CNBC reporting that, in the largest economy in the US, the state of California, comparable in size to that of Italy, the city of San Bernardino follows others and files for bankruptcy with over $1 Billion in Debts.

Quote:

In the past two months, the cities of Stockton and Mammoth Lakes have also filed for Chapter 9 bankruptcy protection, a special bankruptcy provision for municipalities.

Anyone remember back in 2008 when there was a scare about whether the Monoline's were vulnerable?

Blue Horseshoe

And so the privatisation of public assets continues unabated......

They've ran out of money, what would you have them do?

Mossy is right, if they're broke then there isn't any incentive for private investors to throw their money into the pit too.

selling the cow to pay for the milk....