Was The Illinois Constitution’s Pensions Clause Meant To Be A Suicide Pact? Three Important Pieces Of Historical Context – Forbes

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Astonished
4 years ago

According to Angelo Codevilla, while self-identified democrats say the democrat party reflects their values, most self-identified republicans (and independents) say the republican party DOES NOT. The republicans in IL are just Democrat-Lite, so the author’s claim that the pension clause was “bipartisan” is far less meaningful than meets the eye. The orgy of love for bonds can’t last forever. The moment bonds enter a bear market, the rush for the exits should rapidly turn into a stampede and the result will be BONDFIRE. Since money is debt, monetary wealth is nothing but IOU’s. There exist perhaps a quadrillion dollars of… Read more »

Astonished
4 years ago
Reply to  Astonished

When IL defaults on the promises of future cash flows (pensions) to retirees, that is synonymous with defaulting on debt.

Bet me that when that occurs (and it will), defaulting on debt will be a national pastime.

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