Canada`s bubble getting ready to burst

If you have just recently purchased that dream home in Canada get ready . If you have just paid your home off get ready . I feel like a kid on christmas eve again after listening to this video. Can you say home prices falling by 90%, Bank`s sailing off into the bankruptcy sunset Insurance companies going bye bye > LOL I`m ready In the second half Max talks to Nicole Foss about the unpopped bubble in Canada.

Oh crap.

They are talking Canada Biggs not Oz

Is it like the US NB or is the States worse than Canada or the other way round or are they the same.

Bigsy, the US is already in big trouble. Many States and Big cities in the US are bankrupt and just a matter of time before the SHTF. When they go down, the ripple effects will affect the banks and then Canada.

Our economy relies heavily on America`s when they can no longer buy our goods then poof we start to slide down the hill to join them . Funny the big need to integrate economies around the world has allowed the economic collapse to show up in every corner at once . The Very thing they said was going to protect us has lead to economic ruin . And now many globalist`s want closer ties ...............I think not it has shown us that being closely tied as nations just leads to an even quicker demise when the domino effect kicks in

Sounds crazy over there, NB and mic keep us updated please.

More half-truths as Illinois about to go bankrupt


The easiest way to illustrate the severity of Illinois' fiscal crisis is to look at it as if this were an individual household budget.

In 2010, you were only able to borrow and earn a total $26,000 - while racking up spending and debts of $39,000. So now it's the beginning of 2011. You will be LUCKY to be able to borrow-and-earn another $26,000 (with revenues continuing to plummet).

However, not only are you facing trying to come up with $39,000 (or so) for THIS YEAR'S funding, but you still have to come up with an extra $13,000 to cover LAST YEAR'S debts.

Thus with Illinois looking to have roughly a total of $26,000 (which includes ALL it is capable of borrowing), it's trying to cover past and current spending obligations of $52,000 with those revenues. Can you say "bankrupt"?

Just like households, states do NOT have their own printing press. Despite this, "experts" will STILL try to say that Illinois' obvious, pending bankruptcy is NOT the same as an individual being in this position. And that IS true - because in Illinois' case we are talking about BILLIONS not THOUSANDS.

Note that Illinois is ALREADY faced with BORROWING more money just to make CURRENT payments in pension obligations. This is a nightmare which most other states AND the federal government AND most local governments are also about to have to start facing.

Read this article through (if you have nothing better to do) since I got all of my numbers straight from it, and read the very moderate amount of CONCERN expressed about a large U.S. state with absolutely NO HOPE of ever digging out of this hole...now COMPARE the attitude in this article with the ENDLESS hysteria about the Euro "debt crisis". Now consider this: NONE of the Euro states has a financial mess HALF AS BAD as that of Illinois.


"Illinois Has Days to Plug $13 Billion Budget Gap"

www.bloomberg.com/news/2011-01-03/illino...ears-to-produce.html


Illinois lawmakers will try this week to accomplish in a few days what they have been unable to do in the past two years -- resolve the state’s worst financial crisis.

The legislative session that begins today will take aim at a budget deficit of at least $13 billion, including a backlog of more than $6 billion in unpaid bills and almost $4 billion in missed payments to underfunded state pensions.

In 2011 The Baby Boomers Start To Turn 65: 16 Statistics About The Coming Retirement Crisis That Will Drop Your Jaw

http://endoftheamericandream.com/archives/in-2011-the-baby-boomers-start-to-turn-65-16-statistics-about-the-coming-retirement-crisis-that-will-drop-your-jaw


#1 Beginning January 1st, 2011 every single day more than 10,000 Baby Boomers will reach the age of 65. That is going to keep happening every single day for the next 19 years.

#2 According to one recent survey, 36 percent of Americans say that they don't contribute anything at all to retirement savings.

#3 Most Baby Boomers do not have a traditional pension plan because they have been going out of style over the past 30 years. Just consider the following quote from Time Magazine: The traditional pension plan is disappearing. In 1980, some 39 percent of private-sector workers had a pension that guaranteed a steady payout during retirement. Today that number stands closer to 15 percent, according to the Employee Benefit Research Institute in Washington, D.C.

#4 Over 30 percent of U.S. investors currently in their sixties have more than 80 percent of their 401k invested in equities. So what happens if the stock market crashes again?

#5 35% of Americans already over the age of 65 rely almost entirely on Social Security payments alone.

#6 According to another recent survey, 24% of U.S. workers admit that they have postponed their planned retirement age at least once during the past year.

#7 Approximately 3 out of 4 Americans start claiming Social Security benefits the moment they are eligible at age 62. Most are doing this out of necessity. However, by claiming Social Security early they get locked in at a much lower amount than if they would have waited.

#8 Pension consultant Girard Miller recently told California's Little Hoover Commission that state and local government bodies in the state of California have $325 billion in combined unfunded pension liabilities. When you break that down, it comes to $22,000 for every single working adult in California.

#9 According to a recent report from Stanford University, California's three biggest pension funds are as much as $500 billion short of meeting future retiree benefit obligations.

#10 It has been reported that the $33.7 billion Illinois Teachers Retirement System is 61% underfunded and is on the verge of complete collapse.

#11 Robert Novy-Marx of the University of Chicago and Joshua D. Rauh of Northwestern's Kellogg School of Management recently calculated the combined pension liability for all 50 U.S. states. What they found was that the 50 states are collectively facing $5.17 trillion in pension obligations, but they only have $1.94 trillion set aside in state pension funds. That is a difference of 3.2 trillion dollars. So where in the world is all of that extra money going to come from? Most of the states are already completely broke and on the verge of bankruptcy.

#12 According to the Congressional Budget Office, the Social Security system will pay out more in benefits than it receives in payroll taxes in 2010. That was not supposed to happen until at least 2016. Sadly, in the years ahead these "Social Security deficits" are scheduled to become absolutely horrific as hordes of Baby Boomers start to retire.

#13 In 1950, each retiree's Social Security benefit was paid for by 16 U.S. workers. In 2010, each retiree's Social Security benefit is paid for by approximately 3.3 U.S. workers. By 2025, it is projected that there will be approximately two U.S. workers for each retiree. How in the world can the system possibly continue to function properly with numbers like that?

#14 According to a recent U.S. government report, soaring interest costs on the U.S. national debt plus rapidly escalating spending on entitlement programs such as Social Security and Medicare will absorb approximately 92 cents of every single dollar of federal revenue by the year 2019. That is before a single dollar is spent on anything else.

#15 After analyzing Congressional Budget Office data, Boston University economics professor Laurence J. Kotlikoff concluded that the U.S. government is facing a "fiscal gap" of $202 trillion dollars. A big chunk of that is made up of future obligations to Social Security and Medicare recipients.

#16 According to a recent AARP survey of Baby Boomers, 40 percent of them plan to work "until they drop".

Alex Jones keeps saying they are coming for your pensions Many call him nuts but he is right here is a list of cities which have large unfunded pension liabilities . An unfunded pension Liability is when like companies the state and city governments take money that is supposed to go to the pension funds and defer it to a later date. So although the money was supposed to go into the fund it was put off and used else where. Many of these cities are never going to be able to make good on these you`ll understand why when you read thew article .

Now many Police and firemen are as of yet unaware they have no retirement benefits they are merely working for a weekly check . How do you think they will respond when they become aware of it ?

The First 10 Major Cities That Will Run Out Of Pension Fund Money

http://www.kellogg.northwestern.edu/faculty/rauh/research/NMRLocal20101011.pdf

#1 Philadelphia- Unfunded liability of $9 billion, $16,696 per household, only 4 years before the pension accounts are empty

#2 Chicago- Unfunded liability of $44.8 billion, $41.966 per household, money runs out in 7 years

#3 Boston- Unfunded liability of $7.5 billion, $30,901 per household, money runs out in 7 years

#4 Cincinnati- Unfunded liability of $2 billion, $15,681 per household, money runs out in 8 years

#5 St Paul- Unfunded liability of $1.4 billion, $13,686 per household, money runs out in 8 years

#6 Jacksonville- Unfunded liability of $4 billion, $12,944 per household, money runs out in 8 years

#7 New York City- Unfunded liability of $122 billion, $38,866 per household, money runs out in 9 years

#8 Baltimore- Unfunded liability of $3.7 billion, $15, 420 per household, money runs out in 10 years

#9 Detroit- Unfunded liability of $6.4 billion, $18,643 per household, money runs out in 11 years

#10 Fort Worth- Unfunded liability of $2 billion, $7,212 per household, money runs out in 11 years

Now these numbers are based on current monies coming in should they falter these numbers may change as well and this article below should be a confirmation of what is above

State Budgets: Day of Reckoning Is Here
Doomsday Fear Mongers Get It Right Again: 'The Credit Card is Maxed Out. It’s Over. It’s Over.'

http://www.lewrockwell.com/slavo/slavo25.1.html

By now, you've likely come across the recent 60 Minutes segment titled State Budgets: Day of Reckoning. If you have yet to view it, you can do so below.

Millions of Americans who have been told that our economy is now in a period of recovery may be surprised to learn that most states are so broke that they are left with no other choice but to cut spending on literally everything. Governor Christie of New Jersey is, according to 60 Minutes, the canary in the mine:

Quote :

We spent too much on everything. We spent money just crazily. The credit card's maxed out. It's over. It's over.

For readers of this web site and other alternative news and contrarian outlets this report was to be expected. We've been reporting on, and our readers have been contributing their insights via comments for quite some time – at least a couple of years now – about the fundamental problems facing our country. For those who have questioned their own sanity, or have had their sanity questioned by friends and family when trying to spread the message of preparing for the Greatest Depression, Governor Christie just proved that you've been right all along:

Quote :

Where am I getting the money? I don't have it. I literally don't have it.

It's not like you can avoid it forever because it's here now. We all know it's here. And the Federal government doesn't have the money to paper over it anymore either for the states. The day of reckoning has arrived. And it's going to arrive everywhere.

Unlike the federal government, states don't have the ability to issue debt and print as much money as is needed via the digital presses at the Federal Reserve. They are left with no choice but austerity measures via spending cuts. And, as Charlie McGrath pointed out recently, Austerity will hit America like an Eight Pound Sledgehammer.

http://www.shtfplan.com/headline-new...ammer_10272010

Look at what’s going on around the world. We have riots in Greece, riots in France, we have massive job cuts in England [which are] probably going to lead to social unrest there. It is our time to have austerity flung upon us. That’s what this election is going to be used for.

A week from now when Republicans control the house, maybe the Senate, it really doesn’t matter. Everything’s going to come to a grinding halt. Every talk of extending unemployment benefits is going to come to a grinding halt and austerity is going to be implemented on the American people. Like it or not, it’s coming.

(WE saw this there was a real threat that unless the tax cuts were extended the unemployment benefits extension would not have gone forth . In spite of everything that is going on they are still not working together to ease the pain the common folk are going to experience)

This is the plan. We’re going to know that we are in a great depression, very very soon.

There’s going to be a lot of people in your life, maybe even yourself, who are facing these difficult, tough decisions when it comes to how to make ends meet…

…The fact is, economic hard times [are] coming your way - like it or not. You have to change your mindset. You have to wrap your head around the fact that it might be your only option to strategically default on your house. It might be your only option to go ahead and file bankruptcy.

…When austerity becomes vogue in this country, it’s going to hit like an eight pound sledgehammer and a lot of people are not going to be able to take it.

…They (the banks) would have no problem whatsoever walking away from you and letting you wither and die on the vine. You can not have a heart for these people. You need to have a heart for your family. You need to make strategic decisions that benefit yourself and your family. The crime of shifting their debt on to you is complete. It’s time for you to look out for you and your own.

Earlier this year, we discussed the Collapse of Dysfunctional States as Another Step To The Federal Bubble Detonation, and according to mainstream reports as of late, we're well on our way to complete destruction of the way of life as we have come to know it in our spend and consume society.

http://www.shtfplan.com/headline-new...ation_07292010


If you thought the housing bubble was bad, consider what financial analyst Meredith Whitney has to say about state and local governments. Take note that it was Whitney who blew the doors open on the problems in housing and the excessive leverage in the banking system – which led to the collapse that has left us where we are today. And while investment houses and ratings agencies are still promoting municipal bonds as a great way to preserve wealth, you might want to sleep on Whitney's latest comments before you go all in:

Quote :

It has tentacles as wide as anything I've seen. I think next to housing this is the single most important issue in the United States and certainly the largest threat to the US economy.

When asked why no one is doing anything about it, Whitney provides an answer that is as true today as it was before the housing bubble pop:

Quote :

Because they don't pay attention until they have to.
It is only at the precipice of disaster that people, especially politicians and vested interests, are willing to change.

The worst thing about all of this, is that, as Meredith Whitney suggested, the states will likely find a solution to their problems. Our view is that this solution will come down to massive, unprecedented bailouts from the Federal government. Not billions – not trillions more will be printed.

We maintain our previous forecast, though we can't put a specific timeline on it, that the collapse of state governments will eventually lead to the largest bubble detonation in history – financier George Soros refers to it as the Super Bubble and trend forecaster Gerald Celente calls it the Government Bubble:

How long will this be?

It's hard to say, but in terms of the states, we're likely looking at sooner rather than later. States are already broke, with California, Illinois and New Jersey already showing serious fiscal strain. In the near future we'll begin seeing states requesting bailouts directly from the federal government. Eventually, we suspect that the majority of states will be standing in the welfare line looking for handouts.


For now, the US dollar remains fairly strong given our economic problems. In fact, any time a financial emergency spreads across the globe, investors seem to be running to US bonds for safety, so there is still confidence in the US government's ability to service our existing debt.

However, we believe that once the states begin to require federal involvement to pay government workers, emergency responders and pensioners, we will be much closer to a serious collapse of not only our economic system, but the monetary system as well. It's only a matter of time before the rest of the world realizes that we're completely broke and takes action accordingly.

The states blew a government spending bubble, and that bubble is about to pop. The federal debt bubble will not be far behind.

Naturally, there will be skeptics. In fact, most are skeptical of the possibility of a complete collapse of the US Dollar and our way of life, but it is in process as we speak.

Just like the states, the federal government will soon be on the precipice.

Meredith Whitney says that municipal bond defaults will start occurring in scores over the next 12 months. We'll see what the federal government does, but our guess is more bailouts – hey it worked before!

But who will bail out the $150 Trillion (official figure) government debt bubble?

Any takers?

Yeah, we didn't think so.

Pension Checks Stopped in Alabama City
http://www.economicpolicyjournal.com/


The pension fund of Prichard, Alabama has run dry. It only impacts a small number of retired town workers, but it provides a hint at what might happen on a larger scale when some biggies run out of dollars.

NYT provides a blow-by-blow of what's going down in Prichard:

http://www.nytimes.com/2010/12/23/bu...er=rss&emc=rss

This struggling small city on the outskirts of Mobile was warned for years that if it did nothing, its pension fund would run out of money by 2009. Right on schedule, its fund ran dry.

Then Prichard did something that pension experts say they have never seen before: it stopped sending monthly pension checks to its 150 retired workers, breaking a state law requiring it to pay its promised retirement benefits in full.
Since then, Nettie Banks, 68, a retired Prichard police and fire dispatcher, has filed for bankruptcy. Alfred Arnold, a 66-year-old retired fire captain, has gone back to work as a shopping mall security guard to try to keep his house...

Far worse was the retired fire marshal who died in June. Like many of the others, he was too young to collect Social Security. “When they found him, he had no electricity and no running water in his house,” said David Anders, 58, a retired district fire chief. “He was a proud enough man that he wouldn’t accept help.”


The situation in Prichard is extremely unusual — the city has sought bankruptcy protection twice — but it proves that the unthinkable can, in fact, sometimes happen. And it stands as a warning to cities like Philadelphia and states like Illinois, whose pension funds are under great strain: if nothing changes, the money eventually does run out, and when that happens, misery and turmoil follow...
“Prichard is the future,” said Michael Aguirre, the former San Diego city attorney, who has called for San Diego to declare bankruptcy and restructure its own outsize pension obligations. “We’re all on the same conveyor belt. Prichard is just a little further down the road.”...Last week several dozen retirees — one using a wheelchair, some with canes — attended the weekly City Council meeting, asking for something before Christmas. Mary Berg, 61, a former assistant city clerk whose mother was once the city’s zookeeper, read them the names of 11 retirees who had died since the checks stopped coming.

“I hope that on Christmas morning, when you are with your families around your Christmas trees, that you remember that most of the retirees will not be opening presents with their families,” she told them.

The budget did not move forward. Mayor Davis was out of town.

“Merry Christmas!” shouted a man from the back row of the folding chairs. The retirees filed out. One woman could not hold back her tears.
When the crisis gets to the biggies, they will probably print money, which of course will result in price inflation, and result in pensioners across the country with less buying power than they ever could have imagined. In other words, it will eventually impact us all.

US state governments prepare attacks on jobs, wages, pensions


http://uruknet.info/?p=m73533&hd=&size=1&l=e


January 1 marked the beginning of a three-week period in which new governors take office in more than half the 50 American states, including three of the four largest—California, New York and Florida.

Whether Democratic or Republican, the new state chief executives are planning major attacks on public employees and public services, including huge budget cuts and mass layoffs. In the 26 states with new governors, 23 face budget deficits, according to the Center on Budget and Policy Priorities.

The National Conference of State Legislatures forecast that the combined state deficits this year will reach $83 billion, somewhat less than in 2009 and 2010, but requiring even greater cuts than in those years because the Obama administration’s stimulus bill provided federal assistance to the states that has now been exhausted.

Forty-nine of the 50 states (all but Vermont) must by law balance their budgets each year, and nearly all of the incoming governors have publicly sworn off any new taxes on the wealthy or big business, making drastic cuts in public spending or increases in regressive sales and excise taxes their only policy options.

Since state and local government spending accounts for about one-eighth of the US gross domestic product, these cutbacks will have a sizable effect on the US economy and add to the likelihood of a further downturn, or "double-dip" recession.

Both the Obama administration and Republican congressional leaders have made it clear that there will be no further federal assistance to bankrupt state governments. In a clear signal on how both big business parties plan to treat public employees, Obama last month ordered a wage freeze for all federal government workers.

How many Politicians are going to lead by example and reduce their Pensions and wages ? Who will be the Brave Ones to show the Way ? Not one Austerity is for the Public use only get them to accept less, and what will it solve nothing the money they would save will be spent else where

Executive Order 11110 is quite infamous among conspiracy theorists.[3] Jim Marrs, author of the 1993 book Crossfire: The Plot that Killed Kennedy,[4] claims that the order written by John F. Kennedy instructs the Treasury secretary to issue about $4.2 billion in silver certificates as a form of currency in place of Federal Reserve Notes. Marrs also speculates this order was part of a larger plan by Kennedy to reduce the influence of the Federal Reserve by giving the Treasury more power to issue currency. The order was signed June 4, 1963. A few months later, Kennedy was assassinated on November 22, 1963, and conspiracy theorists hypothesize a link between the murder and E.O. 11110. They argue that the Federal Reserve was somehow involved in the assassination to protect its power over monetary policy.[4]



http://en.wikipedia.org/wiki/Executive_Order_11110

We have to get millions of people to find out where those cabal people are and bring them out and distribute all their trillions and trillions to the people.

BTW why can't we use that high tech stuff like they do in the military to find out where people are, surely people who know how to use that would do it to help a takeover, especially if they thought their brothers, sisters, mother, aunt, etc, etc would suffer unbearably.

Even Glenn has it figured out. Hippie he is talking to your guy that you like!

At Least 10 States Have Introduced Gold Coins-As-Currency Bills
http://tpmdc.talkingpointsmemo.com/2011/01/at-least-10-states-have-introduced-gold-coins-as-currency-bills.php


Legislators in at least ten states have introduced bills in the past few years to allow state commerce to be conducted with gold and silver.

As we reported, Georgia state Rep. Bobby Franklin (R) recently reintroduced legislation to force his state to conduct all monetary transactions with U.S. gold or silver coins -- including the payment of taxes.

The Georgia bill has a long way to go before become law -- but it's by no means the only state that's considering a future in gold. Lawmakers in Montana, Missouri, Colorado, Idaho, Indiana, New Hampshire, South Carolina, Utah, and Washington have proposed legislation, mostly in 2009, to include gold and silver in its accepted currency forms.