A SERIOUS question for ALL Caps Players....
We all know that the tax revenues to the various government entities is evaporating at rates never seen in history. And unlike The Great Depression, our state and local governments have incurred large amounts of debt to fund operations and expansion fulfilling the promises of our politicans.
If the tax revenues to our cities, counties and state government deminish to the point where our local government can't pay for basic services and cover debt obligations at the same time.....
what demands will the creditors make on those governments and what demands will the governments make on the citizens to meet those obligations?
Are the debt obligations of the areas we live in the debt obligations of the citizens....in other words, is there joint and several liability between the debt obligations of the cities, counties, and states and its citizens?
(I like to use the analogy of a condo association where few are paying association dues.....where creditors of the associatioin can foreclose on the association including those that are current.)
If so, can the creditors foreclose on everything we have including our houses, IRAs, and bank accounts and force us into bankruptcy to protect our assets????????