Euro falls on concerns over Greece
Greek seven-year notes fell in the first day of trading and an auction of 12-year bonds garnered demand for less than half the debt offered on concern Europe’s most indebted nation will keep struggling to fund itself.What is happening in Greece is going to happen to the States. There is nothing the States can do to help save the financial system, it's toast, it will collapse into a heap of a mess. The States must protect themselves, not from financial doom, that's coming anyway. The States need to protect themselves from being taken over by the federal government which will use the financial collapse of the State's financial obligations as the backdrop.
The States better wake up and wake up soon because there is no court for them to file bankruptcy in. The States are just as delusional as Greece, the States should not be talking about eliminating 5-10% of their budgets, they need to start talking 80-90% of their budget and they need to start repealing State legislative acts that allows federal government programs and agencies to move under State law.
First State out is the biggest winner, last State out is the biggest loser.