Harrisburg, Pennsylvania, Bond Default Averted With State Aid

The back door printing press supports the Treasury auctions. The Treasury auctions support the Federal programs. The Federal programs include bailouts of the States. The States, in turn, bails out the local governments. The only catch is that the debt burden continues to grow as the real economy contracts. As long as source of the money providing increasing support to the Treasury auctions remains anonymous, the game is played as if all is well.

Pennsylvania’s capital city, Harrisburg, will get an advance on state aid to meet $3.3 million in bond payments due the day after tomorrow, averting what would have been the second-largest general-obligation default in the U.S. this year.

Source: businessweek.com

Thanks Bob!