Day of Reckoning for American Pensions Is Fast Approaching

| |

Top Tier Gear USA

burning dollar dollar photo club

For decades, local and state governments in the United States have made promises to their employees that they cannot keep. They guaranteed a certain level of income to retirees at a time when America was its most prosperous, and when most people didn’t live as long as they do now. Those lucrative pensions they promised are starting to catch up to them in a big way.

Earlier this week, Moody’s cut Chicago’s credit rating to “junk,” largely due to their $20 billion pension shortfall, and they put the City of Houston on notice. Many of the major pension funds use the stock market to bolster their savings, but despite record profits on Wall Street, it doesn’t seem like any of them reached their revenue goals. California’s Public Employees Retirement System only reached a third of the annual revenue they projected, and the state’s teacher fund failed to reach their goal. Overall, Moody’s found that the 25 largest public pension funds in the US have a $2 trillion budget shortfall.

That means that many state and local governments may face credit rating cuts in the near future, which will leave them owing even more money. Chicago for example, is now paying an exorbitant 8% yield on their bonds, which amounts to almost twice as much as a homeowner would pay for a 30 year mortgage. If other cities have to deal with credit rating downgrades (which they soon will), paying off their liabilities will quickly turn into a Sisyphean task. Widespread municipal bankruptcies will soon become a common feature in America’s financial landscape.

Take a look at how heavy America’s debt burden has become.

Delivered by The Daily Sheeple

We encourage you to share and republish our reports, analyses, breaking news and videos (Click for details).

Contributed by Joshua Krause of The Daily Sheeple.

Joshua Krause is a reporter, writer and researcher at The Daily Sheeple. He was born and raised in the Bay Area and is a freelance writer and author. You can follow Joshua’s reports at Facebook or on his personal Twitter. Joshua’s website is Strange Danger .

Wake The Flock Up! Please Share With Sheeple Far & Wide:
  • When the banks initiate bail-ins, anything that is negotiable will be absorbed into that action, including pensions, investments, bonds, insurance settlements, and currency. If it is in or on paper, get rid of it or risk losing it. At the very least, take it out of the control of any bank.

  • cama9

    When the government is the largest employee in the world – US Dept of Aggression… um, I think they call it Defense, then you know there’s going to be a problem supporting pension funds. Govt unions should have never been allowed.

    • varlog

      explain to me how the DoD effected chicago’s pension’s and declining credit rating.

      • cama9

        I’m expanding the picture. City employment causing trouble for Chicago, soon State govts will feel the same crunch, and finally the millions on federal govt pensions/expecting govt pensions will be left with nothing, too – they will all default. The regular working Chicagoan is being forced through taxation to pay the pensions of govt employees on 3 levels – same as all city dwellers who work regardless of what city they live in. Each non-gov working American is forced to pay for the pensions of govt employees on 3 levels aside from trying to put something away for their own retirement. It’s a Ponzi scheme. Do a search on ‘government pensions ponzi scheme’ and you get a lot to read. Here’s one example:

  • Sir TuberKopf

    Pension funds work great as long as interest rates allow a reliable return. The plans were created and financed with a specific rate of return to make them viable.

    Drop the interest rates to near zero, and every pension fund in America will go bankrupt in just a few years. Since these pension plans are administered and GUARANTEED by these same insurance companies, when the pension plans fail, so to the insurance companies.

    Insurance companies insure their risk through Reinsurance companies. The biggest on the planet is Munich Re, problem is the German economy is the next one to tank if you watch demographics.

    The Japanese economy failed first, they had a post war baby boom, but instituted social pressures that led to smaller families, so their economy hit the wall first as their working population shrank Delos threshold first, while the retired generation began maxing out. The US economy was next, we are where the Japanese were ten years ago. The US is going down and the FED and treasury are about out of contrivances to keep the last dance playing. Germany had a longer occupation and rebuild time after WW2 that delayed their baby boom. As a result there economic crash is delayed slightly, but it coming and will hit the Germans harder than Japan is being hit.

    Remember Germany is the backbone of the EU!

    The worlds greatest currencies are all failing. The ultra wealthy know this and are pinning their hopes on a new world order to pick up the pieces. You can bet your lunch money the ultra wealthy have places to hide out, stashes of precious metals, jewels, artwork, stored food, farms, and private security.

  • Joe Woolf

    Eventually the piper must be paid….

    When the politicians and the unions negotiate with taxpayer money, seems like the politicians and the unions are on the same side of the negotiating table and the taxpayer isn’t there at all….

    Should we be surprised that the crooked, lying POS politicians have overpromised money that doesn’t even belong to them, only to be paid at some future time after they are out of office?

    Makes my blood boil but, nothing surprises me anymore…. same thing happened in Greece… they’re having fun now… it will happen here too… not enough money to follow through on all those promises…. and, if you have saved money, the bankers will just close the banks and withdraw money from YOUR account before you’re allowed to access it…. hey, they may just not open at all…. That also means that what is in your safety deposit box also isn’t yours.

    • Your bitcoin will remain undisturbed if you own any and the value could skyrocket if faith in the dollar wanes.

      • varlog
        • Your article that is over a year old has no bearing at all on my comment. You obviously do not understand.

          • varlog

            No bearing on your comment?

            “will remain undisturbed” – maybe.
            I wouldn’t bet my money on it though.

          • Yep, no bearing at all. Your posted article lists an EXCHANGE that was hacked. An EXCHANGE is just a place where you turn dollars into bitcoin and vice versa but it has no bearing at all on people who own bitcoin in private wallets. Your logic is that if a bank somewhere in the USA gets robbed then your money is somehow affected in your own bank account or possibly even the cash you have hidden in the mattress… in other words, it makes no sense at all which is why I stated that you do not understand… because you don’t.

          • varlog

            so you got your nice big pile of bitcoins, but all the exchanges are hacked. What are you going to do with them?

            their value could skyrocket, it could also plummet. Highly volatile.

            To each their own. go for it.

          • What will I do with them? I’ll go buy groceries, get gas, pay bills, mortgage, car payment, etc… That was a strange question.. what do YOU do with YOUR money?

            Highly volatile is correct, that’s why ALL of my money isn’t in bitcoin. It isn’t in FRN’s either for that matter. 😉

            Thanks, I’ve already gone for it and made a profit many times and I will continue to do so all the while people like you say that I can’t… to each their own.

  • DAvid

    Hasn’t CALPERS (the California fund) already been forced to issue iou’s. I remember several years ago either the state or the fund were unable to pay and forced to issue iou;s which apparently traded like money. ie worthless in reality but usefull in the short term

    God’s speed all

    • whydowanttoknow

      When 11.6% of amerika’s population, californiksion, is forced to relocate due to a manmade drought; the face of the Republic will be forever changed. Can you imagine the effect of this influx of people will have on your local state politics? If we as a nation cannot keep out illegal immigrants how can the remaining 47 states keep out californians? With them will come their politics. I can hear them know saying “well in california we did this…”

      • They disregarded the popular bumper sticker asking them to “please don’t Californicate Colorado,” and did so anyway. Even without the California or Colorado license plates, their mindless method of driving is evident from far enough away that those of us north of the Californicated can get a sight picture to mitigate the threat. I’m anticipating the opportunity to take over a mortgage from one of them once they have shot their wad.

        • Reverend Draco

          I’ve noticed that, too. . .

          The worst drivers are in L.A.
          The second worst, the Bay Area.
          The 3rd worst, people from outside of Cali.

          • Actually, in the 50 months of longhaul trucking I did back in the early 90’s, the worst drivers I found were in Florida, being mostly senile retirees that shouldn’t have been allowed or needed to drive. My inability to accelerate very quickly saved my cookies more times than I care to remember.
            The drivers in California are the most impulsive, but the most respectful of the inabilities of trucks, as well, or so it seemed to me.

          • Reverend Draco

            In the first 12 years of trucking I did. . . one person, ever, asked about safety space around a truck.
            I was so impressed by a person actively seeking knowledge, I gave her the whole rundown.
            Haven’t been to Florida. . . most of my trucking has been in Cali, some Oregon, Washington, AZ, NV. . . but I don’t doubt that Retiree Central would have the worst drivers overall.

            In Cali, it depends on where you go – in the SJ valley, there’s so much Ag trucking going on, you either respect the truck or you’re roadkill – most of them choose A. . . but you do get the occasional attempted-suicide-by-big-rig.

            In LA and the Bay – they completely buy into the idea that everyone is special, there are no winners or losers – right up til they disappear under the wheels of a big truck.

            Sometimes, I wish I could overcome my instincts, and scatter all over the landscape, the dimglow who just pulled out in front of me. . . but I can’t.

          • Until your instincts have been informed, or assaulted, as the case may be, by driving in all of the lower 48, you’ll never know how lucky you’ve been not to have to drive around eastern drivers, and in the tightest places a tractor-trailer can find itself in. In addition to 50 months of “semi” trucking, starting in the Denver-Chicago corridor before expanding to New England and the lower 48, I also have 4 years of experience driving bobtails throughout the lower 48 and three trips to Toronto, called driveaway.
            Have you driven anything bigger than a single trailer? Belly trains are fun, if the route is appropriate.

          • Reverend Draco

            10-wheelers, 45-foot, 53-foot, 28.5 doubles. . .
            Most of what I’ve done is Ag in doubles – flats, hoppers, grape tanks, tomato tubs, etc. . .
            Some of the fields – narrow dirt roads with a ditch on one side and a canal on the other. . . nothing but fun, let me tell ya. My oldest brother lost a pull trailer in a canal like that, once.

            I hear that people who have to drive into NYC get hazard pay.

          • Maybe with some companies, but not with Westway Express, for whom I drove for the last 40 of the 50 months, and went into NYC three times: twice to Hunt’s Point and once to Greenwich Village. Since I never had to unload if I didn’t want to, and I didn’t want to, I started taking pictures of interesting things while I waited. The trip to Greenwich Village was the last of two drops that I loaded in the city that Clint Eastwood was mayor of, with the first being in a part of downtown Houston where tractors with 53 foot trailers have no business being. I took a picture down the street I was being unloaded on in Greenwich Village. The twin towers were at the end of it.

          • sunshine

            We always said it was Pennsylvania and Maryland! Those drivers are awful!

          • shropster

            Phoenix was one of the last large metropolitan centers to get a beltway or freeway through town. I grew up there (ASU class of ’59) and weaving through traffic was a mastered art.
            Perhaps the above was the reason that those in LA complained about “those damn Phoenix drivers”.

          • SKIP

            I find the worst to be ILLEGAL ALIEN DRUNKS WITH NO INSURANCE OR DRIVING LICENSES to be the worst and the fuckers are in every fuckin state now and almost never held accountable for any carnage they cause.

          • I’ve noticed that aliens, in general, can express themselves very well without expletives.

    • The Federal Reserve Note is an IOU.

      • DAvid

        yes of course but this was a separate series of iou’s which I’m assuming the California government was able to buy back. Any useful information would be helpful Thx

        • Odds are, unless they are complete idiots, they have no intention of paying them back. The vast majority of the debt on the books across the world will not be paid, because it can’t be.

          • DAvid

            yes thanks for the primer, looking for more specific info

          • Look up Paul Craig Roberts and work your way down from him.
   has a lot of specifics about the government, but it isn’t all free.

    • Why don’t they just use the money from the CAFR accounts?

      • A CAFR is a statement, not an account.

        • They are referred to as CAFR accounts: – calling them a verbose sentence “accounts reported in the Comprehensive Annual Financial Report” does not have the same effect and takes up more space so… CAFR accounts it is, I didn’t make it up, everything is not perfect.

          • Hopefully you are aware that there are no more actual funds in any of them than there are in the general fund of the United States Treasury?

          • How so?

          • There are no cash reserves. Everything is accounting entries in computer spreadsheets. If you have no cash in your possession and use a check log to keep track of the balance in your account, why would they do elsewise?

          • Makes sense but I don’t know for sure. All evidence points to everything being hollowed out though.

          • If you consider, as I do, only gold and silver to be money, they haven’t had any in longer than we’ve been alive. Spending money isn’t very spendable anymore because few understand the difference between money and negotiable instruments, like currency. In order for something to be hollowed out, there has to be something of substance to begin with, and there isn’t anything solid beyond the electrons running around in their computers. Cosmologists are now saying that electrons are just probabilities, so even they aren’t substantial either.
            Given all of this, my smart money is real money, and I keep it in a smarter place than a bank.

          • With these manufactured lows they are at a great buy right now.

          • They are always a good buy, being real money.

          • An online buddy of mine just told me about this: – now THAT is cool IMO. Now you can have a card that you can spend with that is attached to PHYSICAL reserves so like you said, REAL MONEY, just digitized. You can cash out whenever you want in either 10g Gold Cubes or 1kg Bars.

          • If it is physically attached, what is the benefit? This sounds like a scam or an MLM. If you don’t physically possess the PMs, you may as well expect to not have access to them some day. Do you cash out in person where you live?

          • You can get 10g or 1kg bars in the mail, mostly I’d say it is for the stability of the price and it holding it’s value when the dollar crashes. A mastertcard with 20grams on it would be preferable to a debit card with $1000 on it IMO, especially in these times.

          • And you’d get it how if the USPS is holding your mail because of a court order, or some spook told them to?
            20 grams of gold is more than $1000, being 20/31 of a troy ounce.

          • Again, I wouldn’t put all of my money into it. What is it with people and this absolute thinking? All eggs in one basket isn’t how I do things and is why I will have wealth remaining no matter what happens, even if everything is physically stolen from me. I will still have something.
            20grams of gold is not more than $1000, more like $700.

          • 20 grams of gold is 20 grams of gold, regardless of the value of the dollar. It won’t have to be stolen if the USPS never delivers it, because it is contraband in the DMM.

          • Different strokes for different folks. By now you should know that I am probably more diversified than anyone on here but I am being taught by self-made millionaires so what I do is different. I’m doing what self-made millionaires do and they are indeed an extreme minority. That being said I STILL manage to buy preps, I don’t have much spendable money left over though so I always feel poor although I am not actually poor.

          • There are arguably more self-made millionaires that are criminals and traitors than aren’t.

          • So what? Has no bearing upon me.

          • Then why did you bring it up?

          • Um… defending my financial practices… from YOU!

          • You wouldn’t feel the need to defend your practices if you didn’t think they were vulnerable. Perhaps you should become more introspective if you think I’m a bigger threat than your own ignorance.

          • I wouldn’t have to defend myself of my practices if they weren’t called into question by another individual, naturally 😉 – go check my comments, I don’t go around talking about them… only to you. Perhaps an exercise in investigating diverse avenues of building and preserving wealth other than stacking physical PM’s that someone can(and will) steal would cure you of your ignorance. You surely are no threat to me, and in that regard are much more ignorant, ironically.

  • Arizona

    COME ON YOU GUYS,did you check into how much some of these government employees were paying themselves,THEY deserve to go broke,paying the golf course supervisor 90,000 a year with full benifits,if its government,they were robbing the tax payers blind,everyone was WAY OVER PAID,when I was in college they paid the teachers 60,000 a year,and I caught them lieing to us all the time,and they were getting paid 60,000 dollars a year to lie to ALL the students,WHO HAD TO PAY to go to college…….screw them………

    • You must not have heard about the president of the University of Wyoming that walked away with over 2/3rds of a million dollars after 5 months of debauchery.

  • jim_robert

    Maybe the disgusting mayor of Houston can attack the city’s pastors again to divert attention from the city’s financial or moral decadence.

  • Hi puke feds and state vomit: liars / oathbreakers / impostors…… a hot eternity awaits

  • libsarescum

    Squirm maggots!! Bwwwwaaaahaaha

  • Nathan Togain

    I like cats.

    • sunshine

      Do you like eating cat food? Lol 😀

      • SKIP

        Don’t make fun, I believe it will happen.

        • sunshine

          What? Eating cats, or cat food? I wouldn’t be even the least bit surprised to see people eating cats one day soon. Hungry people will eat just about anything. I’ve made it my personal mission to figure out what plants are edible, and how much of them, and I have started learning how to cook the “nasty” parts of animals (tripe, liver, etc) that Americans don’t eat. Also, gardening, hunting, foraging, basic survival skills…I may not be an expert but at least I’m trying to prepare! So many people think the status quo will continue on but we all know that’s not likely.

    • SKIP

      They do make good meals.

  • Alleged Comment

    MANY people and unions are being OVER paid is quite obvious. I see this all around me.

    People are just getting overpaid for what they do. Something doesn’t make any sense.

    • Reverend Draco

      And if you’re not in a cartel – erm, union – you’re expected to work for undocumented immigrant Criminal Trespasser wages. . .

    • sunshine

      I have less of an issue with unions, because I come from an area where jobs are extremely dangerous and my ancestors fought hard to unionize. It is still a hard and dangerous job, and I shudder to think what it would be like without unions…people still get killed fairly regularly. Basically, the corporate pukes are the ones who get paid far too much, not the workers.

      • Oh I agree completely. Skilled labor unions are a necessity but teacher and police unions are a scourge.

        • arahn

          Yes and yet teachers and police have some of the strongest unions (I’m convinced all public employees forfeit their right to organize because they are public (Gov) employees) while skilled labor unions have been devastated.

          • That is a great way to put it/look at it and I completely agree. (as usual)

      • Alleged Comment

        NOT really.

        Look at how much your Union bosses are paid. Look at the castles, er buildings they supposedly work in.

  • Nys Parkie

    NY now has the ponzi scheme thing working. New State Employee’s have to contribute 3 to 6% to their own retirement every year. The older, more seasoned workers do not. So the younger ones are paying for the older ones. I suppose as the new ones become the older ones, newer state employee’s will have to anti up to pay for the now older employee’s pensions. Bernie Madoff would be proud !!!

  • The city has police don’t they. Have the police go after Moody’s and toss them all into prison for down grading their credit.

    • arahn

      The police are mostly thugs who can’t think that far. they know how to shake down an average guy but the fat cats they can’t touch.

  • Fid

    These documents are NOT secret! They ARE a matter of Public Record.
    1. The IRS is Not a US government agency. It is an agency of the IMF (International Monetary Fund) (Diversified Metal Products v I.R.S et al. CV-93-405E-EJE U.S.D.C.D.I., Public Law 94-564, Senate report 94-1148 pg. 5967, Reorganization Plan No. 26, Public Law 102-391)
    2. The IMF (International Monetary Fund) is an agency of the U.N. (Black’s Law Dictionary 6th Ed. page 816)
    3. The United States has NOT had a Treasury since 1921 (41 Stat. Ch 214 page 654)
    4. The U.S. Treasury is now the IMF (International Monetary Fund) (Presidential Documents Volume 24-No. 4 page 113, 22 U.S.C. 285-2887)
    5. The United States does not have any employees because there is no longer a United States! No more reorganizations. After over 200 years of bankruptcy it is finally over. (Executive Order 12803)
    6. The FCC, CIA, FBI, NASA and all of the other alphabet gangs were never part of the U.S. government, even though the “U.S. Government” held stock in the agencies. (U.S. v Strang, 254 US491 Lewis v. US, 680 F.2nd, 1239)
    7. Social Security Numbers are issued by the U.N. through the IMF (International Monetary Fund). The application for a Social Security Number is the SS5 Form. The Department of the Treasury (IMF) issues the SS5 forms and not the Social Security Administration. The new SS5 forms do not state who publishes them while the old form states they are “Department of the Treasury”. (20 CFR (Council on Foreign Relations) Chap. 111 Subpart B. 422.103 (b))
    8. There are NO Judicial Courts in America and have not been since 1789. Judges do not enforce Statutes and Codes. Executive Administrators enforce Statutes and Codes. (FRC v. GE 281 US 464 Keller v. PE 261 US 428, 1 Stat 138-178)
    9. There have NOT been any judges in America since 1789. There have just been administrators. (FRC v. GE 281 US 464 Keller v. PE 261 US 428 1 Stat. 138-178)
    10. According to GATT (The General Agreement on Tariffs and Trade) you MUST have a Social Security number. (House Report (103-826)
    11. New York City is defined in Federal Regulations as the United Nations. Rudolph Guiliani stated on C-Span that “New York City is the capital of the World.” For once, he told the truth. (20 CFR (Council on Foreign Relations) Chap. 111, subpart B 44.103 (b) (2) (2) )
    12. Social Security is not insurance or a contract, nor is there a Trust Fund. (Helvering v. Davis 301 US 619 Steward Co. v. Davis 301 US 548)
    13. Your Social Security check comes directly from the IMF (International Monetary Fund), which is an agency of the United Nations. (It says “U.S. Department of Treasury” at the top left corner, which again is part of the U.N. as pointed out above)
    14.You own NO property!!! Slaves can’t own property. Read carefully the Deed to the property you think is yours. You are listed as a TENANT. (Senate Document 43, 73rd Congress 1st Session)
    15. The most powerful court in America is NOT the United States Supreme court, but rather the Supreme Court of Pennsylvania. (42 PA. C.S.A. 502)
    16. The King of England financially backed both sides of the American Revolutionary War.. (Treaty of Versailles-July 16, 1782 Treaty of Peace 8 Stat 80)
    17. You CANNOT use the U.S. Constitution to defend yourself because you are NOT a party to it! The U.S. Constitution applies to the CORPORATION OF THE UNITED STATES, a privately owned and operated corporation (headquartered out of Washington, DC) much like IBM (International Business Machines, Microsoft, et al) and NOT to the people of the sovereign Republic of the united States of America. (Padelford Fay & Co. v The Mayor and Alderman of the City of Savannah 14 Georgia 438, 520)
    18. America is a British Colony. The United States is a corporation, not a land mass and it existed before the Revolutionary War and the British Troops did not leave until 1796 (Republica v. Sweers 1 Dallas 43, Treaty of Commerce 8 Stat 116, Treaty of Peace 8 Stat 80, IRS Publication 6209, Articles of Association October 20, 1774)
    20. Britain is owned by the Vatican. (Treaty of 1213)
    21. The Pope can abolish any law in the United States (Elements of Ecclesiastical Law Vol. 1, 53-54)
    22. A 1040 Form is for tribute paid to Britain (IRS Publication 6209)
    23. The Pope claims to own the entire planet through the laws of conquest and discovery. (Papal Bulls of 1495 & 1493)
    24. The Pope has ordered the genocide and enslavement of millions of people.(Papal Bulls of 1455 & 1493)
    25. The Pope’s laws are obligatory on everyone. (Bened. XIV., De Syn. Dioec, lib, ix, c. vii, n. 4. Prati, 1844 Syllabus Prop 28, 29, 44)
    26. We are slaves and own absolutely nothing, NOT even what we think are our children. (Tillman vs. Roberts 108 So. 62, Van Koten vs. Van Koten 154 N.E. 146, Senate Document 438 73rd Congress 1st Session, Wynehammer v. People 13 N.Y. REP 378, 481)
    27. Military dictator George Washington divided up the States (Estates) in to Districts (Messages and papers of the Presidents Volume 1 page 99 1828 Dictionary of Estate)
    28. “The People” does NOT include you and me. (Barron vs. Mayor and City Council of Baltimore 32 U.S. 243)
    29. It is NOT the duty of the police to protect you. Their job is to protect THE CORPORATION and arrest code breakers. (SAPP vs. Tallahassee, 348 So. 2nd. 363, REiff vs. City of Phila. 477 F. 1262, Lynch vs. NC Dept. of Justice 376 S.E. 2nd. 247)
    30. Every thing in the “United States” is up for sale: bridges, roads, water, schools, hospitals, prisons, airports, etc, etc… Did anybody take time to check who bought Klamath Lake?? (Executive Order 12803)
    31. “We are human capital” (Executive Order 13037) The world cabal makes money off of the use of your signatures on mortgages, car loans, credit cards, your social security number, etc.
    32. The U.N. – United Nations – has financed the operations of the United States government (the corporation of THE UNITED STATES OF AMERICA) for over 50 years (U.S. Department of Treasury is part of the U.N. see above) and now owns every man, woman and child in America.
    The U.N. also holds all of the land of America in Fee Simple.
    The good news is we don’t have to fulfill “our” fictitious obligations. You can discharge a fictitious obligation with another’s fictitious obligation.

  • stephenjacobs

    Another little trick being played on those of us who worked in Canada now retired in the U.S. and being paid in U.S. dollars from the Canadian Dollars we are earning as retired workers: The devalued Canadian Dollars that were supposed to be paid as unde-valuable because they were always to have been in US dollars were devalued and then converted to US dollars and paid now to us…….This was never supposed to happen because we were being taxed to death on the Canadian Dollars every day from every tax imaginable and then even a few more on top of those for working in Canada and being paid in Canadian Dollars.

    So the game now is Cdn $ to devalued Cdn $ to US $ for the US pensioners in the US.

    When the promised game was to have been Cdn $ to US $ always because the Cdn $ would never be de-valued to 74c and likely on its way to 60c.

    And then there is the issue of Keynsian economics and how outrageously it has been followed by the Bank of Canada.

    And then there is the issue of how many times this de-valuation game has been played in Canada by the Bank of Canada.

    And then there is the issue of how outrageous the taxation in Canada is. And then there is the issue of how many broken promises have been made by the Bank of Canada to the people.

    Stephen Jacobs near Watsonville, California