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There is a lot more exposure to Italy, Ireland and Spain but we know that Thailand was the ultimate source of the Asian Crisis. These things have a way of metastasising – and we have already seen the strains in Spain and Greece. You could…

With the liquidity crisis surrounding the rollover of Greek debt subsiding, the probability of default for that country has plummeted from nearly even odds to just over one in three. Last Week's Numbers: 06 May 2010 Meanwhile, other…

You can see this coming.  It is looming and has been for some  time.  Remember that California is the biggest loser in the housing crash and it has one of the highest unemployment rates in the United States.  I have been warning that this…

California's problems are well-known. They have been in the making for sometime. When I predicted a U.S. state would go bust this year, California was very much on my mind. But, frankly, Kansas was nowhere on my radar screen. Now…

This video from the Wall Street Journal demonstrates what happens when governments go bankrupt.

I just picked up two reports on California's desperate situation. California, whose legislature and Governor have been hold up in around the clock negotiations, is now issuing IOU's instead of cash. They have also been downgraded by Moody's…

It sure seems like California is insolvent. Just today we heard that Arnold Schwarzenegger contacted Hank Paulson to let him know that the State is having liquidity problems (see pdf) and needs help. California ranks as the world's 9th…