Assured California collapseI had to laugh when I read that article about investors seeing value in KC real estate. Some people live in a dream world. Here's a snippet from the latest Jim Willie letter.
ASSURED CALIFORNIA & LOS ANGELES COLLAPSE
Seven big US states are in unresolvable distress, which consist of over 30% of the US population. The key state to watch is California, the nation's largest, the trend setter, since it operates in a fishbowl for all to see. The state faces a difficult decision to default or to issue another round of IOU coupons. This time, the many institutions and businesses might be ordered by law to accept the coupons as cash. A collapse of not only California, but its major city in Los Angeles are lined up assured in the near future. Municipal bonds in the Golden State and nationwide are at great risk of defaults, sure to arrive like night follows day.