The cost just for the $100K-plus pensioners exceeds $6.24 billion a year and is rising with the number of six-figure retirees.
In the last year alone that number rose 18 percent, from 52,963 in 2016 to at least 62,474 now, Transparent California noted in its most recently released report on the $100K Club.
In May, Puerto Rico filed for bankruptcy, with $72 billion of total debt it cannot pay. The Puerto Rico Electric Power Authority filed for a form of bankruptcy in June to shed $9 billion of debt.
Local governments in Cook County, including the county itself, now have a whopping $139 billion in debt, most of it unfunded and most of it money owed to municipal and school workers for pensions and retiree health costs.
Having already bought 2.2 trillion euros worth of bonds to depress borrowing costs, the ECB has started to shift its focus from new purchases, arguing that its bloated balance sheet will provide the bulk of accommodation needed to lift inflation.
The OPEC member country’s cash-strapped government invited creditors to a Nov. 13 meeting in Caracas on Friday, after announcing plans to potentially restructure some $60 billion in bonds.
How do you keep a nation safe when not even seemingly “safe places” like churches and rock concerts and shopping malls are immune from violence?
The government’s answer, as always, will lead us further down the road we’ve travelled since 9/11 towards totalitarianism and away from freedom.
The weapon used in the gold price manipulation crime is paper, or, better stated, electronic gold in five distinct forms: gold futures; gold options on futures; bullion-bank controlled, deliberately audit-proof gold ETFs; gold EFPs (Exchanges for Physical); and the equities of bullion bank-controlled major mining companies. (The major miners serve the bullion banks, not their shareholders, and have actively participated in gold’s price destruction for years, starting with the “hedging” campaign that handed guaranteed profits to the banks and pitiful share prices to the stakeholders.)
“The logical thing to do is stop farming,” said Giessel, 64, who farms about 5,000 acres and has worked on the land all of his adult life.
Giessel has cut spending on what he can control – seeds, chemicals, fertilizer, rented land – and chewed through his farm’s savings. He stands to lose $93 an acre, or nearly $15,000, on one corn field alone this year.
Gold & Silver
Provided daily by the Peak Prosperity Gold & Silver Group
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