Wednesday, March 2, 2011
Now you know why Oil, Gold & Silver is going up!
"Buyers of bonds issued by US states and local authorities are being 'Pollyannaish' in ignoring the state of their finances". "US states and local governments could default on $100bn (Â£60bn) of their debts over the next five years, according to a report from the consulting firm founded by economist Nouriel Roubini"."The report follows dire predictions of a wide-scale collapse in the US's $2.7tn municipal bonds market by Meredith Whitney, the analyst who was among the first to warn of the 2008 banking crisis".