by John Galt
March 27, 2012 22:45 ET
As has been the habit of the U.S. banksters, the sheep have been herded into another bubble which is about to implode and shear them once again. The media spend the majority of 2011 incessantly attacking Meredith Whitney and her prediction of a municipal bond catastrophe without even taking a moment to analyze the underlying condition of the various locations at risk. Jefferson County, Alabama proved to be the largest implosion in history but it would appear that it shall soon lose that honor to another California location. Just remember as I outlined in my original piece on the subject in 2008, Municide, that the inevitable crisis will occur as real estate values continue to plummet.
With residential real estate at decade lows and commercial real estate falling faster and farther underwater at a frightening pace, it is only a matter of time before the dominoes begin to fall. Below are a sampling of the recent stories highlighting the extent of this ongoing disaster from various media sources around the country.
Providence Bankruptcy Seen as Unavoidable on Budget Gap
More Municipalities Bet on Bonds to Cover Pensions
Will Stockton, Calif., Be the Biggest Municipal Bankruptcy Ever?
Chapter 9, A Brave New World
Municipal Defaults — Already 21 in 2012 — Another Blow for Bond Insurers
NY.’s road to fiscal ruin
Cities deep in the financial hole
10 Reasons Why The U.S. Is On The Verge Of A Major Municipal Debt Crisis
Small-Town Lockups Without Prisoners Send Bonds Into Default
Detroit Nears Bankruptcy As Debt Downgraded by Moody’s
US muni defaults another blow for insurers
Bankruptcy not ruled out to solve Fresno’s financial crisis
A Banksters worst nightmare, forced to Return to Real Money.
The real reason you pay an income tax, is for the privilege of using a private currency.
Also known As A: Federal Reserve Note
Demand from your bank or brokerage, lawful money and the tax goes away, with a tax exemption on lawful money, all of your money is yours.
http://www.21silver.com/?show=merrill&read=federal_reserve_act_remedy
http://stormthunder.com/federal-reserve-act/
Tax Exemption: http://stormthunder.com/federal-reserve-act/#ixzz1pOYzDgEm
Web search these three different phrases:
Redeemed in Lawful Money or
Redeemed in Lawful Money Pursuant to Title 12 USC §411 or
deposited for credit on account or exchanged for
non-negotiable federal reserve notes of face value