Only a few days ago, Congress introduced the “No Bailouts for State, Territory, and Local Governments Act.” The new bill prohibits any federal agency from funding ANY bankrupt city, state, or territory. The bill also prohibits the Federal Reserve from “financially assisting State and Local governments.”
Congress is well aware of a massive wave of defaults about to hit cities and states. Puerto Rico is just the beginning. We can see from this new bill that the federal government wants to make sure that every dime available ends up in its pockets. Nothing for cities or states. But the US federal government is just as bankrupt as they are.
This coming collapse will be one for the history books and very few see it coming and even less know how to prepare.
http://www.congress.gov/bill/114th-congress/house-bill/5276
http://www.silverdoctors.com/gold/gold-news/cash-holdings-of-apple-and-other-tech-stocks-a-massive-risk-in-this-debt-jubilee-era/
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