by SGT, SGTreport.com
This is a red alert economic collapse update.
The state of Illinois is now on fiscal death watch after a District Court ruling on Friday demanded that the state pay back its debtors at an accelerated rate.
Federal judge Joan Lefkow in Chicago ordered Illinois to come up with hundreds of millions of dollars it owes in Medicaid payments that state officials say the government doesn’t have, the Chicago Tribune reported. Judge Lefkow ordered the state to make $586 million in monthly payments (from the current $160 million).
"Friday’s ruling by the U.S. District Court takes the state’s finances from horrific to catastrophic,” Comptroller Susana Mendoza, a Democrat, said in an emailed statement after the ruling. "Payments to the state’s pension funds; state payroll including legislator pay; General State Aid to schools and payments to local governments will likely have to be cut.”
Illinois has racked up more the $15 BILLION in debt after years of over spending, and now the reaper must be paid.
As the Health Ranger Mike Adams warned just days before this new ruling, Illinois pensioners should expect as much as a 70 percent reduction in monthly pension payments as the unfunded promises can no longer be kept.
And the imminent bankruptcy of the state of Illinois is just the tip of the iceberg. Like Puerto Rico recently did, we can expect to see other troubled states following suit.
The next domino to fall? If you live in New Jersey, Florida or California consider what's happening in Illinois right now to be fair warning. Because your mismanaged state it likely next.
"From Horrific To Catastrophic": Court Ruling Sends Illinois Into Financial Abyss
http://www.zerohedge.com/news/2017-07-01/horrific-catastrophic-court-ruling-send-illinois-financial-abyss
Thank you for tuning in, upvoting and resteeming.
probably another few months
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According to my friend with IMF it will start in a noticeable fashion when our debt clock hits 20 trillion. She said they are shooting for 2021 for the total collapse of the US dollar. After we hit our debt ceiling America is technically bankrupt as our debt is passed GDP. We will have intermittent shocks to the system where money isn't available as they merge the 3 currencies of North America and work on the underlying value and structure of the currencies. It isn't the look that changes it is the underlying value and structure. I wrote a longer article explaining the 5 stages of a central banking cycle. Our debt clock has backed up at least 4 times since February. www.usdebtclock.org
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Yes the debt ceiling is a serious thing, if there is no fresh money coming in , the system will not work. 2021 seems like a long time
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the amero is coming.
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I am stacking all. Bitcoin, silver and gold. And i am waiting for mainstream media entering steemit. I wrote an article what will happen then:
https://steemit.com/steemit/@tuvokhl/why-steemit-is-genius-and-will-beat-the-dunning-kruger-effect
I dont know if you are familiar with this, but a nice digital battle will happen then ;-)
I call it the flag war...
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Thanks for the update! Upvoted and Shared!
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Thanks a lot forest, really appreciate the support.
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The infowar against the tyrants is only about to start... Especially be prepared.. that's right.
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I live in IL and the lottery can't even pay winning tickets. How corrupt and incompetent do you have to be to not have the ability to run a crooked game where the odds are stacked heavily in your favor?
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Please see my latest article on False Flags.
https://steemit.com/politics/@jjyeshua/manchester-arena-ariana-grande-psy-op
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This economy is in so much trouble its driving me crazy
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misticrum i went through the same crazy phase, but then I came to realize it was out if my hands and what i could do is get ready to survive it. Protect my family, my friends and my community, because in doing so I protect myself in the process.
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Your right thanks its just some days i feel that way not always i will get through it
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Wow. They can't pay medicaid. Sounds like maybe Obamacare was the final straw. I wonder who is next. I guess having shitty healthcare is supposed to make up for having no economy? Let's just let the government do what they do best. Don't control economy. Let the free market handle that. Just protect borders and send violent criminals to jail.
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And, of course, without healthcare, let the poor people die.
It's a double edged sword.
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Obamacare was the open option: everyone takes part and nobody wins. Trumpcare is the closed one: a bunch of people go into a room, close the door and come out with a bad deal. It's an open and shut case: the government CANNOT provide healthcare. A free market can.
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I find that odd considering European countries and Canada have been providing health care for their citizens for years. It comes down to the question of if basic health care is going to be about profit or about people.
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I read some news a few months back about canadians crossing the border to get around the long lines if they need care for anythinh very serious. I'm sure Europe has its problems too. It always looks better from over here right?
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I think I'd be interested to hear what regular Canadian citizens think about their health care system. I don't trust the news to tell an unbiased story any more.
I don't think that any of the healthcare systems are perfect by any means, but most of them are better than the for profit health insurance based system that we have here in the U.S. When an insurance company can deny you coverage for procedures ordered by a doctor, simply because it affects their profit margin, something is wrong with that system.
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All the government has is a redistribution system that does not work well. Steemit has a better redistribution system. Maybe a Steemit health program where users can put some of their steem in case of emergency? That would be totally optional and there could be witnesses to verify.
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That's a pretty good idea. A different kind of health savings account.
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@sgtreport As troubling as this is, the notion of a state being "too big to fail" is what I fear even more. People make a choice to live in a state. If those people have dependents, they are responsible for making the choice that is in the best interest of those they care for. Sometimes, that means packing up and moving to another state.
Same goes for corporations. I hate how some household brands bail out corrupt local and state governments. Shareholder activism in that regard should reinforce that if the state is going under, then the company better ready to move!
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So many people in this nation RIGHT NOW have no idea what's coming. People in California and New Jersey, take note of what's about to happen to the pensions of the teachers, police, firefighters and state gov't employees in Illinois...
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So the social cost of having to support those who thought they were safe in their gov't-provided next egg is going to quickly become a national issue. Then the narrative will be that we need to "pay back" the debt to these social servants who have been the backbone of government operations. This will make anyone who disagrees "terrible people", when it just masks the fact that taking on these social costs only bails out the bad behavior of politicians and businesses that created the ecosystem for these failures to take place.
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I couldn't agree with you more!
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When the weather is hot and the EBT card don't work.
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Then add electrical blackouts by nature and maybe by man. Then the fun really begins.
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A very good read, thanks.
Dont forget to check out my post for a link to collect free crypto..a once in a life time opportunity.
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Is this the big bubble bursting?
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Been watching you for years now Sean, keep up the amazing work. The condition Illinois is in unbelievable. I remember watching JSNIP4 discuss the lotto payouts being givin as IOU's about a year ago and even recently increasing the property taxes. Could kinda see the writing on the wall.
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I am on steem and I am from illinois Time to hide my pass words. Its not like anyone is going to come into my house its falling apart as is. It is time to survive instead of trying to hide the fact that there is something wrong. @businesswri you should see this
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What's sad about this is Illinois has always had a very fair tax system. I lived there back in the 90's and was always very happy with the state income tax system. It was essentially a flat 3% of any income with very few deductions. Everyone had skin in the game as far as taxes were concerned. If you were poor you paid taxes if you were rich you paid taxes at the same rate. It's fair and good for everyone to pay for government. Of course Illinois wasted the money and used it to fund inefficient programs. But I wish more states would consider a flat income tax rate. It's only fair!
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I grew up in IL. Every politician and cop is corrupt. My father fled the state after being there 40 years. No tax is good. No tax is fair . If a state had the small government it was meant to have, it wouldn't need to tax people's income at all. And by small I mean nearly nonexistent.
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Oh don't get me wrong I am all for limited government and yes politicians in Illinois are particularly corrupt. But there will always be a need for large infrastructure projects like roads and bridges even a regulated financial system. Those things while they can be done with private money I can assure you things we take for granted like the ability to freely travel would be seriously curtailed with an anarchist lack of government. Banks left to their own devices caused massive cyclical banking panics throughout the 1800's.
Can you imagine how inefficient it would be to go back to a barter system to perform basic tasks? Without government roads we would have to travel on private roads. Maybe one operator accepts chickens in exchange for travel on his road, another wheat, and another bitcoin. We would be reverting back to a more free society, but everyday things would be so much more complex than they are today.
Things like roads cost money and that has to be levied by taxes. We could give all control to smaller and smaller divisions of government like the city but taxes would still be collected. And what if you wanted to leave the big tax base city like Chicago and travel to a poor community? That poor community may not be able to levy the appropriate amount of property taxes with a small population so you may leave the asphalt and travel on washed out dirt roads.
So while I agree with the assessment that we need less government I am not willing to avoid all taxation and privatize everything because that would also be rife with corruption and abuse.
For the taxes that are collected I am in favor of fair taxes that are levied at the same rate across all spectrums of society. Should GE have access to the roads that you and I pay for without sharing in the responsibility? They have more resources but choose to hide their money in tax havens. You and I most likely can't do that. So we are forced to pay a higher amount because GE won't pay taxes on its income.
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Local taxes are needed. Taxes do a lot of good, when used correctly. The income tax is the fraud. We could have use taxes like gasoline and sales taxes. If corrupt politicians were ever held accountable, the taxes would make our lives better. And, do not forget the federal government could print it's own money. Lend that to banks at interest. But, the system is supposed to make us poor. We are supposed to be their slaves. All by design.
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Interesting video.
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Hey, the FED says we're in a recovery. So, everything's okay. Nothing to see here.
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Cryptos to the moon
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Great video, hard hitting, and resteemed :)
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Most citizens have no clue about the national debt. If you were to ask 10 americans about how much the natinal debt is. I promise you that 7 americans would have no idea.
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Sad how dumb we look when americans are polled on the street
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Florida?
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@SGT-Sean,
Thanks again for another great update and news about the crashing that is already affecting so many, & getting worse and about to ruin so many people who are not prepared for it.
You've been doing a great job helping to warn everybody about all the bad times we will be faced with. It's better to know & to have some time to make preparations.
Even my own little preps, such as some of my garden veggies are already over ripe and starting to rot (can't eat them fast enough), but the fully ripe items, are GREAT for collecting (and washing) SEEDS for next year's garden!
I hope that I don't waste anything. Let this be a lesson for all of you who don't have any spare money, you can always grow some food, even if you must do so in buckets on the patio, or mushrooms in a closet.
Be prepared as you can be.
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This post has been ranked within the top 50 most undervalued posts in the second half of Jul 01. We estimate that this post is undervalued by $33.81 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Jul 01 - Part II. You can also read about some of our methodology, data analysis and technical details in our initial post.
If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.
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How does debt recovery work when it pertains to states? Who foots the bill? Our federal government? Why did the federal government decide to bail out corporations first before states?
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Given the current state of societal arrangement be it economic, financial and more importantly cultural (moral) I for one am hoping for a collapse.
Yes it will be devastating for everyone including those that have done the preparations.
But there is no hope at all at painless reformation simply because even those that understand the gravity of the situation are not willing to sacrifice even the comfort in order to starve the beast.
A lot of people of good will are complaining about news media, Hollywood and the rest of the institutions that made the America of today but they keep feeding them with their dollars by paying for the cable bills, consuming the sewer coming out the Hollywood and so on.
Everyone will agree that one can't have a cake and eat too yet most try to live like it's possible.
Red Alert of Economic Collapse? Bring it on.
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upvoted
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Thank you for the useful info.
May I suggest you to use the uBlock plugin to stop the ads on your browser:
https://www.ublock.org/
It will clean your browser screenshots for your followers. ;-)
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damn. that's setting some dangerous precedents.
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This is a good update. I would not want to live near the States of Illinois, New Jersey, or Florida when the financial mushroom cloud goes up. People will start migrating out of there so quickly all the surrounding areas will be overrun. I wonder how long it will take the gangs to take over the city of Chicago. I believe they outnumber the police by a wide margin and I would bet a lot of police officers get hit with layoffs on top of everything else.
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