It’s quite conclusive that Illinois is unable to cope with the heavy debt burden which it faces. The government is scrambling to patch up the holes in the financials. This obviously can’t happen so some sort of bailout will occur. Pension funds may be looted. Assets may be sold off. And the policy of taking from the middle class and giving it to the elite through corporate takeovers, will persist for eternity.
Illinois House gives initial nod to FY 2018 spending plan
https://www.yahoo.com/news/illinois-house-gives-initial-nod-fy-2018-spending-170343663--business.html
‘Everything’s in Danger’: Illinois Approaches 3rd Year Without Budget - The New York Times
https://www.nytimes.com/2017/06/29/us/illinois-state-budget-impasse.html
UPDATE 1-Connecticut governor to control spending after budget fails to pass | Reuters
http://uk.reuters.com/article/connecticut-budget-idUKL1N1JR1GQ
Puerto Rico struggles to save historic buildings amid crisis - ABC News
http://abcnews.go.com/International/wireStory/puerto-rico-struggles-save-historic-buildings-amid-crisis-48367251
AIMCo joins list of pension funds issuing debt | Financial Post
http://business.financialpost.com/news/fp-street/aimco-joins-list-of-pension-funds-issuing-debt/wcm/60756f3c-8251-4ea9-bf3e-60581e993ab7
CIA: Countries with the highest levels of debt compared to GDP - Business Insider
http://www.businessinsider.com/countries-with-the-worlds-highest-level-of-debt-2017-6/#6-portugal-1262-portugal-exited-its-own-bailout-programme-in-the-middle-of-2014-but-it-is-still-trying-to-recover-from-the-impacts-of-the-eurozone-debt-crisis-18
How a Public Pension Crisis Is Driving an Epic Credit Boom | FS Staff | FINANCIAL SENSE
http://www.financialsense.com/contributors/fs-staff/public-pension-crisis-epic-credit-boom
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In This Episode:
It’s quite conclusive that Illinois is unable to cope with the heavy debt burden which it faces. The government is scrambling to patch up the holes in the financials. This obviously can’t happen so some sort of bailout will occur. Pension funds may be looted. Assets may be sold off. And the policy of taking from the middle class and giving it to the elite through corporate takeovers, will persist for eternity.
fed federal reserve pension fund central bank economy economic cash currency credit debt
Transcript:
it's quite conclusive that Illinois is unable to cope with the heavy debt burden which it faces the government is scrambling to patch up the holes in the financials this obviously can happen so some sort of bailout will occur pension funds may be looted assets may be sold off and the policy of taking from the middle class and giving it to the elite through corporate takeovers will persist for eternity you came here for the truth so let me unveil that for you let's take a look at in the noise and then show you who's coming next looking at this right away with Illinois they are struggling to make a deal and unfortunately that didn't go through so they had this idea that we're going to pass this 36 billion dollar spending plan and it looked like it was going to happen but unfortunately that just didn't now they're dropping their ratings to junk they are in a very very precarious position at this time because the government can't decide what it wants to do now how exactly would the funding come about well let's think back in history every single time a government needs to make money what does it do it goes to its citizens and increases taxation this happens practically 100% of the time if you're not aware well I assure you just take a look at it and you'll find every time they intend on funding these schemes that they say are going to fix the problem with increased taxation I don't know what's going to happen ultimately with Illinois but in the long term it's going to be destroyed sure they can patch this up if they get some sort of debt deal to happen look at the debt ceiling that the oh that happens so often in the u.s. it's just another one of those but every single time people are getting screwed over as a result they just don't know because they don't really look into the details of the actual programs policies that are put in place it's just a matter of okay is everything fixed okay thank you very much government you are so wonderful road construction and bridge repairs may come to a halt and these one agency threatened to downgrade the junk and it's in the worst situation right now one of the issues you've probably heard that the Lottery's are even suspended I mean that's the level of that's the level of debt that's the level of uncertainty that's going on right now in Illinois so if you're not familiar then you're safe right well obviously I mean the government's there to protect you and it's not your government that's the problem it's their government that's the problem unfortunately that's not the case they're all doing the same thing they all have the same policies that they put in place and there's no way around it they all act the same they have the same masters to report to now sure one state may be doing better than others that's for sure there's no question about that but they're all going to face the music someday it's a set of dominoes and they're all falling you may be down the line in that row of dominoes but they're coming for you and you're asking the question which I considered at the beginning and that is who's next well none other than Connecticut Connecticut could be the next Domino to fall or at least to be put into the same position as in the NOI but why Connecticut I mean they are doing so well they have so many wealthy people that live there so what is the reason well let's get into this article quickly until it has a full budget the state is not allowed to approve a new general obligation bond bonds except for cash flow needs that's right according to the new plan that they have they are trying to force this to happen his plan anticipates no near-term deterioration of the state's cash positions however with the ability to issue new debt and replenish funds for ongoing capital projects the state could potentially need to borrow cash flow as the years progress look it's always the same case I'll read to you a hundred different articles a hundred different areas of the world and it seems like it's all the same information one of the points that is made here is that you have such wealthy people in Connecticut why in the world and they pay taxes definitely lots of tax money coming in why are they suffering well because your tax dollars are not used to pay for things in the government a lot of the times I mean most of it a lot of that is simply money squandered it goes off to different corporations it goes online the pockets of this individual that individual it gets sent overseas probably to you know these different wealthy individuals whether it's a monarchy or Rothschilds Rockefellers and who knows who else our tax dollars are simply not used properly when you look at the statistics of poverty you take some of these countries in Africa for example you look at their population you look at how much debt somehow that they are in and you look at the figures for how much money foreign aid let's say how much is being sent to these countries and there is a massive amount of mismanagement I would use that word lightly but we can see that the numbers are off and it's very clear because if you wanted to end hunger within these particular countries it wouldn't take a fraction of the amount of money that's going there spending on them and then ultimately probably given to some multinational corporation that's the way our governments work they take our money and they use it against us they use it against others it's terrible it's really terrible Connecticut could be the next one down the line it doesn't matter how much taxes this state brings in it simply doesn't matter then you talk about Puerto Rico their historic buildings are falling apart in the debt crisis and enduring economic recession have slashed public and private funding for maintenance repairs and restoration tourists are increasingly banned for visiting one that ends from visiting once popular sites now in dangerous disrepair what's happening I thought everything was okay in Puerto Rico now I thought the government was willing to bail it out it doesn't matter it really doesn't matter you'll never be able to get out of debt the simple matter of fact if you are part of any government structure at any level they will remain in that they will continue to be in that and the situation will only get worse you as an individual you can get out of that it's possible don't worry about that I talk about it in my books you will not have to suffer the same consequences as this the state in general however they're putting that on our backs that's why we need to get out of it quickly because reddit snap then you have this situation here one one of the big issues are pension funds I have a lot of people contacting me that they're worried about their pension funds and for good reason I just want to take a look at this very quickly for a second time in a week Canadian pension funds have demonstrated that their debt offerings are more than welcome anywhere even in markets where they haven't been before so this is an initial bet offering they raised 400 million target was reached right away no problem people will want to buy up debt you got to think about how ridiculous this concept is they have this thing called debt it's fictional it's created by the central bank's it is a scheme to permanently introduce poverty to the world and yet you can take that if you are some sort of corporation multi-billion dollar corporation you could take this fictional thing create something called a debt instrument and sell it off to people and produce money that's just absurd to even think about but the worst part of all that sure if you want to make money off of that snake oil that's fine but when that debt which doesn't even exist can collapse a nation can collapse you and I that I've got a problem with and that's basically the underlying issue of the money GPS that's what I talk about how all of these criminal central bankers and everyone below is all complicit in this strategy to destroy you and I that's what this is about all right then we go to look at different countries look at Portugal as just one example okay a hundred and twenty six percent debt to GDP ratio for Portugal they got a bailout they were helped yet they're still in that you told me this would be fixed you told me that unemployment would decline well I'm looking at one hundred and twenty six percent debt to GDP ratio Portugal is not doing well in this case sure you can go to Lisbon you can walk around beautiful buildings you could see people at the markets people shopping luxury brands everything else that's fine you'll see that but the poverty I assure you I assure you is not something to to be to think lightly of and that's really what I wanted to connect to in my previous point of how strange the concept of debt is and how it ruins nations intentionally of course all right now the pension funds look at this I want to talk about this topic of the daisy chain of financial engineering all right this is the way it works a lot of people don't know this I needed to bring this out this is key so if you stayed this far you're getting a good information pension funds have to make 7.5% so they are putting their money in these levered credit funds that mimic LTCM or long-term capital management in the 90s if you know about that you know the disaster that that was those funds in turn by enormous amounts of corporate bonds from companies which puts cash onto the company balance sheets and they use it to jack their stock up either through buybacks or mergers and acquisitions that's the way this is done so you have a problem simultaneously you have stocks continuously rising right we know that we know that central banks have been pushing up the price and we know that stock buybacks have also pushed up the price but at the same time you're entering into a state where the pension funds are being looted in order to do this and it's okay it's fine nobody's raising any alarm bells nobody's having an issue because everybody's making money and then when we have our next crash whenever it is that comes despite what Janet Yellen said despite the fact that she thinks you're an idiot whenever that happens five years ten years whenever all of this will be exposed if you expose it now it's sort of seen as being fear-mongering and all this stuff but if you expose it just after the crash happened then you say look at all these faults we knew about all of this well then it's okay and then you can point the singer sure and you know it said that it's just the AG daisy-chain of financial engineering is probably going to intensify in the coming years which I definitely agree with and it goes on to talk about basically the issue that pension funds have in the future because of this crisis that will ultimately put their assets let's call them I don't agree with that but their assets in danger they're going to be gone people with pension funds unfortunately I fear that most people will not have them at a certain point that's just the way I'm seeing it that's me speaking from the heart if you found this video informative please give me a thumbs up giving me a thumbs up pushes these videos higher up into YouTube search rankings so I do appreciate that if you want to look through my books then definitely you can do that at Amazon they have a look inside feature you can actually flip through the pages of the books the first book is about the four asset classes are not a profit from them and my new book global economic collapse is talking about the money GPS strategy and that is your tax incentives you're reducing your monthly expenses and so on so you can definitely check those out at Amazon if you want the audio book if you're not into reading as much and you prefer the audio book instead that's a the money GPS comm you can see that there that's all for this take care
Everywhere is almost bankrupt
Absolutely.
What will happen to people's pensions? Will they jus t vanish?
Some will. Some could be replaced with something else like a future dated government bond. Most will be reduced. So everyone takes a haircut.
everybody will need to get educated on economics, we live in the information age, time to inform ourselves,...
Every state is bankrupt and they continue to us the dollar which keeps losing value. Last time I checked you held assets that increase in value or at least holds its value. People have to wake up and everyone that is awake have to try slapping some of our family and friends awake for there own good. Keep steeming you have become a great mentor to me and the rest of us on steemit . THANKS from all of us.
I appreciate the kind words. Thank you.
It's interesting how states and the federal government can operate year after year without a published budget. This doesn't seem to make sense. 😶
It's such a fraud. If you did that then it's illegal. Governments get away with anything.
loss of purchasing power measured in gold since 2000!
Selling off of city, state, country assets is the proposed solution in every case where there is a crisis. Is this a good idea?
Selling assets can be good if the city, state or country will reorganize, close agencies, and make spending match income. But that will only happen with a huge crisis forcing the changes.
Land is all they can sell and specifically undeveloped land. It at least has an potential of generating tax revenue. Developed land (water systems, electrical generation et al) would never recoup the cost of the government sponsored development costs
it's the same thing all over the world.
No doubt!
Good report, one of the reason my husband and I didn't invest in pension funds.
Thank goodness! Nothing but a trap
I just ordered the book, Global Economic Collapse; and I bookmarked your free Ecourse and have begun watching the videos, they look spectacular, exactly what people need to understand, including myself.
I live in the failed state of Illinois, by the way, and am concerned.