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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Duration : 0:4:2

Technorati Tags: debt, FREEDOM, gotcha!, grassroots, liberty, outreach, Paul, political, Ron, taxes, war