Wednesday, July 24, 2013
Between a Rock and an Exposed Place
I think that happened about the same time Detroit's oh so wise city council passed a resolution demanding the DoJ investigate George Zimmerman for civil rights violations.
So here we have the largest bankruptcy in US history I believe and the chief cause of this outrage has the balls to make statements and expect anyone to care? Tell me doesn't the Corrupt city council of Detroit have more important things to worry about than some criminal getting popped thousands of miles away in another city?
I hope Meredith Whitney is off somewhere drinking a margarita and laughing at all the Bond holders that called her a kook back in 2010. I knew she was right then but her call being off with her timing proved to me that honest people cannot accurately forecast the amount of time crooks will be crooks.
Detroit's bankruptcy is going to have some long range artillery folks, and those rounds are gonna strike water and create some waves that will wash up on everyone's shore eventually. One way or another.
If Obummer bails Detroit out then hold on for the flood. If he doesn't then the bond market rates are going to skyrocket. If he shafts the private and financial bond holders and not the union pensions the rates will skyrocket more. If he deals with each equally rates will still skyrocket and the flood of other municipalities declaring bankruptcy and expecting a bailout will happen anyway.
The Global economy the one world government types have been pushing for years is about to come crashing down folks. European banks are heavily invested in Detroit bonds. I was reading today that Dexia is exposed for 305 Million and about a third of that is insured by Euro countries backing.
I am interested in seeing how they keep this incoming blip from showing up on the so called recovery numbers.
Of course this is going to take some time to go through the courts and there is going to be some serious enron accounting going on to try and hide the pain but the economic car just took the lead in the race to the cliff I think.
No matter which way the government turns they are gonna lose this one and the exposure goes a long ways. This could be the one that gives us the single largest step down the decline ladder since 2008.
Keep Prepping Everyone!!!