Has a state ever gone bankrupt before? What will happen once Illinois goes bankrupt...

non-american here
is this legit? can a state sell land to pay denbts?

Who cares America rules the world it's in 2 trillion dollar debt yet nobody gives a shit it'll just keep on printing paper money backed by nothing

the debt right now is controlled debt user, that's why people still trust the american dollar. if the situation was worse, people will give a shit.

It's not legit. Likely the Federal government would just dump a bunch of money on them in the form of subsidized loans, and step in to restructure their budget. There'd be REEEing to high heaven, just like when it happened to Detroit, but I don't really see any other outcome.

Is it not more likely that the federal government will bail it out?

>people have already learned about Illinois bankruptcy
I knew my state was a national embarrassment, but I'm surprised that GE and Turner corp would turn so quickly against a democratic state and let the news get out. If Texas went broke I would expect the Reddit crowd the harp on about how shitty conservatives are with money; but I'm surprised word has gotten out about Illinois already.

>inb4 actually this is all Bruce Rauner's fault, "Mad Max" Madigan-Ghoul did nothing wrong and isn't a useless obstructionist in the pocket of old-labor

But it actually is all Rauner's fault

Paul Krugman pls

But how?

Pretty sure the tax payers aren't paying you to browse Veeky Forums, Mike.

>inb4 attempt at a comeback that accuses me of being Bruce Rauner on Veeky Forums, because that's your creative apex

What I'm more interested in is what will happen when Ontario goes bankrupt. The province is the engine of Canada, way more important to that country than Illinois or even California is to the US, and it's the world's most indebted sub sovereign borrower.

Governor has unlimited power.
Good one.

>Governor has unlimited power
I don't think that how American politics work

sleepy russian doggo :3

Veeky Forums takes over and establishes a comfy little republic in remote northern Ontario

>implying burgers won't just let puerto rico be a state if another state vanishes so they don't need to fuck with the flag

Fuck of love that. I'd be a Missourian.

I was thinking about moving to Chicago. Will this actually have that much of an effect on the average person? My friend who lives up there says the state colleges are having to lay people off because of money woes. I'm just wondering how fucked everything will be.

Also what's the deal with this Rauner guy? I heard he was the problem but I honestly don't know what the hell is going on up there. How can one man fuck up a state this badly?

>Illinois
>Flyover State

>moving to Chicago
Literally why? Unless you have a high paying job making you move there, it's pointless. It's a shithole full of crime and extremely rude people.

He never said you were Rauner?

Jesus Christ, I hope Indiana doesn't buy anything near Chicago. We don't need that.
I'd be glad to take the southern counties, though.

I have a friend that lives there. Visited for the first time last year and it was pretty cool I thought. I've lived in bumfuck in the South my whole life, haven't gotten out much.

She says as long as I stay away from the bad parts of the city then things are generally fine. Although I do not and will not have a high paying job. Anyway, like I said, seemed nice when I was up there for a few days.

If I want to be near friends my only other option is KCMO, which I am also thinking about.

Where do you live currently? If you don't have a decent job then chances are you won't be able to avoid those "bad parts of the city".

Oklahoma.

I know a few people without great jobs and they make it without living in the ghetto.

Although if I can't find an apartment in a not shit neighborhood then I'm not moving.

Might degenerate into a territory and demand the Feds pay its bills. I say turn it into a new nuclear test range, like tomorrow.

>Illinois
>not a flyover state

>backed by nothing
Gold has no intrinsic value you fucking dunce, the money was already hinged on the fact that people agree that what seems to be completely valueless has value.

None of those states are really flyover other than Iowa and Indiana.

If only, i hate Illinois so fucking much, i'd love to see it partitioned up.

Hey, Indiana's one of the best states in the Union!

Name one good thing about Indiana besides the Pacers.

It's an okay state but it's still irrelevant. Flyover isn't a synonym of shit state, California isn't flyover but it's still by far the worst state in America.

>Gold has no intrinsic value you fucking dunce
It's good for electronics, anything that needs to be corrosion resistant, any application that needs something dense and hardness isn't important(such as shielding for nuclear reactors)... There are a lot of things gold would be good for if it wasn't so damn rare and expensive. So yes, it does have intrinsic value, albeit nowhere near as much as its market price might indicate.

Carmel's the best city in the nation, look it up. And the 500's good.
Sorry, it's just that some people use it that way. Yeah, we're not super important, but we're a great state.

>it'll just keep on printing paper money backed by nothing
That sounds like a great way to pay debt!

>rust belt votes for trump because he runs as a populist and pledges to not be a typical plutocratic republican
>guts ACA and Medicaid to pay for tax cuts for 22 families
>the "infrastructure plan" he ran on is literally just more tax cuts and deregulation

Well not him, but arguing that gold can be utilized in electronics is like arguing I can use paper money to wipe my ass with. Technically both are correct, but you know.

That's the problem of the election charade, they would've been shafted no matter what. Democrats were hellbent on pushing TPP and immigration.

What do you have to complain about? If you live in DuPage, you're probably an upper-middle class white person like I am. We're the ones who are best positioned to weather our states insolvency.

>I was thinking about moving to Chicago.
it was nice knowing you
t. Michigan

>but arguing that gold can be utilized in electronics is like arguing I can use paper money to wipe my ass with
wew Veeky Forums is truly full of morons

It IS used in electronics, though. Not in large amounts(because it's so expensive), but enough that stripping old used PC parts for gold is something people do in poor countries. And the point is that even if gold wasn't valued because it's valued, it would still be rare and there are things it's good for, so it would still hold SOME value.

Most Republicans in Congress supported the TPP and most Democrats opposed it. Obama was one of the few Democrats who backed it, while Hillary flip-flopped after pressure from the unions (who otherwise would have backed Sanders). And the Midwest has rather few immigrants outside Chicago and Minneapolis.

>It is used in electronics
And paper is used for wiping my butt. Your point?

This is because people don't go to primaries and vote for people who don't suck.

>in the Congress
Trump isn't a Cogressman, he's the President.

>implying there was a single person in the D/R primaries who didn't suck

If you aren't one of the 13 original colony states or on the West Coast, or Texas, or Colorado, you are a flyover state.

>Colorado
You're more of a flyover state than Ohio.

Just out of your reach, apparently.

Colorado is a textbook flyover, what the fuck are you talking about? I can think of three Great Lakes states alone that are more relevant than Colorado ever was.

>what is the difference between a shit tier euro country and the world reserve currency from an economic perspective

There's constant demand for Treasuries as a store of value from China. To keep people buying our debt, all we have to do is develop more markets and stoke domestic investment by making them tax-exempt. We can even make them a tax credit, reducing people's taxes if they buy our Treasuries.

Besides, if you think we're going first before the Chinese do, then you're nuts. Take a look at the Ghost cities and how much credit is fueling China.

>Colorado not flyover

No one is more flyover then any of the Mid-West states.

First try to define what do you think the word flyover means since you're obviously using it incorrectly.

The South hasn't been relevant since their autistic fit a century and a half ago

simple.wikipedia.org/wiki/List_of_U.S._states_by_GDP

This is how you objectively measure importance.

>Simple English

>simple

ESL or retard?

>autism

>knowing english makes you autistic

You're nitpicking irrelevant shit.

who the fuck is going to new hampshire?

>thought it would be chrischan
>just some fat Russian
JULLLLIEEEEE

I'm genuinely curious.

There's a story here. If English isn't your first language, I applaud you for trying to expand your horizon.

>getting a paper cup on the veinus penata maximus
>not using it to start a fire

I misclicked, the simple English article was right under the normal one, so I decided to post it anyway once I opened it. Didn't realize it could flare up someone's autism.

Tee bee aytch, I'm mostly looking for an excuse to practice my Spanish skills with somebody that isn't /int/.

>Didn't realize it could flare up someone's autism.
Where do you think you are?

On reddit: the board.

>The South
Virginia has a pretty huge tourist attraction on top of the Pentagon, Norfolk, Hampton Roads, NOVA being the new Silicon Valley, etc...You are retarded.

Not him, but Virginia isn't even southern anymore. NOVA in particular got carpetbaggered to oblivion and they voted Hillary recently.

Gold's value is artificially high and isn't nearly as rare or important for electronics as other elements
even at this artificially high price there is nowhere NEAR enough gold to back a modern countries currency system, let alone one of the largest countries.
his paper ass-wiping analogy might not be concise but it is apt

you realize that not every low income area in the world is a crime-ridden shit-hole right?
Where in Oklahoma do you live?

>Colorado
>flyover
but it has mountains and stuff! more like "layover" cause denver airport

>not every low income area in the world is a crime-ridden shit-hole
In Chicago it is.

Yes
Please take me Wisconsin

"no"

>Illinois and Ohio have 34 and 23 Fortune 500 companies respectively, are #5 and #8 in GDP respectively, and are #5 and #7 in population
>Colorado is completely irrelevant but is somehow not flyover because muh mountains
I mean Montana has mountains too, it's right in their name.

Ok honest question because I don't know what's going on up there:

How does Illinois, the 5th largest GDP state in America, fuck up so badly as to be on the verge of bankruptcy?

>Tfw i live in one of the big 4 states so i don't have to put up with this shit

By deficit spending.

we don't want you

So, how do you think Illinois would realistically be split, if it was (Rather unrealistically) split?

Easy
Big spenders
Corruption
Bad policies

What's going on in Alaska?

Wisconsin gets everything up until the iowa gap
Iowa rounds out
Kuntucky gets the southern tip
Missoury and indiana gets the rest

Do a little paintbucket image of the counties.

So all we have to do is keep growing the national debt and eventually we'll get Hitler? Fuck yeah.