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Global Economy Bursting?

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Alabama Town’s Failed Pension Is a Warning

http://www.nytimes.com/2010/12/23/business/23prichard.html?nl=todaysheadlines&emc=a25

The city stopped sending monthly pension checks to its 150 retired workers, breaking a state law requiring it to pay its promised retirement benefits in full. The city has sought bankruptcy protection twice.

The city of Prichard is now attracting the attention of bankruptcy lawyers, labor leaders, municipal credit analysts and local officials from across the country. They want to see if the situation in Prichard, like the continuing bankruptcy of Vallejo, California, ultimately creates a legal precedent on whether distressed cities can legally cut or reduce their pensions, and if so, how.
 
Oil is over $90 a barrel, price of gasoline rising


chart-of-the-day-gas-prices-dec-2010.jpg


Interest rates are rising and commodity prices are rising. There is no energy policy other than green energy at the expense of carbon fuels. Life is going to become more stressed as incomes are flat at best.

I believe we are at a turning point.
 
without rapid conversion of autos to use Nat Gas, we are going to be in a transportation fuels pickle ASAP. Look for $4 gasoline by May and the economy will shrink worse if we do...
 
California's debt triples in 7 years to $91 billion

http://ballotnews.org/2010/12/23/californias-debt-triples-in-schwarzeneggers-7-years/

Just to pay interest every year on the state’s debt takes up 7.1% of all spending from the state’s general fund.

“Every dollar you spend on debt service is a dollar you don’t have available to educate kids or for health-care or to spend in other ways.” That same statement applies to the U.S. debt, which is growing much faster and is larger as a percent of GDP.

Is it any wonder that the federal government may not have the will or the resources to bail out California?
 
In relation to Randolph’s above posts about the asteroid about to hit CA the land of nuts and fruits. My uncle was the 1st local man killed in WWII. He was aboard the USS Houston which the Japanese sank in the battle of Sunday Straits near Indonesia March 1, 1942. Over 825 of the crew were killed and the remainder captured by the Japanese and held in labor camps until after the war.
Many books were written by survivors and I met and got to know many of these men. One of their most interesting stories involves the ship’s cat. The ship left port in Batavia Java around 5PM and sank in a battle around midnight. Prior to leaving port, for some strange reasons, the ship’s cat abandoned ship. Some of the crew chased the cat for over an hour but the cat for some reason had no intention of leaving port on the Houston. This was unusual because the cat never before even attempted to leave ship because it was her home and she had it made.
I always think about that story. When something bad is happening I watch for signs that the cats are jumping ship. I think that Asteroid story is the equivalent of the cat jumping ship.
 
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