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IPFS News Link • Congress-Congressmen

Wow. Congress wants to prohibit the Fed from bailing out bankrupt states.

• https://www.sovereignman.com, Simon Black

The title pretty much sums it up.

Congress knows there's a massive wave of defaults looming at the city and state level.

Detroit and Puerto Rico are just the tip of the iceberg.

Aside from a few top performers like Alaska, South Dakota, and Wyoming (which, ironically, have no state income tax), many US states have atrocious finances.

Illinois and Maine, for example, have dangerously low levels of cash relative to the debts and obligations they have to pay.

New Jersey and California have are among several states that are technically insolvent, meaning they lack sufficient assets to make good on all the promises they've made (like pensions and bonds).


thelibertyadvisor.com/declare