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Lapel, In | Depends on the debt and who it is pledged to ,dvswia. If its a farm and there is even a slight chance of the guy in debt , making any progress at all, he will probably get to stay put. Mega farms could be turned into communes., at least for a while, since a lot of farmers will hit the wall before they even know what is happening. And the operators of the larger farm operations who have been working on volume and razor thin margins (the BTOs ) will probably be the first to go.
What is a bank or lender going to do with a farm should this come to pass ?Its better to keep someone on the farm than to have it looted or sqatted on it. No one will be able to buy it at that point. The government, ---should it survive,---- will have the task of feeding the Nation's hordes of starving and unemployed or risk anarchy, so it will behoove congress to keep farmers on the land and feeding the Nation.To that end agriculturewill probably be supplied with whatever is needed and possibly armed servicemen to protect that supply and its produce of commodities all the way to the bread lines.Keeping in mind there will be some time involved before all this can be implemented and chaos will abound until it is set in motion.That is if any one of our enemies don't take advantage of our vulnerability.
Those who own their farms ,free and clear should be in good position to grow in size, if that is their wish. Land will be in excess, both to rent and to purchase at bargain prices. ---Yea, it comes around. ----Think of this whole senerio as an opportunity that only comes around about once in every 100 years, but we have to survive as a nation first.
Oh yes,----- it has been mentioned , not in econ books , but in economics history books that no one was ever required to read. I recommend(for one) Studs Terkel's tome,"Hard Times" for getting an ideas as to what one MIGHT expect, except it may well be a lot worse this time around.. | |
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Essential read: London Telegraph
