Source: Bloomberg – First U.S. Shutdown in 17 Years Imminent With No Talks
Notable excerpts:
The U.S. government stands poised for its first partial shutdown in 17 years at midnight tonight, after a weekend with no signs of negotiations or compromise from either the House or Senate to avert it.
Source: BullionStar – The US is teetering on default
Many people recognize the major role the US plays globally. They see her as a military superpower, a giant in the technology and creative industries (think Apple, Google and Hollywood) and the issuer of the foremost world reserve currency. But of late, people are starting to hear news of the US embroiled in a debt crisis. But many think ‘it’s just another recession. They’ll come out of it after a few quarters.’
Source: The Detroit News – City retirees speak out on impact of pension cuts
Retired city workers with the American Federation of State, County and Municipal Employees were called to action Saturday to rally to save their pensions.
Source: CNA – Detroit files largest-ever municipal bankruptcy in US
Notable excerpts:
Detroit on Thursday became the largest city in US history to file for bankruptcy protection after decades of decline and mismanagement rendered the home of the nation’s auto industry insolvent.
Source: Chicago Tribune – Detroit to stop paying some debt, putting it in default
Notable excerpts:
Detroit said on Friday it would stop making payments on some of its about $18.5 billion debt, which would put it in default, and the “insolvent” city called on most of its creditors to accept pennies on the dollar to help it avoid the largest municipal bankruptcy filing in U.S. history.
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