Jefferson County has 3.2 Billion in Debt from Bonds that Funded a Sewer Upgrade.
In general I like to be right, it makes me feel good when I predict something and it comes to pass, however, the current nightmare I am watching become real is not one of those times. Since 2009 I . . . → Read More: Jefferson County Alabama – Bankruptcy or Bailout?
Photo Credit to Gage Skidmore via Flickr
Back on June 23rd I reported that for the first time Ben Bernanke and I were in agreement.
At that time the good chairman had decided it was time to stop printing money, better known as quantitative easing.
If you are not exactly clear on what . . . → Read More: Fire Up The Presses for QEIII
Photo Credit to Purpleslog via Flickr
Two years ago I began warning listeners of The Survival Podcast that round two of the current crisis would begin with a series of city level defaults, followed by state defaults. This would eventually cause run away inflation as the federal government attempted the impossible task of . . . → Read More: Central Falls RI, Yet Another City on the Edge of Bankruptcy
A new state law will punish cities like Harrisburg for declaring bankruptcy before July of next year.
So a few days ago I called Pontiac Michigan a “Canary in the Coal Mine“, a sign of things to come, just the beginning of city level defaults that would eventually lead to state defaults.
Today . . . → Read More: Harrisburgh PA, Threatens Bankruptcy – Pennsylvania Lawmakers Say Not So Fast