Hard hitting global and local news
In an effort to rein in costs, the city of Camden NJ will fire its entire 270 member police force and instead will use Camden County officers. Mayor Dana Redd and Police Chief Scott Thomson noted that for the same price, Camden can have 400 county officers on staff. That is nearly a 50% increase in the number of officers for the same price
No entity is willing to stand up and say the obvious, that Greece is insolvent and cannot and will not pay back its debts. Moreover, in spite of an ECB mandate that prohibits direct financing of governments, the ECB is doing just that. Simply put, the ECB is printing euros, to give to the Greece, so that Greece can make interest payments to the ECB on maturing bonds
More: Italy Industrial Production Plunges 8.2% YoY, GDP Declines 2.5% Annualized; Italy to Pay Civil Servants 80% of Their Salary…
Excerpt from: Ponzi Financing in Poway California Based on Massively Rising Property Values
More: Reader Questions: Who is "Not in Labor Force"? Who is Counted as Unemployed?
Bloomberg reports Monti Calls for More Crisis-Fighting Urgency in ECB Standoff Italy’s Prime Minister Mario Monti warned of a potential breakup of Europe without greater urgency in efforts to lower government borrowing costs, as a standoff over European Central Bank help for Italy and Spain hardened. Monti, in an interview with Germany’s Der Spiegel magazine published yesterday, said that disagreements within the 17- nation euro area are detracting from the policy response to the debt crisis and undermining the future of the European Union. Spain and Italy, whose surging borrowing costs have shunted them to the heart of the turmoil in the euro area, are resisting pressure from ECB President Mario Draghi to formally request aid in return for strict conditions before the central bank will buy their bonds
Follow this link: Eurozone New Business Sinks at Fastest Rate in 3 Years; Germany Composite PMI at 37-Month Low; Ass-Backwards…
Read more here: Preposterous Falsehoods From Gary North Regarding the Inflation/Deflation Debate
Read More: Problems in Spain: Revenues Collapse, State Spends Nearly Twice as Much as Revenues Collected in First Half
Fearing action by creditors, San Bernardino, California, Files Chapter 9 Bankruptcy Petition San Bernardino, California, after disclosing a $46 million shortfall in the city’s budget, filed for municipal bankruptcy.