CALIFORNIA WILL ISSUE I OWE U’S VERSUS PAY CHECKS ….AGAIN
Ranked as a top 10 economy of the entire world, what happens when revenue in California is so far out of balance to income, that the state can not pay its base salary obligations. Rather than match income to outflow the state remains in such deep deficit that its core credit rating is downgraded, its borrowing costs are soaring, and it continues to isssue iowu’s for salaries to its state workers. Is a major bond default around the corner? They don’t accept ioweu’s from the state of California. How many cities and other states will follow this pattern? How third world versus the Unites States of America is this?
Still the public doesn’t panic? Why? Because the public believes that their money is in their bank account. We can gives you some clarity for action here – for all tea parties and all who want to join a new American revolution:
1. Vote
2. Elect cooperation candidates versus competitive candidates.
3. Define the issue don’t let them do it.
4. Never ever elect an incumbant in the world today.
5. November 2nd – vote then go down to your bank and demand all your cash and deposits save 1.00 dollar in CASH. Watch what happens with this tea party protest.
All of us. On the same day. Protesting their lie with our wallets. As the banks do not have our cash and can not deliver it – you force the issue of fiscal reform. You vote it in on voting day with your actions.
If enough people read this blog they will get their money out first while others following their lead do not.
The sinking feeling your having is values crashing ( again ). The great DE FLATION. The value of your real estate is going down another 30% in our opinion. The value of your stocks and market holdings is slowly sinking. Day after day. Your year end wealth is sinking. ( AGAIN ).
The value of everything is falling and 500,000 are out of work this week related to jobless claims with some 15,000,000 of American adults unable to find work at all. Their pain is now rippling. The government has taken no action save to remove stimulus way too early, further defining the leveling and sinking of the recovery.
We are NOW inside a double Dip Recession follks.
All of us together. What does it feel like?
It feels like THIS only for years to come.
Berny Dohrmann
Cuzemel Mexico Friday
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Great article Berny. Not to mention that Wells Fargo is going to court for millions because of cheating on overdraft charges, with Chase and others to follow. It may be better to keep our money in our mattresses.