[Posted March 16, 2010]

Governments FAIL: states and municipalities bankrupt - IOU paychecks

A.C. Bhaktivedanta Swami

We will see a lot more of this...

Fox 10TV Mar 15, 2010 - LIBBY AMOS

Still no money for Prichard pensioners

PRICHARD, Ala. (WALA) - A bankruptcy court judge has given the City of Prichard two more months to figure out how they will pay retired city workers. Prichard pensioners have gone six months without a pension check.

"You can't begin to know the stress of this. My daughter is in college right now, my son just graduated from high school, he wanted to go to college. My daughter had to miss last semester in college and she will have to miss this semester. I can't afford to pay it. My son wants to go to technical school; I can't afford to pay for it. It makes me feel like a failure more than anything, when I did my part. I worked 32 years to get my pension. They owe it to me, it's not something I'm asking them to give me," Holifield said. go to story

Related:

My Inflation Nightmare

- The Atlantic MICHAEL KINSLEY - April 2010 Am I crazy, or is the commentariat ignoring our biggest economic threat? ...Paper currency used to represent claims on a share of the gold in Fort Knox. Now it is just “fiat money,” backed only by the “full faith and credit” of the United States government. Ditto electronic money—the $5,000 you allegedly have in a savings account at the bank, whose only corporeal existence is on a hard drive somewhere. That $5,000 is $5,000 only because the government says it is.

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Broken promises

No Atheists in Foxholes, and now it's "In Gold We Trust" A.C. Bhaktivedanta Swami

That is cheating. Therefore I say cheating. I have no money. I give you simply paper. I promise to pay hundred dollars. What is the use of that promise if I have no money? But you want to be cheated. I cheat you. That's all. more

Inflation brought on by paper money

excerpt from conversation, Johannesburg, October 16, 1975

PRABHUPADA: First of all, the government is cheating. He is giving me paper in the name of money, and forcing me to accept it.

HARIKESA: That seems to be the root cause of...

PRABHUPADA: Yes. Government is taking labor from you. You ask, "If you pay me three hundred dollars, then I shall work." "All right, I shall give you. Work." Then what is that three hundred? I print and pay you, and you rascal, you accept it, three hundred dollars. What is that three hundred dollars for government? Printing press. And you are so rascal, "Yes, I have got now three hundred dollars." This is going on. This is artificial inflation.

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