The Wall Street credit agency said that according to its estimate, the total liabilities for fiscal 2010 were more than three times the amount reported by local governments.
"Pension liabilities are widely acknowledged to be understated," Moody's Managing Director Timothy Blake said in a statement. Most states end their fiscal years on June 30.
Get it? Capitalism is committing suicide and destroying America too. Here are 10 explosive bubbles that warn of this trend’s accelerating trajectory:
The Path to $10,000 per ounce gold ~ link ~ There’s a plausible path to $10,000 an ounce gold. And it doesn’t require a breakdown in civil society…
Speculators see central bankers as modern-day superheroes, able to push markets around with a single phrase. In the minds of most investors, Ben Bernanke, Mario Draghi and Masaaki Shirakawa might as well be wearing tights, masks and capes. These superhero central bankers continuously swoop down into the financial markets to defend them from downticks…and to insure that they always deliver capital gains. The reality, of course, is that these superheroes are frauds. They have no superpowers…other than the power of mass delusion. The powers of Mario Draghi and the other central bankers in Europe are waning. Excess debt is like kryptonite: Each new wave of printing has less impact on markets. As the popular phrase goes: “This is a solvency problem, not a liquidity problem.”
Food prices could skyrocket as US harvest continues to wilt in blistering heat and drought ~ link ~ Yesterday evening I took a drive, with some friends, into the countryside. I saw for myself what my farmer friends had told me. The corn crop is just about gone here in the Cornbelt! In my 61 years I have seen droughts and bad looking corn crops but this is the worst I have ever seen. The corn is maybe four foot tall and tasseled out...there are little or no actual corn kernels. The soybeans are in bad shape but not as bad. It appears that much of the corn crop will be cut down and used a silage as the corn yield will be mostly non-existent! This will mean not only much higher food prices, especially as the Argentina and Brazil corn crops were not at all good (they are now in their winter), but starvation in many poor nations. Of course, World War III could kill so many people off that there could even be a surplus! Stirling