State Budgets: Day Of Reckoning

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"60 Minutes" showed an excellent program last week on the default situation that is going on in every state and local government.

http://www.cbsnews.com/video/watch/?id=7166293n&tag=cbsnewsMainColumnArea.5

All throughout this program they talk about how there is "NO WAY OUT" of this debt spiral but the ONE thing they are not taking into account is the OBVIOUS conclusion to this problem...the total and complete collapse of all government organizations.

Which will collapse the BIG BANKS who are some of the largest investors in muni bonds and then EVERYTHING ELSE... including the US Dollar.

Just another nail in the coffin that will be FINALLY be buried early next year.

Stay safe

Bix

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