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Three Shocking Events by Martin Weiss

With each passing day, new shocking events drive us closer to the next phase of this debt crisis.

EVENT #1: In New York, where the city is facing a $2.4 billion budget deficit, it’s getting nasty.

Mayor Bloomberg has called for cancelling holiday bonuses for police and firefighters — and the unions are mad as hell.

In fact, just this past week, the presidents of the two unions vowed to fight Bloomberg’s budget-cutting plan tooth and nail, accusing the Mayor of spreading false information in an attempt to steal their members’ money.

At their press conference on the cuts, the union heads used the words “liar,” “lie” and “lying” at least 23 times when referring to the mayor.

EVENT #2: A few miles away in New Jersey, the state is reeling from last week’s Standard & Poor’s’ bond downgrade.

The S&P cited the fact that the state’s pension system has $54 billion LESS than it needs to meet future obligations. But now, the lowered credit rating makes a bad situation worse by forcing New Jersey to pay higher interest rates to borrow money.

At a public forum in Union City last Wednesday, Governor Chris Christie said the Democrats, who control the Legislature, had compared him to Chicken Little. “The sky,” he said, citing S&P’s downgrade, “started to fall in today.”

EVENT #3: In Washington DC, Congress and the White House are once again proving their gross incompetence when it comes to dealing with the crisis:

First, the new Republican Speaker of the House — Representative John Boehner — called for budget cuts of $100 billion.

Then, Republicans slashed that target to about $50 billion even before they won the House.

Now, the Republicans are attempting to cut the budget by a mere $32 billion.

But it’s clear that even that paltry figure — an amount equal to just two one-hundredths (.02 percent) of the $1.5 trillion projected deficit for 2011 — can’t be passed because of opposition from the Democrats in the Senate and the White House.

Make no mistake: This nationwide meltdown of government debt is now inevitable. If our leaders have proven anything, it’s that they are still unwilling and unable to take the government debt crisis seriously.

As a result, a massive implosion of debt at all levels of government — from the smallest townships and counties, to many of our largest counties and states, and even to the federal government itself — is rushing towards us like a runaway freight train.

When it hits in the weeks and months ahead, it will crush the bond market and drive interest rates through the roof.

Our mission is to make sure you’re prepared. More than that: Our duty is to give you the investment recommendations you need to protect your portfolio and your retirement — and to actually grow your wealth even while millions of investors lose theirs.

So be sure to stay safe and pay close attention to our issues in the days ahead.

Good luck and God bless!

Martin

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Note – The situation in event #3 has changed since Martin penned this a few days ago.  The Republicans in Congress have agreed to a $60 cut in the current budget year. But it is unlikely the Democrats led Senate will go along with those cuts.

This investment news is brought to you by Money and Markets. Money and Markets is a free daily investment newsletter from Martin D. Weiss and Weiss Research analysts offering the latest investing news and financial insights for the stock market, including tips and advice on investing in gold, energy and oil. Dr. Weiss is a leader in the fields of investing, interest rates, financial safety and economic forecasting. To view archives or subscribe, visit http://www.moneyandmarkets.com.

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