There is a dire collapse taking place below the radar screens of the public. The financial condition of the fellow states of a currency union is the most critical component of a common union currency’s value today. It is the challenged financial integrity of member states and their constituents, the cities, towns and villages that make up the state where risk is most prevalent.
The municipal bond market is today in a second freefall as such entities now are failing in paying their obligations to suppliers and services. In many instances the overdue payments are 6 to 9 months in arrears.
Simple common sense tells you that if suppliers and servicers cannot be paid, you cannot meet your interest due obligation to the bond funding upon which these constituents of the state depend.
Fancy financial manoeuvres have been utilized at year-end to camouflage this growing and now transparent risk of bankruptcy. There is no difference between the use of OTC derivatives to camouflage Greece’s financial weakness and the present procedures of fancy bookkeeping on behalf of the 40 now identified states of the United States.
Worst of all is that these municipalities are now in line at the gates of the Barbarians that actually caused all of this. They are seeking assistance from the very same international investment banks that are the OTC derivative manufactures and distributors of that singular cause of all the Western world monetary suffering. They are the chickens walking into the fox’s lair that can only means their bones will be cleaned of flesh.
The momentum decline of the euro in operation short of the euro, named "Shark Feed," is the best precursor of the " Shark Feed" being a terminal attack on the US dollar very soon.
Gold is the only insurance against this unprecedented Western world financial malaise. It will rise in price to $1650 and beyond.
Respectfully,
Jim in Africa
Chickens are tasty.
ReplyDeleteShort gold.
Respectfully,
Ted in Belize
TEDDY BOY, SEND PICS!!!
ReplyDeleteShort Ted. Buy gold.
ReplyDeleteif the lies/ponzi crashes then it'll be exposed as a lie, good
ReplyDeleteRising unemployment and underemployment levels for the young that cannot be profitably employed by capital and an economy overloaded with corporate ,private and government debts from the past is creating an overpopulation of Americans.
ReplyDeleteWhat can be done ?
The old , those useless unproductive has beens should just move on.
Socialism is as is well known un-american .
Not only do they want the pensions they paid for in taxes ,but obama medicare subsidies for insurance companies ,bush pharmaceutical benefits and other so called ‘human rights” Their demands on the current economy are endless.
Yet apart from bankster fraud and bailouts for socializing losses , (and I will say nothing about that after all that’s the capitalism we know and love) these are the generation that destroyed America .
Consider the municipal level debts ,for years they did not provide sufficient property taxes to cover the services to their houses they were consuming ,forcing the cities and counties to turn to debt. They voted themselves ,their generation of services workers , huge pension entitlements and the states and municipalities as a result ,are up to their eyeballs in their old debts.
Now They expect the Young to finance their fat retirement benefits and pay off their municipal debts too!
Year after year they irresponsibly voted in turn for the party politicians that promised the best tax cuts and bribes to the middle class property owners and the elite.
Americas economy still needs government spending for wars and subsidies for military industrial jobs and bailouts socializing the past loses of banksters so these pension burdens must go.
The cost to future generations in government deficit spending for these old baby boomers is just too much .
Some of these T party baby boomer types now spend their time attacking the food stamp programs for the young in the hope that with government cuts it then afford to continue to pay them their entitlements out of the reduced government tax revenues of today! But .I can see a couple of trillion dollars in pension burdens to future generations that can be saved for banksters right here !
http://blogs.reuters.com/james-pethokoukis/2010/12/07/secret-gop-plan-push-states-to-declare-bankruptcy-and-smash-unions/
‘Congressional Republicans appear to be quietly but methodically executing a plan that would a) avoid a federal bailout of spendthrift states and b) cripple public employee unions by pushing cash-strapped states such as California and Illinois to declare bankruptcy In short, the lack of a BAB program would make it harder for states to borrow to cover a $140 billion budgetary shortfall next year, as estimated by the Center for Budget and Policy Priorities.
The long-term numbers are even scarier. Estimates of states’ unfunded liabilities to pay for retiree benefits range from $750 billion to more than $3 trillion…
That’s why the most intriguing aspect of President Barack Obama’s tax deal with Republicans is what the compromise fails to include — a provision to continue the Build America Bonds program. BABs now account for more than 20 percent of new debt sold by states and local governments thanks to a federal rebate equal to 35 percent of interest costs on the bonds.
America needs a real Austerity Tea Party not to support the burdens of handouts for a collection of whining self centered pensioned off baby boomers with a unreal sense of entitlements now pressing their claims on the current taxpayers and the young.
Instead to rebuild a great ponzi economy and housing bubble with ever rising house values that people are willing to invest in ,these old pensioners should take a walk and perhaps consider euthanasia as a help to today’s young people in
Rebuilding America with its traditional survival of the fittest heritage and usury religion with a work hard for capital ,ethic to boot.
Move over , old fat lazy unproductive baby boomers .
Ummm... have you seen how lazy people under 30 are today? One 50 year old man can carry the work load of four 20 year old boys. I'm not sticking up for the baby boomers either, I somewhat blame them for what happened to the country. They raised Generation X who all went out and spent, put themselves into debt, devoured credit cards, spread drugs and alcohol like crazy, pushed sexual promiscutity, and practiced indulgence. What did this lead to?
ReplyDeleteGeneration Y. Now we have teenage girls, girls in their twenties, with multiple babies who have no father. That's okay, the government can take care of them with Welfare. The son never figured out how to mow the lawn, take out the trash, or do the dishes, he was too busy playing X-Box all day long. Now he doesn't want to work period, nor does he know how to lift his fingers past his chest.
Baby Boomers were the start of the degeneration (Hippie Movement was made for this). Then came Generation X and the Beavis and Butthead types. Generation Y is beyond words. They are so bad. Do you know that 80% of college students try drugs on an occasional basis? And 90+% get intoxicated at least three times a week? All these loans from the government to the young people are available though. Many can't read and write past the middle school level but they all are in universities, in debt, partying, and careless about tomorrow.
You been out on a Friday or Saturday lately? You see what the youth behave as? Drunk driving, this is norm now. They can't even communicate because all they know how to do is push lol on their cell phones. Been to a fast food joint, a resturaunt, a mall? What great quality the young are in the work force. (HAHA)
The ones about 30 to 40 are lame enough. Call in sick from work everyday, so many of them do this. A little headache and they need some advil and to stay home from work. Oh no, they can't work, their stomach hurts. It's so fucking pathetic. My dad is 60 years old and he's never stayed home once in his life, if I can even remember one time. He'll go to work with the flu, clean several houses, come home and drive over to his daughters to fix her car. He doesn't even ask for anything in return. Yes, those great young people so eager for work... I can't wait for their magnificent intellects and bare boned work ethics to inspire the nation. LMAO!
Anyways, just go away you government loving idiot.
7.06
ReplyDeletewhat you say about the young and american capitalist cultural degeneracy is probably true too .
This is the modern times natural progression of me first selfish individualism as learnt from their parents and the baby boomers.
The ruling elite work hard at spreading racial and age based differences fights.so as to preserve their grip and contol of the wealth of society .
Nevertheless as capitalism in america is now unable to make real profits from enmploying all the people and the credit supply ran out when the Ponzi economy collapdsed through debt overload ,this has created overpopulation problems.
You choose to trumpet the work virtues of the old as superior to that of the the youth.But the retired contribute nothing to the wealth of society except possibly bad advice.
Clearly something has to give in this crisis economy between the conflicting generational interests of the young and old in both seeking a share of the tax revenues and handouts from government as so little can now be spared from what is left after paying for continual bailouts and for the necessary wars to preserve the system .
The older generation created most of the debts anyway and now demand even more deficit spending to fund their retirement .
As it is traditionaly the role of the young not the old farts to fight these wars the costly old parasites should move over for the young parasites .
There is nothing personal in this .
This is simply a law of nature.
the old should make way for the young, but if it pleases you ,we could have perhaps a big celebratory send off Austerity party for the old whiners so that they can happily whine one more ,last time ,about the youth.