Reuters just published an article called, More U.S. Cities Set to Enter Default Zone when I saw it all I could this was well duh, is this really a surprise to anyone, sadly it is. From the article,
“But the next series of major cities and counties in danger of defaulting on . . . → Read More: As Usual Main Stream Media is Only About Two Years Behind
Telling Mayor Angel Taveras the Truth Might Get You Fired
For years and years I have warned that one of the true dangers to our economic future is the fact that many cities, counties and states in America are sitting on the verge of bankruptcy. Unlike the Federal Government cities and counties can’t . . . → Read More: When Faced with the Truth the Mayor of Providence Fires the Man Who Speaks It
See the Full Interactive Map at TheEconomist.com
So I am sure you’ve heard that if Italy fails under its current debt crisis that it could be a huge problem for the entire world right? Further with the current situations in Italy and Greece combined we could have a real mess on our hands . . . → Read More: How Big Would a Collapse of Several US States be Based on Global Economic Realities
No one can deny that the economic climate in the U.S. and the world has been in a decline for a while now. The problem has been around long before the most recent “crisis” in the housing and banking systems. It’s basically a two-fold problem: debt backed currency, and a lack . . . → Read More: Creating True Wealth™ in 2012
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
The unemployment rate in the United States
I just read an article over on CNBC called, Why GDP Growth Has Not Provided Jobs Yet, the article is well written, well thought out and honestly gives a good free market text book explanation to answer the question, where are the jobs and why aren’t . . . → Read More: GDP is Up, Profits are Up, So Where are the Jobs?
When the canary dies, the miner who lingers is next! – Photo Credit to afagen via flickr.
The phrase “canary in the coal mine” refers to the old practice of mining workers taking canaries into mine tunnels with them. If poisonous gases such as methane or carbon monoxide leaked into the mine-shaft, . . . → Read More: Pontiac Michigan – A Canary In The Coal Mine