Wednesday, July 25, 2012

As a Eurozone Style Crisis Rolls Into America, Or....

12 Municipalities With Money Trouble

WSJ lists 12 municipalities identified by Moody’s as in fiscal trouble and their current status.


Munis
Ratings
Fiscal Emergency
Receiver- ship
Mediation
Bankruptcy
Default
Central Falls, RI
Caa1/RUR


Detroit, MI
B3/RUR




Harrisburg, PA
WR



Jefferson Cty, AL
Caa3/RUR


Menasha, WI
Ba2/STA




Moberly, MO
Not Rated




Pontiac City School District, MI
B2/NEG




San Bernardino, CA
Not Rated




Scranton, PA
Not Rated




Stockton, CA
Caa3/NEG



Vallejo, CA
WR

Victor Valley, CA
Ba1/RUR




Wenatchee, WA
Ba2/RUR






We are in the early stages. This list will eventually multiply many fold and include not only towns and cities, but also many states. The only way the crisis can be stopped, other than by defaults, is through Fed money printing, which will result in massive price inflation. It's probably a year or two  before the crisis really intensifies, but it is coming.

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