{"id":55462,"date":"2020-10-29T05:32:50","date_gmt":"2020-10-29T10:32:50","guid":{"rendered":"https:\/\/olduvai.ca\/?p=55462"},"modified":"2020-10-29T05:32:50","modified_gmt":"2020-10-29T10:32:50","slug":"2021-a-year-of-mass-bankruptcy-john-rubino","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=55462","title":{"rendered":"2021 A Year of Mass Bankruptcy \u2013 John Rubino"},"content":{"rendered":"
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2021 A Year of Mass Bankruptcy \u2013 John Rubino<\/a><\/h3>\n<\/header>\n
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\"\"<\/a><\/strong>\u00a0<\/strong>Financial writer John Rubino says, \u201c2021 is going to be a pivotal year\u201d in the debt markets.\u00a0 Rubino says lots of debt will either be bailed out or defaulted on in some way.\u00a0 Because of CV19, there is no getting around this.\u00a0 The debt clock has been pushed forward by years.\u00a0 One too huge to hide debt problem are heavily indebted U.S. states and cities.\u00a0 Rubino says, \u201cYou have to call this a scam because years ago, they decided to offer wildly over generous pensions to public sector unions.\u00a0\u00a0<\/span>In return for that, the public sector unions elected people who would keep on doing that and keep the gravy train going. . . . Back then, it worked . . . but now they are all retiring, and these states and cities are heading for some version of bankruptcy at an accelerated rate.\u00a0 It was always going to happen in the next 10 years, but with the pandemic, the time frame has been moved way up.\u00a0 So, probably 2021 will be a year where a lot of these guys hit a wall where they have no choice but to default on a lot of their obligations. \u00a0That\u2019s going to throw the financial system into turmoil.\u201d<\/p>\n

Rubino points out, \u201cIf they can\u2019t pay their bills, they can\u2019t pay their bills.\u00a0 If it can\u2019t happen, it won\u2019t happen.\u00a0 So, you get effective bankruptcy via defaults for a lot of these places.\u00a0 That means massive layoffs of city and state workers and turmoil in the bond market.\u00a0 That kind of thing alone is enough to send the U.S. back into recession assuming we are out of recession when it happens.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

2021 A Year of Mass Bankruptcy \u2013 John Rubino \u00a0Financial writer John Rubino says, \u201c2021 is going to be a pivotal year\u201d in the debt markets.\u00a0 Rubino says lots of debt will either be bailed out or defaulted on in some way.\u00a0 Because of CV19, there is no getting around this.\u00a0 The debt clock has […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[3903,317,8757,7544,607,9699],"class_list":["post-55462","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bankruptcies","tag-financial-system","tag-greg-hunter","tag-john-rubino","tag-pandemic","tag-usa-watchdog"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55462","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=55462"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55462\/revisions"}],"predecessor-version":[{"id":55463,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55462\/revisions\/55463"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=55462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=55462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=55462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}