The Shock Doctrine 6: Chitown
In the Shock Doctine Motown series, and subsequent The Fall Out of Bad Choices series, we explored how disaster capitalism is being effected domestically by corporate cannibals.
An excerpt from Shock Doctrine Part 5: "The carpetbaggers MO is always the same, there's always a crisis or "war on" against the mass "distraction du jour", fiscal solvency, war on drugs, war on terrorism, etc.
The "wars" always justify the sacrifice of civil liberties for the "greater good", while handing countless trillions to the military-industrial complex to defend against the "evil doers".
The management "by crisis" always justifies the forfeiture of countless billions in public assets, which the carpetbaggers profiteer from.
Much like the Bush Administrations fabrication of WMD's, New Orleans, Birmingham's and Detroit's "Weapons of Mass Distraction” were contrived to exercise domestic cannibal capitalism, and effectively bring the "shock doctrine" home to US soil.
Predatory lending practices (read sub-prime, IMF, World Bank), fraudulent foreclosures (read MERS), illegal seizure of private assets, privatization of public assets and "seizure" of pension capital.
Verily, with over 90,000 municipal pension funds, and $16.5163 TRILLION in defined benefit & contribution pension funds, to sink their fangs into, THIS IS the new market opportunity for the carpetbaggers.
Is your town, city, county, state or entire country, the next "our town"? And what are you willing to do to defend our town, our rights, our freedom and our future from these cannibalistic corporate Carpetbaggers?"
The Nattering One muses... Get ready as the Carpetbaggers and their corporate cannibals are swooping in again with another full frontal domestic assault on a municipality, it's assets and and pension plans. Guess Who's Coming To Dinner? The third largest US city, Chicago, that's who, according to Yahoo Finance: "Nearing a fiscal free fall in which: "a rating downgrade from Moody's Investors Service that could trigger the immediate termination of four interest-rate swap agreements, costing the city about $58 million and raising the prospect of more broken swaps contracts. Chicago could face even higher costs in the future if banks choose to terminate other interest-rate hedges against fluctuations in interest rates. All told, Chicago holds swaps contracts covering $2.67 billion in debt.
Chicago's finances are already sagging under an unfunded pension liability Moody's has pegged at $32 billion and that is equal to eight times the city's operating revenue.
Some Chicago debt is trading at worse levels than bonds sold by Illinois, which is paying the biggest yield penalty among states in the U.S. municipal bond market due to its own fiscal woes.
The spread on Friday for Chicago bonds due in 2019 over the market's benchmark triple-A scale hit 125 basis points, which is 25 basis points over Illinois' so-called credit spread."
As with Motown, we will be watching this one closely.
An excerpt from Shock Doctrine Part 5: "The carpetbaggers MO is always the same, there's always a crisis or "war on" against the mass "distraction du jour", fiscal solvency, war on drugs, war on terrorism, etc.
The "wars" always justify the sacrifice of civil liberties for the "greater good", while handing countless trillions to the military-industrial complex to defend against the "evil doers".
The management "by crisis" always justifies the forfeiture of countless billions in public assets, which the carpetbaggers profiteer from.
Much like the Bush Administrations fabrication of WMD's, New Orleans, Birmingham's and Detroit's "Weapons of Mass Distraction” were contrived to exercise domestic cannibal capitalism, and effectively bring the "shock doctrine" home to US soil.
Predatory lending practices (read sub-prime, IMF, World Bank), fraudulent foreclosures (read MERS), illegal seizure of private assets, privatization of public assets and "seizure" of pension capital.
Verily, with over 90,000 municipal pension funds, and $16.5163 TRILLION in defined benefit & contribution pension funds, to sink their fangs into, THIS IS the new market opportunity for the carpetbaggers.
Is your town, city, county, state or entire country, the next "our town"? And what are you willing to do to defend our town, our rights, our freedom and our future from these cannibalistic corporate Carpetbaggers?"
The Nattering One muses... Get ready as the Carpetbaggers and their corporate cannibals are swooping in again with another full frontal domestic assault on a municipality, it's assets and and pension plans. Guess Who's Coming To Dinner? The third largest US city, Chicago, that's who, according to Yahoo Finance: "Nearing a fiscal free fall in which: "a rating downgrade from Moody's Investors Service that could trigger the immediate termination of four interest-rate swap agreements, costing the city about $58 million and raising the prospect of more broken swaps contracts. Chicago could face even higher costs in the future if banks choose to terminate other interest-rate hedges against fluctuations in interest rates. All told, Chicago holds swaps contracts covering $2.67 billion in debt.
Chicago's finances are already sagging under an unfunded pension liability Moody's has pegged at $32 billion and that is equal to eight times the city's operating revenue.
Some Chicago debt is trading at worse levels than bonds sold by Illinois, which is paying the biggest yield penalty among states in the U.S. municipal bond market due to its own fiscal woes.
The spread on Friday for Chicago bonds due in 2019 over the market's benchmark triple-A scale hit 125 basis points, which is 25 basis points over Illinois' so-called credit spread."
As with Motown, we will be watching this one closely.
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