This pearl dug out by the team at Zero Hedge ties in with a number of themes I’ve been writing about. Most notably, it shows the dynamic of how local state finances are run. It is only a skip and a jump to deduce how your life is affected by the stock market even though you personally may not be an investor in stocks or bonds. This is what “A primer on how the stock market affects your life” is about.
Anyway, this report makes for some enlightening, if terrifying, reading.
Tags: bankruptcy, boondoggle, credit, crisis, debt, fiat money, fraud, local state finances, money multiplier, muni bonds, municipal bonds, politics, poverty, revolution, scandal, unemployment, war, white collar crime