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BANKRUPTCY

Another US city mulls bankruptcy

Desert Hot Springs, a city located 110 miles east of Los Angles, California, warned Tuesday that it is running out of money by March 31 due to burdensome salary and pension costs.

It is the third city in the state along with San Bernardino and Stockton to seek court protection from creditors, Reuters reported.

Savion Sage: Bankruptcy fraud- What are the different kinds?

Are you thinking to file for bankruptcy? If yes, then it is important that you know the different bankruptcy laws about fraud. Due to fraud, the court may dismiss the bankruptcy plea you have filed. This is going to hurt your loved ones and compel you to pay the penalties associated with it. As such, you should know what bankruptcy fraud is when you find that it can be a solution for your problem.

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Greece Forced To Borrow More From Markets

Debt-laden Greece has been forced to tap the financial markets further to avoid bankruptcy after Eurozone finance ministers delayed a crucial aid payment.

Signs China Is Preparing For Collapse of Dollar and International Trade

China is recasting large gold bars into smaller size bars in preparation for a world trade system in which dollars are worthless as legal tender outside the United States.  While Homeland Security is busy buying 450 million hollow point rounds, China has been gradually selling US Treasury bonds and using the money to buy real assets in Africa, Asia, Latin America and elsewhere so there is no cut off of supplies to their industries and their people when trade collapses along with the dollar and the euro.

The Greek Town that Already Opted Out of the Euro

A flourishing Greek town has plenty of money because they have their own local currency – the TEMS.

Paul Craig Roberts: Collapse At Hand

Everyone wants a solution, so I will provide one. The US government should simply cancel the $230 trillion in derivative bets, declaring them null and void. As no real assets are involved, merely gambling on notional values, the only major effect of closing out or netting all the swaps (mostly over-the-counter contracts between counter-parties) would be to take $230 trillion of leveraged risk out of the financial system. The financial gangsters who want to continue enjoying betting gains while the public underwrites their losses would scream and yell about the sanctity of contracts. However, a government that can murder its own citizens or throw them into dungeons without due process can abolish all the contracts it wants in the name of national security. And most certainly, unlike the war on terror, purging the financial system of the gambling derivatives would vastly improve national security.

Saving the Post Office: the Models of Kiwibank and Japan Post

The Kiwibank & Japanese Model: Postal Banks to Serve Local Communities

Banking in post offices is not new. Many countries, including Germany, France, Italy, Japan, and New Zealand, have a long and successful history of it; and so does the United States.  If the USPS added banking, it could use its own bank-generated credit to help relieve its debt problems.  According to German researcher Margrit Kennedy, interest composes on average about 40% of the cost of all goods and services. That suggests that eliminating interest could reduce the USPS debt by about 40%.

20 Things We Can Learn about the Future of America from the Death of Detroit

Do you want to know what the future of America is going to look like? Just check out what is happening to Detroit. The city of Detroit was once one of the greatest industrial cities in the history of the world, but today it is a rotting, decaying, post-apocalyptic hellhole. Nearly half the men are unemployed, nearly half the population is functionally illiterate, more than half of the children are living in poverty and the city government is drowning in debt. As economic conditions have gotten worse, crime has absolutely exploded.

Your Wages Will Be Cut In Half!

Yesterday Zero Hedge ran a story that most people will never see or really understand. Zero Hedge reported that the Russians have sold off half of their US Treasury bonds over the past year. China has been dumping their dollar holdings too but still have over a trillion dollars left. Other foreigners have been dumping their dollars too. The current US inflation rate is 12%. Ben Bernanke has been creating trillions of dollars to bail out banks in Europe, to buy worthless securities from US banks and to fund the US debt. That will accelerate inflation. Inflation will go from 12% to 15% and then 20% in less than a year. The media will no longer be able to repeat the lie that the inflation rate is only 3 1/2%. Inflation will become an issue in the 2012 races for congress, Senate and the presidency.

Your Wages Will Be Cut In Half!

Patricia MacCallister Continues to Kick Ass on Running Zionist Jews Out

Fired substiute teacher, Patricia MacCallister, hangs very tough.  Ocuppy LA squirms and lies.  Gelding Sutdio 11 LA newscaster bends over in a cold sweat.  Female colleague, Susan, does her job and acts like she has a clue. 

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"Anti-Semitism" used to stir controversy at Occupy Wall Street

The reality is that the Occupy Wall Street movement is filled with Jews. The Jewish Telegraphic Agency recently noted its distinctly “Jewish flavor.”

Fifteen hundred people attended a Yom Kippur service outside Liberty Plaza earlier this month, in what participants described as one of the most powerful and moving events of Occupy to date.

Heads UP! Bank of America going DOWN and DIRTY?

If You Have Any Doubt that Bank of America is Going Down, this development Should Settle It

The Black Swan is on the Wing

In the bad old days of the Soviet Union the police took surveys of the population to determine their limits. Today’s bankers are the equivalent of Joe Stalin

Europe On The Brink

You've heard about it for months, but now it's really getting serious.

Bailout or Leveraged Buyout of the USA?

"We're literally witnessing the leveraged buyout of a country and that's why I call it a financial coup d'état, and that's what the bailout is for," states Fitts.

Massive amounts of financial capital have been sucked out the United States and moved abroad, explains Fitts, ensuring that corporations have become more powerful than governments, changing the very structure of governance on the planet and ensuring we are ruled by private corporations. Pension and social security funds have also been stolen and moved offshore, leading to the end of fiscal responsibility and sovereignty as we know it.

Money, Banking and the Federal Reserve

Keiser Report: Exorbitant Privilege

Max Keiser and co-host, Stacy Herbert, report from New York City. They discuss the exorbitant privilege America is about to lose. They look at football players with AAA credit ratings and at Apple's cash stockpile bigger than Americas.

Keiser Report: Exorbitant Privilege (E170)

Bill Still Videos: The Debt Ceiling Debate

Bill Still doing excellent short videos which should be in the hands of the world's citizens. His youtube site is here.

SR 20 - The Debt Ceiling Debate

If I Only Had a Bank: Overthrowing the Banksters

The first is a clear, catchy, and compelling short advertisment for State Banks. The second is a longer discussion of the true cost of interest and alternatives.  Highly recommeneded.

If I Only Had a Bank | How to Make California Prosper - California Public Bank

Why QE2 Failed: The Money All Went Offshore

In essence, it appears as if much of the monetary stimulus generated by the Federal Reserve System went into the Eurodollar market...Cash assets at the smaller U.S. banks remained relatively flat . . . . Thus, the reserves the Fed was pumping into the banking system were not going into the smaller banks. . . .business loans continue to “tank” at the smaller banking institutions. . . .The real lending by commercial banks is not taking place in the United States. The lending is taking place off-shore, underwritten by the Federal Reserve System and this is doing little or nothing to help the American economy grow.

Athens burns in riots: Protests explode as Greek MPs debate EU's call for £25bn in cuts

Riot police fought running battles with hooded youths in Athens continued for a second day today as tens of thousands of protesters took to the streets against tough austerity measures.

€444bn exposure to weak eurozone economies risks bankrupting the European Central Bank

With Greece forced to seek a second bail-out to avoid bankruptcy, Open Europe has today published a briefing cataloguing how the eurozone crisis could drive the European Central Bank itself into insolvency, with taxpayers likely to pick up a big chunk of the bill.

The role of the ECB in the ongoing eurozone and banking crisis has been significantly understated. By propping up struggling eurozone governments and providing cheap credit to ailing banks, the ECB has put billions worth of risky assets on its books.

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