The next Greece may be in the U.S.

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The next Greece may be in the U.S.

Postby st louis steve on Tue Jun 30, 2015 9:19 am

The next Greece may be in the U.S. When Chicago Public Schools announced on June 24 that it would borrow $1 billion to make a $600 million-plus pension payment due June 30 an eerie feeling spread across bond investors and taxpayers alike.

It was the same feeling that gripped investors when Moody’s Investors Service downgraded Chicago’s credit rating to junk based almost entirely on the city’s pension problems.

The fear was that elevated pension costs, in cities like Chicago, might push these public entities into insolvency, wiping out much of the holdings of municipal-bond investors.

Once a sleepy corner of the municipal bond market — often not even properly reflected on cities’ balance sheets — public pensions have recently turned into the biggest headache for taxpayers and municipal-bond investors, threatening to bring down the finances of U.S. cities and states. ... 2015-06-30
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Re: The next Greece may be in the U.S.

Postby El Gallo on Sat Jul 04, 2015 9:29 am

Habakkuk 2:

“‘Woe to him who piles up stolen goods
and makes himself wealthy by extortion!
How long must this go on?’
Will not your creditors suddenly arise?
Will they not wake up and make you tremble?
Then you will become their prey.
Because you have plundered many nations,
the peoples who are left will plunder you.
What I say to you I say to everyone: Watch MK 13:37
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