09/11/2011


MUNICIDE: Jefferson County Alabama Files Largest Municipal Bankruptcy in U.S. History

By John Galt November 9, 2011 – 18:45 ET From Bloomberg: Jefferson County Files Biggest U.S. Municipal Bankruptcy By Steven Church, William Selway and Dawn McCarty – Nov 9, 2011 5:46 PM ET Jefferson County, Alabama, filed the biggest U.S. municipal bankruptcy after an agreement among elected officials and investors to refinance $3.1 billion in sewer bonds fell apart. The county, home to Birmingham, the state’s most-populous city, listed assets and debt of more than $1 billion in Chapter 9 papers filed today in U.S. Bankruptcy Court in Birmingham. The county’s…


OUTRAGE: Air Force LOST Dead Service members body parts

By John Galt November 9, 2011 – 08:30 ET I was just getting ready to run out the door when this OUTRAGEOUS story caught my eye: Air Force morgue lost body parts from war dead There are no excuses. Generals in charge should become privates. Anyone responsible for this should be digging latrines in the permafrost of Alaska until their time in the military is up, then on the next to the last day of service, dishonorably discharged. Click on the title to read the story in full but take your…


Thank you for your Support

I just wanted to pause in the news postings before I hit the highway this morning to thank my readers and listeners for their support. The contributions from donations via the PayPal button to the left and purchases from Amazon.com help to keep this site growing and if things continue could allow me to work at this full time before all is said and done. The selection of radios to the left from Amazon was made with portability and practicality in mind. The books selected for my readers on the right…


Europe is Closing for Business

By John Galt November 9, 2011 – 07:30 ET Two stories caught my eye yesterday tied directly to the accelerating European crisis and the indicators that the rate of contraction is accelerating. First the U.K. newspaper, The Guardian: Europe’s banks retreat into ‘mini-crunch’ The secondary headline is the one that should raise an eyebrow: Europe’s banks are withdrawing from foreign lending in an echo of 1930s beggar-thy-neighbour economics The story highlighted the coming economic nationalism which might be interpreted as a new isolationist policy to preserve the banking systems of the…


Another Signal of Economic Contraction Coming: Significant Cargo Ship Idling in 2012

By John Galt November 9, 2011 – 06:50 ET As the Baltic Dry Index turns lower again, the world ignores the glaring warning signals the shipping industry has been sending for months about the global economy. The three year chart of the BDI indicates that whatever recovery was witnessed in the summer has begun to decline sharply in the last month. The fears of a European contraction and excess capacity is starting to impact shipping around the world and that photo above of the “ghost fleet” off Singapore might return again….


Municide Update: By the way, Jefferson County, AL Bankruptcy option is back on the table

By John Galt November 9, 2011 – 06:25 ET With all the fun we’ve been having in the news, this blurb from Reuters went ignored by the mainstream media: Alabama’s Jefferson County again eyes bankruptcy filing So after all the “negotiating” and promises of working something out, the story that just won’t die until it goes to court is back. From the article: County commissioners are scheduled to vote on one of three ways to resolve the county’s soured sewer debt: accept a negotiated agreement when returned by creditors, accept it…


11/9 U.S. Marketwatch: EAS Alert-This is not a test, Italy is Imploding

By John Galt November 9, 2011 – 06:15 ET UH-OH. We have an EAS test at 2 pm but on Wall Street the alarm went off early. S&P 500 futures are down a solid 26.90 as this is being typed and moving south since 0500. Meanwhile, the West’s economic future depends on a bunch of socialists who screwed their economies up to fix their economies and prevent a worldwide collapse. In the mean time, there are idiots who are trying to reassure investors around the world that inverted yield curves in…


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