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Pension Panic
City of Detroit On July 18, Detroit’s $18.5 billion bankruptcy became the largest U.S. bankruptcy ever. (OK, maybe not “ever”–but at least, “so far”.) The Detroit Free Press (“Detroit: Snapshot of a...
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What Can’t Be Paid, Won’t Be Paid—Not Even to Government Pension Funds
According to The New York Times article “In Ruling on California Town’s Bankruptcy, Judge Challenges Security of Pensions”: “A federal bankruptcy judge on Wednesday upended the widely held belief...
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Looting for Dollars
A Russian analyst named Dmitry Kalinichenko recently penned a brilliant article entitled “Grandmaster Putin’s Golden Trap”. The original article was written in Russian and subsequently translated into...
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Growing Government Insolvency
The Washington Times reports (“Dennis Ross pushes zero-based budgeting for federal government”) that Congress may impose much stricter financial controls on government agencies and bureaucracies....
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