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CONGRESS TO LET STATES DECLARE BANKRUPTCY 1-21-2011

June 11, 2011

Link From: http://www.newzzcafe.com/

Policy makers are working behind the scenes to come up with a way to let states declare bankruptcy and get out from under crushing debts, including the pensions they have promised to retired public workers.

Unlike cities, the states are barred from seeking protection in federal bankruptcy court. Any effort to change that status would have to clear high constitutional hurdles because the states are considered sovereign.

Nations do not go broke. Nations do not default. Nations have a blank check to write with no balance.

The currency collapses. States do go broke.

-Jim Sinclair

Duration : 0:2:29

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Posted in bankruptcy chapter 11 | Tags: 11, Bailout, Bankrupt, bankruptcy, banks, benjamin, bernanke, bob, Bond, buy, chapman, chapter, Collapse, congress, crash, Crisis, dawson, declare, demcad, depression, dick, dumping, economy, failed, farrakhan, federal, fred, fulford, gregory, illuminati, jim, jp, keiser, let, max, meridith, morgan, Municipal, newzzcafe, Pension, plan, qe2, quit, Reserve, revenue, russia, shane, silver, sinclair, States, system, treasuries, war, whitney, willie, zerohedge

Citigroup Bankruptcy: Federal Reserve & SEC Response

May 27, 2010

The purpose of this video is to discuss the real inside story regarding Citigroup’s potential bankruptcy and why the mortgage crisis, although real, is a ruse distracting the public from the real source of the problem. This is an unregulated shadow banking system dominated by hedge and private equity funds. Step one to turn the economy around should be that President Bush, Federal Reserve Chair Bernakke and SEC Chair Christopher Cox require these funds to register with the SEC and disclose their holdings and related accounting practices. Only then can confidence be restored.