Debt Collectors [courtesy Google Images]

Student Loan Debt Collectors
[courtesy Google Images]

In last week’s article, Placebo Economics, I compared the Federal Reserve’s primary strategies (Quantitative Easing and Zero Interest Rate Policy) for dealing with the recession to medical “placebos”.  I.e., they had little or no fundamental effect in themselves, but might still be useful so long as the public believed in them.

I wrote in part:


“ZIRP [Zero Interest Rate Policy] and QE [Quantitative Easing] have failed in Japan, the EU and US because the [people] no longer believe in the efficacy of those economic “placebos” or the wisdom of our “witch doctors” in the Federal Reserve and/or federal government.

“Once we stop believing in the ‘witch doctors’ at the Federal Reserve, how will the Fed ever restore our belief and confidence in their economic placebos?  Once we know that our witch doctors have nothing real (like gold- or silver-based money) to offer us and can only provide intrinsically-worthless placebos (fiat dollars; promises to pay rather than actual payments), the economy will not be healed by mumbo-jumbo and our economic witch doctors may be run out of town on rails.

“If the previous conjecture is roughly correct, the way back to prosperity will not be achieved by means of more placebos.  It will be achieved only by means of hard work and the “real medicine” of physical gold and silver.”

I was mistaken.  There is another possible “way” back to prosperity besides by means of hard work, gold and silver.  I don’t think this alternative “way” will work.  But the temptation to try it will be almost irresistible.  I have little doubt that that “way” will be tried by the Federal Reserve and/or the federal government.

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Promises To Pay

A Nest Egg made of Empty Promises [courtesy of Google Images]

A Nest Egg made of Empty Promises
[courtesy of Google Images]

CNN Money reported in “Judge: Detroit can proceed with bankruptcy,” that:

“A federal judge has given a green light for Detroit to proceed with its bankruptcy, the largest municipal bankruptcy in history.

The ruling opens the door for the city to cut billions of dollars in payments that are owed to city employees, retirees, investors and other creditors.

“Unions and pension funds had argued that the city should not be eligible to use bankruptcy court protections. They said that regardless of the Detroit’s financial troubles, city and state officials did not negotiate with creditors in good faith in an effort to reach a deal on its liabilities.”

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Posted by on December 8, 2013 in Bankruptcy, Debt, Debt collection, Economic collapse, Lies


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Deficit Financing Explained

Anti-United States Internal Revenue Service sy...

Image via Wikipedia




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Comments on Debt Collection Procedure

Out Of Debt

Image by Garrettc via Flickr

Here’s a brief commentary sent to me by an email from one of my readers.  I don’t know that all of the statements herein are legally valid,  nor can I say that the documents at the associated link are effective–so take it all with salt.  But the text seems credible, practical and worth your consideration:

“Negotiate your debt collector or sue against them

“If you pile up a huge debt that you are not being able to pay back, your creditor has all the right to sell your account to a debt collection agency.

“But Fair Debt Collection Practices Act states that if a debtor disputes his debt within 30 days of receiving his collection letter, it will immediately put a stay order on the collection activity of your creditor. Further collection activity could commence only after your debt amount is verified by the creditor.  But if you do not send any type of dispute letter or debt settlement letter ( to your creditor, he will be within his rights to pursue his collection effort.

“Now, employing our legal rights given by FDCPA, we can settle our debt for less than we owe.

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Posted by on June 15, 2011 in Debt, Debt collection, Notice, What Can't be Paid


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