Day of Reckoning - State Budget: A Must See video

Here is a must-see 60-Minute video by CBS on the current States and Municipals situation in the US.

http://www.cbsnews.com/video/watch/?id=7166293n&tag=related;photovideo

Bankruptcy/Default/Insolvency: The Economic Theme for 2011

The Economic Theme for 2011 will be Sovereign/State/Cities Bankruptcy/Default/Insolvency, continuing with Sovereign default in Europe that started with the collapse of Iceland, Greece and now Ireland. The next European countries in line for collapse are Portugal, Belgium, Spain and Italy.

Also expected to be occurring in 2011 will be the collapse of  the States and Cities in the US, which started with Prichard, Alabama.

Alabama Town’s Failed Pension Is a Warning as to what is coming in 2011. 

Prichard, Ala., presents a worst case for public pension funds: It stopped sending checks in 200

Here is a link to a full article by New York Times.

http://www.nytimes.com/2010/12/23/business/23prichard.html?_r=2&emc=eta1

In a CBS 60-Minute interview, Meredith Whitney said that hundreds of municipalities in the US may go bankrupt and default on their bond within 12 month.

Money as Debt II -- Promises Unleashed

This is Part II of the Money as Debt documentary video series.

Here is a link to a Full Video. http://vimeo.com/12143080

Money as Debt -- How Money is Created

A true understanding of how the Economy and Economic Cycles really works will not be possible without a complete understanding of how Money and Credit is created under the current Fractional Reserve Banking Monetary System.

Here is a link to Part I or a two part video series on how Money and Credit is created.
http://video.google.com/videoplay?docid=-2550156453790090544#

If anyone is interested, the video is available through here in a DVD format.

Quote "The process by which banks create money is so simple that the mind is repelled" economist John Kenneth Galbraith