Diary

Triple Lutz Report--Countries Need to go to Bankruptcy Court Like the Little People--Episode 143

Some of my best thinking takes place at the gym; it must have something to do with the enhanced oxygen supply and the high level of endorphins. While doing cardio and aerobics, it suddenly dawned on me that what the world needs is a special bankruptcy court, just for countries. That way, when a country becomes insolvent, they would do what companies and individuals have been doing for hundreds of years, file Chapter 11 (a reorganization plan). When things are really bad they could file a Chapter 7 and simply liquidate the country and go out of business altogether.

It really makes total sense. A trustee could be appointed to make the decisions that politicians just can’t bring themselves to do. Like reducing excessive retirement benefits for government workers, or drastically reducing entitlement programs. The current system is failing so an alternative must be found shortly. Perhaps this is it.

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