Posted by zog
on June 22, 2011, 8:24 pm
If there's one single clue that will show that the US is too far gone into bankruptcy and will collapse like the old USSR did-well, worse than what happend there-it's this study on what will be needed to pay government workers pensions.
It simply isn't possible, so there's gonna be a HUGE economic meltdown and social strife over this.
The only way I could think of to avoid (mitigate as best as possible) this for yourself in a survival situation is to live as cheaply as possible, under the poverty level and in the cheapest property tax domicile you can stand. Because you *know* they will grab everything they possibly can to forestall this fast collapse. It won't work, but they will be seizing properties and so on for taxes, and they will raise taxes considerably between now and then.
Man, just man.....and this doesn't count the Fed action what is allegedly due there.
http://www.cnbc.com/id/43498037
As to states and local governments "selling bonds" to fund this...this is ludicrous! That's just kicking the can down the road, plus, what idjit would buy such worthless crap? I can see non savvy individual investors, but money managers? Guys on the line for their clients?
And this is coming at a time when all these boomers are retiring and the traditional advice for retirees is to slide out of higher risk stocks and go into "safe" tax free munis! BWAHAHAHAHA
ain't gonna happen...interesting times ahead
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