Alabama town failed pension is a warning

If you followed my “tic, toc…” posts, this press article is the first shot across the bow of state finances in the Western world.

http://www.nytimes.com/2010/12/23/business/23prichard.html?_r=1

As I mentioned before on this blog and on comment pages of some news papers like The Telegraph, at this stage of the crisis, options are few and very well defined. Whatever we may do going forward, pension promises across the West cannot and will not be kept in their original form and, in some cases, will be terminated outright.

Our options today are:

Save the banks and let society alone shoulder the costs of this developing crisis that, incidentally, is about to get worse.

Let the banks sink and ensure that all share the burden of the crisis

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