Thanks nenz for posting this US 60 Minutes episode about the Looming Train Wreck in Municipal Bonds - caused by many individual US States, like Illinois, California & New Jersey, that cannot meet their debt obligations.
This is all on top of the US Federal debt issue.
It means that wages for teachers, police depts and costs for public sector healthcare, cannot be met.
Employees will be dismissed, their retirement entitlements slashed or destroyed leaving mass poverty, unemployment and very unhappy people.
