RED ALERT ECONOMIC COLLAPSE UPDATE
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
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probably another few months
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
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
the amero is coming.
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...
Thanks for the update! Upvoted and Shared!
Thanks a lot forest, really appreciate the support.
The infowar against the tyrants is only about to start... Especially be prepared.. that's right.
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?
Please see my latest article on False Flags.
https://steemit.com/politics/@jjyeshua/manchester-arena-ariana-grande-psy-op
This economy is in so much trouble its driving me crazy
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.
Your right thanks its just some days i feel that way not always i will get through it
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.
And, of course, without healthcare, let the poor people die.
It's a double edged sword.
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.
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.
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?
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.
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.
That's a pretty good idea. A different kind of health savings account.
@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!
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...
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.
I couldn't agree with you more!
When the weather is hot and the EBT card don't work.
Then add electrical blackouts by nature and maybe by man. Then the fun really begins.