More U.S. Cities Set To Enter Default Danger Zone!

• You cannot solve a debt problem with more debts! Yet, this is what Illuminist banksters want us to believe. They say the Eurozone and US need more bailouts (ie. debts). While they pretend to be concerned with the growing amount of debts, they are using their politician puppets to build more debts.
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• The Illuminist plan is to build the problem into a ginormous debt mountain and then collapse it! They want to destroy the current order, world system, create chaos, social unrest, wars, famine, violence …. to lay the groundwork for the coming of their fake messiah, the Bringer of false peace, the Anti-Christ … the white horseman of Revelation 6.
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  More U.S. cities set to enter default danger zone! 
  By Michael Connor, http://uk.reuters.com/
  (Reuters) – America’s swelling ranks of fallen municipal borrowers have been blamed in the past year on ‘what-were-they-thinking’ causes, be it a Taj Mahal sewer system in Alabama or an overpriced trash incinerator in Pennsylvania’s capital city of Harrisburg.
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  But the next series of major cities and counties in danger of defaulting on their debt can hardly point to one single decision for their malaise. Whether it be Detroit, Miami or Providence, Rhode Island, their problems have a lot more to do with financial policies that put them on course to live well beyond their means.
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  Municipal defaults have shot up since 2007 and are on pace for another high year in 2012, according to Richard Lehmann, publisher of the Distressed Securities Newsletter.
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  Many failures will be due to local politicians’ willingness to give unionized local government workers lucrative pensions and health care benefits when times were good. For others, the housing bust was enough to destroy their real estate tax base. They almost all share the failure to prepare for a rainy day.
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  Now, belt tightening by state and federal governments is adding to the pain – as contributions to governments at city and county levels get squeezed. Many of the places in the worst condition are in the Northeast, Midwest, California and Florida.
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  The new tide of defaults may worry some investors in the $3.7 trillion municipal bond market who have so far shrugged off the fiscal crises of local governments and yield cuts in local government services.
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  “This is a lagging process,” said Richard Ciccarone, managing director at McDonnell Investment Management. “Capitulation may not come for years. In the crash of 1929, the defaults did not come until 1934 or 1935. The marginals hang on as they can.”
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  Take a look at Miami. The city just added a futuristic baseball stadium to its skyline and is gaining prominence as a global business center even as Miami’s exposure to declining housing values, low reserves and high pension obligations worry some bond buyers.
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  … for more click here!

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