12-26-2009, 03:20 PM
http://www.newgeography.com/content/001 ... a-defaults (http://www.newgeography.com/content/001274-what-happens-when-california-defaults)
This could actually happen because the federal govt knows so many states are going to be bankrupt in the coming years with their upcoming unfunded liabilities just like the federal govt is with social security and the rest and wont come to the rescue letting some constable just wipe out most of the state's pensions and force salary reductions and thousands of layoffs. The federal govt has to stop their deficit spending after this year or a hyper inflation depression will be almost guaranteed in a few years so after this coming fiscal year the spicket to the states has to be mostly cut off or an inflationary calamity will ensue.
This could actually happen because the federal govt knows so many states are going to be bankrupt in the coming years with their upcoming unfunded liabilities just like the federal govt is with social security and the rest and wont come to the rescue letting some constable just wipe out most of the state's pensions and force salary reductions and thousands of layoffs. The federal govt has to stop their deficit spending after this year or a hyper inflation depression will be almost guaranteed in a few years so after this coming fiscal year the spicket to the states has to be mostly cut off or an inflationary calamity will ensue.