Illinois Is Essentially Experiencing Its Own Private Great Depression

 

The state of Illinois has not passed a budget for close to three years.

Arguably it’s just as well because Illinois budgets for decades have been nothing but a moth-eaten collection of lies, one time deficits repeated endlessly, and financial wizardry statements designed to disguise Illinois’ real problems: failure to rein in spending coupled with a very business unfriendly environment.

As Illinois’ bond rating careens towards junk, Illinois Unpaid Bills Jumped to $14.3 Billion. Today, the state told contractors to halt roadwork other that required for safety. Continue reading

Greece is on the brink of exiting the European Union as concerns grow

Germany and Greece face a dramatic eurozone showdown which could see Athens abandon the single currency to ease crippling austerity.

Euro finance ministers will hold crisis talks as a deadline for Greece to request an extension to its €240billion (£176bn) bailout programme looms. Continue reading