patrick.net

Remember folks .... I am not the only one in the US populace whose small biz failed, got in credit trouble, and am now effectively not allowed to get up again.

There's always been a certain portion of the US population who are in the underground, cash-only economy. But the way things are set up now, take my case - if I work, it's garnished or siezed. If I declare BK, the IRS will tax the amount of forgiven debt, creating another mathematically-impossible amount to repay. Repeat the seizure/garnishment scenario.

Supposedly in the US if you fail you are allowed to get up again. Well, you are not.

Now, we are going to have MILLIONS in my situation, many in deeper because they bought a house.

What are they going to do? Work and it gets taken. Keep a bank account and it gets taken.

Thus, they're going to farm, forage, gather, become freegans, work in the underground economy in various ways.

Thus, we're already seeing a rise in cash-only trade, I'd expect it to increase greatly.

In fact if I can make it as a street musician or whatever the hell I'm going to do that works, I'm going to be very tempted to turn my USbucks into junk silver coins which I'll bury.

Just like the fall or Rome....

Oh and to mitigate the racial angle, more cash transactions do not necessarily mean more "illegals" doing stuff all-cash. Yes they live their lives all-cash, but millions of Americans who can trace their roots back to the Mayflower are going to be living all-cash too.

Those who made profits and wanted to send the profits home may have done so by cash. I suspect some of our money supply has simply been exported, we just don’t know how much.

Well, it is their money and they are free to export cash legally.

'Green Card Marriage' ad nets arrest
Story Highlights
Feds allege Russian and husband engaged in sham marriage over green card

Yuliya Kalinina accused of placing "Green Card Marriage" ad on Craigslist

Woman's attorney says client didn't know it was illegal to marry for green card

Agent: It may be first criminal case in which Web allegedly used for sham green card

LOS ANGELES, California (AP) -- At least she was being honest.

Yuliya Kalinina, 24, spelled out exactly what she was looking for in a husband in her Internet ad:

"Green Card Marriage -- Will pay $300/month. Total $15,000," the Russian national wrote in an ad placed on the Craigslist Web site. "This is strictly platonic business offer, sex not involved."

The ad caught the attention of the man who would eventually marry her on February 17, 2006. But it also alerted agents from U.S. Immigration and Customs Enforcement.

Kalinina, from Russia, and her husband, Benjamin C. Adams, 30, were arrested last week for what federal prosecutors allege was a sham marriage.

Robert Schoch, special agent in charge of ICE investigations in Los Angeles, said it is the first criminal case he is aware of in which people allegedly used the Internet to engineer a sham marriage for a green card. Watch as the Craigslist ad for a husband lands the woman in trouble »

Attorney Dale Rubin, who is representing Kalinina, said she didn't know it was illegal to marry for a green card, which he said was evidenced by the blatant language in her ad.

Adams' attorney, public defender John Littrell, declined to comment to the Los Angeles Times.

Copyright 2007 The Associated Press. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed

Bap33 Says:
December 21st, 2007 at 4:19 pm
"When I read where Richmond wrote “extra Illegals” … I laughed at the thought of some illegals being more illegal than others… “extra illegal”. Admit it, that’s kinda funny."

An extra illegal alien is someone who comes across the border illegally while smoking a cuban cigar.

An extra illegal alien is someone who comes across the border illegally while smoking a cuban cigar.

LOL :lol:

Ok, maybe I should have said "surplus" illegals.
I love the Cuban cigar twist, though.

Facing jail for slavery, NRI couple to lose house too

Published on Wed, Dec 19, 2007 at 13:34 in World » World360 section

HOME TRUTH: Mahender and his wife operated a worldwide perfume business out of their home

New York: Held guilty of modern day slavery and awaiting sentences, Mahender and Varsha Sabhnani, a wealthy business couple are set to lose their million-dollar house in Long Island near here.

India born Mahender, 51, and Indonesia-born Varsha, 45, are naturalised US citizens, who face around 20 years in prison after both were convicted for imprisoning and torturing two Indonesian maids in their house over a period of five years.

Federal court jurors in Central Islip unanimously decided Tuesday that the Sabhnanis' property in Muttontown was used in the commission of a crime and must be forfeited to the government.

The Sabhnanis operate a successful worldwide perfume business out of their Muttontown home.

The allegations against the couple included forcing the maids, identified only as Samirah and Enung, to work over 18 hours a day, beatings with brooms and umbrellas, slashings with knives and being made to repeatedly climb stairs and take freezing showers.

The same jury Monday had convicted the couple of imprisoning and torturing the two maids.

The Sabhnanis' case had received wide publicity in the US as well as abroad because prosecutors called it a rare instance of modern day slavery.

Their lawyers said the jury was taken with the histrionics of the maids, and plan to appeal.

I have no respect for any person who mistreats his domestic workers.

New topic: Predictions on what 2008 will bring?

BUYING DISTRESSED DEBT --- SOON
The sequence from counterpary default to contrarian opportunity.
We will buy distressed debt because we see the following sequence of events:
1. Credit rating downgrades
2. Counterparty defaults and abandonment
3. Further price weakness in distressed debt
4. Buying opportunity at deep discounts
5. Modest recovery in tranches and individual mortgage paper followed by material recovery in most of the acquired portfolio
Recent entry into the bond guaranty sector by a high profile investor suggests that buying the lender / or counterpary at a deep discount might be a preferred strategy for the very well endowed investor.
We want to talk to others who share our enthusiasm for this contrarian investment strategy on a smaller scale.