NY Nearly Goes Broke Again, Delays Paying Bills

What the hell is close to broke? If you cannot pay your bills on time, you don't have the money. While investors remains focused on the troubles in Europe, they remain blind to implosion occuring in the States. States, Banks, individuals are all too big to fail now. QE to infinite and damn the consequences to all fiat.

New York state delayed paying $2.5 billion of bills as a short-term way of staying solvent but its cash crunch could get even worse in August and September, Budget Director Robert Megna said on Tuesday. Had we not done that, I think we would have been close to broke," Megna told reporters in Albany. This is the third time since December the cash-poor state has withheld funds.

Source: cnbc.com