International Write-Off Day

“Every American should own a home.” GW Bush had said in 2004 at which time 68 percent of Americans own their own homes. “Home sales were the highest ever recently. That’s exciting news for the country.”

Donald Trump took his advice and bought a mansion on Palm Beach. He sold it for $95 million in 2008. I drove past the beach front estate. I didn’t see that much money in it, but then its value was determined by location location location.

Unfortunately not all home owners are as lucky as the Almighty Sweep-Over.

“You should live in exciting times.” a Chinese curse and not many homeowners consider their present situation ‘exciting’.

The Housing Crunch has hit the USA hard. For sale signs dot the properties around the nation. House-owners are behind in their mortgage payments on loans that the banks lent them when the real estate market was overheating to bright red. My friend Albert borrowed $1.2 million on his West Palm Beach house. Having bought it for $190,000 he felt like a genius, however prices have fallen by 30% and 3 missed payments have inflated his interest rate to usury levels.

He’s scrambling for cover, but there is none.

Bankruptcy is around the corner and this problem has spread across the USA and the rest of the world.

There is only one solution.

International Write-Off Day.

Credit cards, banks, friends, taxes, car payments et al.

These debts are shared by individuals, business, and nations.

Trillion of dollars in the red with no way to pay off the interest let alone the actual debt, which is why International Debt Write-off Day makes so much sense.

If the banks can write off their debts for the housing-mortgage crunch then why can’t you blow off your credit card debt? The IMF forgave African nations billions. How about a little relief by waiving your car payment? Of course they’d be some big losers like anyone holding US Treasury bonds or my credit card debt, but screw them. Everyone starts from zero and this time I’m not running up any debt in Pattaya. The loan shark here play for keeps.

I promise.