Uh Oh, It’s Happening…

Back in February I made some predictions. Looks like some of them are starting to happen:

“Tent cities” cropped up around the country. They are filled with formerly middle-class displaced citizens. Parents tell their kids it’s just a long camping vacation.

Look at what the BBC is now reporting: tent cities are springing up in Los Angeles, filled with the middle class who have lost their homes.

Then there’s this:

City and county tax revenues plummet. Public services are curtailed, included trash pickup, road maintenance, public schools and fire/police protection. Crime rate doubles.

Look at what’s happening in Alabama’s most populous county, Jefferson County, according to Bloomberg:
“Jefferson County officials have laid the groundwork for the largest municipal bankruptcy in the nation’s history…” Read the story at Bloomberg. Seems the county’s tax revenues can’t keep up with their interest payments, and the county is saying they will now refuse to pay an interest rate penalty increase. Ouch!

And, finally, this:

Four major US cities suffer violent food riots.

Although there are no food riots (yet) the Wall Street Journal is warning readers to stock up on food in case of widespread shortages:
Brett Arrends writes: “I don’t want to alarm anybody, but maybe it’s time for Americans to start stockpiling food. No, this is not a drill.” Read the full story in the WSJ.

A recent New York Sun headline reads “Food Rationing Confronts Breadbasket of the World“. It talks about food rationing hitting the U.S. as grain supplies dwindle.

◊◊◊◊ Now: Gold @ $892.90, Silver @ $17.03, USDX @ 72.57 ◊◊◊◊

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