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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 2338
Posted: Feb 22, 2010 5:00
Comments: 2338
Forum Topic:
USD
Discuss USD
http://bit.ly/dwZnk9
Ashraf
the future is not always an extension of the past
:-)
good luck all
DEFICIT OK I AGREE WITH WHAT HE WRITES BUT THATS FACTS AND FACTS DONT SHOW YOU INTERPROGRAM RELATIONS;
I DONT WORRY ABOUT CALIFORNIA DEBT AN NEITHER ILLINOIS DEBT; AS FOR ILLINOIS THEY WILL COLLECT MOMENTUM FROM THEIR DECADE INVESTMENT IN ONTARIO; U KNOW WHERE STRENGH IS.
FICTIONAL CALIFORNIA IS GONNA GET BUY BACK BY THE ASIAN;
CNBC PISTACHES
Somebody asked me the other day, why I include Illinois with California when I talk about the states in the U.S. that have debt problems greater than the PIIGS (Portugal, Italy, Ireland, Greece, Spain)... Well, it just so happens that our bond guru, Don Ries, sent me a note yesterday from the Telegraph in the U.K. where you'll usually find the most excellent writer, Ambrose Evans-Pritchard.. Let's hear what mister Pritchard had to say about Illinois...
"Barack Obama's home state of Illinois is near the point of fiscal disintegration. "The state is in utter crisis," said Representative Suzie Bassi. "We are next to bankruptcy. We have a $13 Billion hole in a $28 Billion budget."
"The state has been paying bills with unfunded vouchers since October. A fifth of buses have stopped. Libraries, owed $400m (263m), are closing one day a week. Schools are owed $725m. Unable to pay teachers, they are preparing mass lay-offs. "It's a catastrophe", said the Schools Superintendent.
In Alexander County, the sheriff's patrol cars have been repossessed; three-quarters of his officers are laid off; the local prison has refused to take county inmates until debts are paid.
Bad news: we're back to 1931. Good news: it's not 1933 yet
Ben Bernanke warns more is needed to help stabilize the financial system
$800 Billion boost for flagging US economies in Florida, Arizona, Michigan, New Jersey, Pennsylvania and New York are all facing crises. California has cut teachers salaries by 5%, and imposed a 5% levy on pension fees.
The Economic Policy Institute says states face a shortfall of $156 Billion in fiscal 2010. Most are banned by law from running deficits, so they must retrench."
VIDEO http://bit.ly/SedU
TEXT http://bit.ly/9pSBlD
Ashraf
Ashraf
however for me Ashraf Laidi wins hands down as the best and most selfless analyst in the world.
and this from a confirmed cynic!!!!!