5 ms·
> If every American with a sub-8-figure net worth held back their property payments for 6 months, they could collectively have anything they asked for. Anything
by elcritch 23d ago
> If every American with a sub-8-figure net worth held back their property payments for 6 months, they could collectively have anything they asked for. Anything.
That'd not affect the federal government. It would however hurt schools & teachers, garbage men, police, etc as property taxes largely go to city and county governments which run those services.
- 59percentmore 22d agoIt would cause an instant liquidity crisis that would lock up credit and securities markets. The federal government would be forced to backstop large market participants as years of suppressed price discovery was unleashed, decimating balance sheets worldwide. This would result in a fundamental rebalancing of apparent value, which those withholding payments would have a primary hand in influencing.