<blockquote>'..The public pension Ponzi scheme will fly apart as soon as one major city declares bankruptcy to get those pension benefits tossed out in court.
Realistically speaking, numerous cities such as Los Angeles, Houston, and San Diego are already bankrupt, as are second tier cities like Oakland, Newark, Cincinnati, and Baltimore and others too numerous to list, they just have not admitted it yet.
Simply put, pension promises have been made that cannot and will not be kept.
In the meantime, defined benefit plans need to end, city services privatized or eliminated, Davis-Bacon and prevailing wages laws scrapped, national right-to-work laws implemented, and at the top of the list, collective bargaining of public union workers need to stop immediately.
It's time to abolish collective bargaining, a practice that makes slaves out of everyone..'
- Mike "Mish" Shedlock,
Public Pension Ponzi Scheme; New York Cities Borrow From Pension Plan to Make Contributions, March 02, 2012</blockquote>
Context<blockquote>
'..sanering van de overheidsfinanciën [kan] geen uitstel meer velen.'Nomura's Bob Janjuah on 'Monetary Anarchy' February 21, 2012
The ECB-G30 conflict (Corporate Europe Observatory) February 27, 2012</blockquote>