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Argentina vs USA August 27, 2014

Posted by hslu in Economics, Global Affair.
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A US judge told Argentina: you have to do this, this and that because so and so sued you for not paying back the loan they lended you decade ago.

Argentina to judge: So and so didn’t settle with me but others have. We have been paying interests to the others on time for the past 13 years.

US Judge: You have to stop paying those people now. Settle with so and so first.

Argentina: If we stopped the interest payments we’ll be in default.

US Judge: You heard my ruling. Settle with so and so.

Argentina: So and so insisted on the full amount of the original loan. If we settle with them, the others will demand the full amount too.

US Judge: That’s your problem.

Argentina: We can’t take the deal from so and so. We have the interest payments deposited already.

US Judge: You can’t make the payments.

Argentina: We’ll have no choice but default because of your stupid ruling.

Stock markets: yawn!

First Detroit. Now Chicago? August 6, 2013

Posted by hslu in Economics, Obama, Politics, Taxes.
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150%.

This is how much Chicago’s property tax has to be raised to avoid a default similar to that filed by Detroit.

I didn’t pick this number out of thin air.

Obama‘s former chief-of-staff Rahm Emanuel said it.

Chicago’s rating was recently cut by three notches in one fell swoop! This is called a “super downgrade.” Pretty dramatic in and of by itself!

All told, at least 36 cities or localities have filed for bankruptcy protection since 2010. More notables among them are: Detroit, San Bernardino, Calif.Stockton, Calif., Harrisburg,  PA., Salem, N.J., Pontiac, Mich., and Jefferson County, Ala.

Even San Jose has a pension problem! Of course, many other American cities are now facing such a fate too.

So is the United States, the richest and most powerful country in the world.

I wonder how much our children’s taxes have to be raised to avoid a default on their country. Of course, 冰冻三尺非一日之寒!These problems will take time to get them resolved if ever. 

民不富则国不强!这是千古不变的道理。

Poor citizens make a weak country!

I have a good solution!

Maybe the federal government can print more money and bail all of them out. To set an example, Obama can bail out Detroit. While doing that, he can buy more votes from auto unions and teachers unions all across the country.

Problems solved!

Well, he already has those unions in his back pocket already! But more money never hurts.

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