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What Do the State of Illinois, Chicago, Public Pensions and Greece Have in Common?

It’s everywhere. And it’s right HERE too!

It’s not just Greece, now Puerto Rico, Spain, Italay, Portugal, etc…

The  Mainstream Media loves to point out the debt problem in Greece as if it’s worlds away and has no effect on our ever-recovering still robust US economy.

But insurmountable debt is ubiquitous. How did things get this way?

Even if you are still one of the gullible who believe the fairy tale of the “recovery” from the economic crisis, you have to have some sense of an imbalance in the equilibrium. Do you watch your local news? Even though they seem to cater to  third-graders you still can get some sense of reality if you put on your “extra-skeptical” ears and really listen.

Why are all the casinos shutting down? Why are all the school districts broke and looking to the state for more funding?

In the following interview Gordon T Long and his guest, Mike “Mish” Shedlock delve into the  financial straits of the city of Chicago  which are like so many other cities……

Decades of politically expedient l promises and over generous Public Pension concessions to appease powerful public unions have left all levels of government with few financial alternatives. Many are now be forced to consider bankruptcy.

06 20 15 – MACRO ANALYTICS – Coming Era of Pension Poverity – w/ Charles Hugh Smith

 

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