Taxes

Quote For The Week

“Whoever is for higher taxes, feel free to pay higher taxes.”

-Adam Carolla, American comedian, radio personality, television host, actor, podcaster and director

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Monday, April 18th, 2016 Quote For The Week, Taxes No Comments

Signs Of The Time, Part 98

“Well, if they’re in Illinois today, they’re probably so much in love with Illinois that they’re not going to leave”

-Illinois Speaker of the House Michael Madigan, on whether a proposed tax hike on millionaires might drive them from the state, Chicago Tribune website, March 21, 2014

According to a report last month from the Johannesburg, South Africa-based research firm New World Wealth, about 3,000 individuals with net assets of $1 million or more, not including their primary residence, moved out of Chicago in 2015. From the March 2016 report entitled “Millionaire migration in 2015”:

The following cities had the biggest net outflows of millionaires in 2015

Country/Outflow of millionaires in 2015/Millionaires, 2015/% lost

1. Paris, 7 000, 126 000, 6%
2. Rome, 5 000, 73 100, 7%
3. Chicago, 3 000, 134 000, 2%

Destinations:

• Paris: most moved to the UK, USA, Canada, Australia and Israel.
• Rome: most moved to the UK and USA.
Chicago: most moved to other parts of USA (internal migration)

Why did they leave?

We interviewed migration experts and HNWIs to find out on their reasons for leaving. Notable reasons that they mentioned included:

• Paris: Rising religious tensions, lack of opportunities.
• Rome: Economic slump, lack of opportunities.
Chicago: Rising racial tensions, rising crime levels

(Editor’s note: Bold added for emphasis)

Shocking, right?

The entire report can be view on the New World Wealth website here.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Martin Armstrong Warns Illinois ‘Taxpayers Are Absolutely Screwed And This Is Not A Place You Want To Own Property’

Speaking of Martin Armstrong, I was reading the economist’s blog early Wednesday morning when I came across the following in his April 4 post entitled “Illinois on the Brink of Bankruptcy”:

The pension crisis is brewing and the one state that appears to be heading toward a complete bankruptcy is Illinois. Clients should not own ANY debt from Illinois, be it city, municipal, or state. Just get out before the curtain falls. The Illinois Constitution plainly states that pension benefits, once granted, “shall not be diminished or impaired.” Thus, taxpayers are absolutely screwed and this is not a place you want to own property

(Editor’s note: Bold added for emphasis)

“Taxpayers are absolutely screwed and this is not a place you want to own property”

“Just get out before the curtain falls”

Regular readers of Survival And Prosperity know this has been a major concern of mine for a couple of years now. I blogged back on November 9, 2012:

Events that have unfolded at the local level on up for some time now have convinced me that my future lies outside of Chicago, Cook County, and Illinois. Which is a shame, because as I’ve mentioned before, my family has deep ties to the area. So much so a number of family members are familiar with the tale of one ancestor who fought courageously to save his tailor shop (at least the contents of it) from the approaching flames of the Great Chicago Fire back in 1871.

141 years later, another looming disaster looks to be in store for me and my loved ones if I don’t take action, and soon.

It’s bad enough Chicago, Cook County, and Illinois was already overrun by too many residents that live their lives in pursuit of the Ubi East Mea (“Where’s Mine?”) mentality and politicians who have been quick to pander to these individuals with “free” things in exchange for votes- long before last Tuesday’s election results revealed the rest of America is now marching down this same path.

But combine this with poor financial health, a bleak economic outlook, and growing attacks on the finances and freedoms of productive, law-abiding residents as politicians rob Peter to pay Paul in their attempt to remain in office- and you’ve got one hell of a mess coming to this area of the Midwest in the next few years.

Eventually, I predict the productive residents will split town (this happened before in Chicago in the late 60s-early 70s in some neighborhoods), there will be no more money for “freebies,” and the “Where’s Mine?” brigade will riot. Athens-style.

As I’ve been telling those close to me for some time now, “First you’ll see the strikes. Then the larger protests. Until finally, the riots.”

History shows you don’t want to be in the city when the riots break out.

And I don’t plan on being here in Chicago when the coming civil strife erupts either.

I split town several months after writing all that.

You can read Armstrong’s entire blog post on his company’s website here. Disturbing stuff for citizens of “Madiganistan.”

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s note: A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. The creator/Editor of this blog is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information contained herein.)

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Quote For The Week

“The question we now have to ask is if technologically it is possible to make an impenetrable device or system where the encryption is so strong that there is no key. There is no door at all. Then how do we apprehend the child pornographer? How do we solve or disrupt a terrorist plot? What mechanisms do we have available to even do simple things like tax enforcement? Because, if in fact you can’t crack that at all- government can’t get in- then everybody is walking around with a Swiss bank account in their pocket…”

-U.S. President Barack Obama, speaking at the South by Southwest (SXSW) festival on March 11, 2016

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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From My Other Blog: Jim Rogers, Martin Armstrong, And Jeff Thomas

The last couple of days I’ve published a few posts on a different blog of mine- Offshore Safe Deposit Boxes– which might interest Survival And Prosperity readers. They include:

“Jim Rogers: ‘All Investors, Wherever They Are, Should Have Some Assets Outside Of Their Own Country’”

In that same Sovereign Society interview of investor Jim Rogers I blogged about Wednesday, the former investing partner of George Soros emphasized the importance of geographical diversification with one’s assets

“Martin Armstrong Predicts U.S. Government Will Confiscate Gold If Traveling With It Domestically, Overseas”

Economist Martin Armstrong predicts that while an “official” gold confiscation program might not be announced/implemented, the federal government will slap restrictions on traveling at home/abroad with gold and may go so far as to make precious metals transactions in the U.S. illegal, opening the door to confiscation

“Related Reading: ‘Are Governments Running Out Of Candy?’ By Jeff Thomas”

Jeff Thomas, feature writer for Casey Research’s International Man and the Cayman Islands private vault Strategic Wealth Preservation, discussed how government “freebies” are drying up, the historical pattern of economic collapse when politicians are unable to raise more taxes/ borrow more money, and the three groups of victims in the general public from the crash – including the “Preparers”

Enjoy…

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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SP Intel Report- November 13, 2015

Chicagoland

DIY Solar Electricity, Window Farming For Beginners Classes From The Green Suite

Nick Conrad and The Green Suite will be putting on DIY Solar Electricity and Window Farming for Beginners classes over the next couple of weeks:

DIY Solar Electricity (class #1)
Wednesday, November 18, 7 to 9 PM
The Green Suite, 3958 N. Fremont, Apt. 3, Chicago
$30 to attend, 2 spots left as I type this

Window Farming For Beginners
Wednesday, December 2, 7 to 9 PM
The Green Suite
$30 to attend, 8 spots left

DIY Solar Electricity (class #2)
Tuesday, December 15, 7 to 9 PM
The Green Suite
$30 to attend, 5 spots left

For more information, head on over to The Green Suite website here.

Cook County Finance Committee Approves Ammunition Tax

It comes as no surprise that Cook County, Illinois, aims to tax law-abiding firearm owners in the county for the actions of criminals- yet again. Earlier this week I mentioned Cook County President Toni Preckwinkle had proposed a tax on ammunition sales in the county. Today, the Cook County Finance Committee approved the proposal. Hal Dardick reported on the Chicago Tribune website tonight:

The Finance Committee on Friday approved a series of other new taxes and fees. They include… A new tax on bullets- 5 cents per round of “centerfire ammunition” and 1 cent per round of “rimfire ammunition”- to raise $320,000 a year for public safety and health programs.

Todd Vandermyde, Illinois lobbyist for the National Rifle Association, said the county could expect a court challenge on the bullet fee, just as it is battling a lawsuit against a $25-per-gun purchase tax that went into effect two years ago.

“It seems interesting that the county wants to go down this road again, because you’ll incur even more litigation with a new suit to deal with this issue,” Vandermyde said, noting the relatively small sum the bullet tax is expected to bring in…

(Editor’s note: Bold added for emphasis)

See you in court? I’d be curious to find out how much that $25-per-gun purchase tax lawsuit has cost Cook County taxpayers to date.

Illinois

Illinois State Rifle Association Warns Of State Gun Control Legislation

Still on the topic of firearms tonight, gun control is on the march here in the “Land of Lincoln.” And the Illinois State Rifle Association has identified new initiatives that threaten the Second Amendment. From the ISRA Thursday Bulletin’s “Executive Director’s Message” for November 12, 2015:

In Springfield we have a couple of troublesome House Resolutions introduced. The first of these is HR0830 (Flowers, D-31, Chicago). HR 0830 calls for President Obama to hold a National Conference on Gun Violence by the end of 2015, in Chicago. This of course would be a blame the law abiding gun owners conference more than anything else. There are only 49 days left this year so it would have to happen quickly.

The next resolution, (Welch, D-7, Hillside), urges the courts, especially the Supreme Court, to adhere to the clear wording of the Second Amendment, being a right afforded to state sponsored militias, not individuals (this is their wording, not mine). What this clearly points out is that the Second Amendment is under attack. If you are not disturbed by this, you should be…

(Editor’s note: Bold added for emphasis)

You can read the entire Thursday Bulletin via the ISRA’s Twitter page here.

International

My thoughts and prayers go out to France this evening. While appalled, I am not shocked to hear of the Paris terror attack however. For a couple of years now I’ve talked about the November 2008 Mumbai, India, slaughter being emulated by terrorists. Almost a year ago to this day I blogged:

Something tells me our friends in Western Europe might suffer a major terrorist attack before a strike against the United States…

And on January 7, 2015, I wrote:

I still predict major terrorist attacks having the potential of inflicting large numbers of casualties will be directed against America and its allies in the future. The possible culprits being several, but including Muslim extremists like Al-Qaeda and its affiliates…

(Editor’s note: Bold added for emphasis)

Captain Obvious strikes again? Perhaps. But the notion of a large scale terror attack directed against the United States and/or its allies doesn’t appear to have been registering on the radars of lots of people these days. With a laughable economic “recovery” and plenty of distractions in play by the powers-that-be, who could blame them?

After the carnage in France, America and her allies remain in the crosshairs of the terrorists. Stay safe…

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Source:

Dardick, Hal. “Preckwinkle wins hotel tax, declines to rule out future hikes.” Chicago Tribune. 13 Nov. 2015. (http://www.chicagotribune.com/news/local/politics/ct-preckwinkle-hotel-tax-cook-county-met-20151113-story.html). 13 Nov. 2015.

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SP Intel Report- November 11, 2015

Chicagoland

Moody’s Predicts Chicago’s Unfunded Pension Liabilities Could Grow For At Least Another Decade

Regrettably, the City of Chicago’s pension crisis is far from being resolved. From a press release out of Moody’s Global Credit Research division Tuesday:

New York, November 10, 2015 — Today, Moody’s Investors Service released a scenario analysis of the City of Chicago’s (Ba1 negative) possible pension funding paths. The scenarios incorporate the city’s recently adopted property tax increase as well as the outcomes of two key decisions pending with the State of Illinois (Baa1 negative) and the Illinois Supreme Court. The analysis indicates that, despite significantly increasing its contributions to its pension plans, Chicago’s unfunded pension liabilities could grow, at a minimum, for another ten years.

“Chicago’s statutory pension contributions will remain insufficient to arrest growth in unfunded pension liabilities for many years under each scenario,” Moody’s AVP-Analyst Matthew Butler says in the new report, “Chicago’s Pension Roadmap: A Scenario Analysis.”

(Editor’s note: Bold added for empashis)

You can read the entire press release on Moody’s website here.

National

U.S. Adults Over 30 Are Less Happy Than Their Predecessors

I spotted the following yesterday on the MarketWatch website. Catey Hill reported Monday night:

It all goes downhill after 30 — at least when it comes to happiness.

“Adults over 30 are less happy than their predecessors,” concludes a study published online Thursday in the journal Social Psychology and Personality Science, which examined happiness data from more than 50,000 adults, gleaned from the General Social Survey, carried out by NORC at the University of Chicago, a nonpartisan, independent research organization, which has collected information about American adults since 1972.

From 2010 to 2014, adults over 30 had an average happiness score of just 2.18, compared with 2.24 a decade ago. That’s significant considering happiness scores were measured on a tiny scale from just 1 to 3, with 1 being “not too happy” and 3 being “very happy.” (The data used five-year cohort periods so that single year fluctuations were smoothed out.)

(Editor’s note: Bold added for emphasis)

A graph within the article depicted happiness scores by age over time. Something stood out right away for me looking at the measure for the “30 or older” crowd. Happiness scores rose from around 1993 until 2001- then plummeted ever since. In 1993, I remember older classmates of mine at the University of Illinois at Urbana-Champaign saying the job market was pretty rough (but better than recent years where graduate school was a popular option). Lots of bad economic news as well back in 2001. Hill added later:

What’s perhaps even more interesting is that, for the first time ever, adults ages 18 to 29 were happier than adults over 30

(Editor’s note: Bold added for emphasis)

The authors weren’t sure why “younger adults are happier than older ones for the first time in at least 40 years.” I’d like to offer up one possible explanation for some in that demographic:


“Cartman sends his mother to the store”
YouTube Video

In all seriousness, I come across a lot of miserable stuff on a daily basis while conducting research for this blog and other projects. I try to keep upbeat by remembering:

1. While I still see a financial crash in store for us, I don’t envision the end of the world taking place. Although it could be the end of the world as we know it (TEOTWAWKI).
2. Life ain’t fair. Nobody’s perfect. Just do the best you can.
3. God’s got my back. And I’ll try to be the best Christian I can.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Source:

Hill, Catey. “Americans over 30 are more miserable than they’ve ever been.” MarketWatch. 9 Nov. 2015. (http://www.marketwatch.com/story/americans-over-30-are-more-miserable-than-theyve-ever-been-2015-11-09). 11 Nov. 2015.

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SP Intel Report- November 10, 2015

Chicagoland

Cook County Ammo Tax Ordinance To Be Heard Friday, November 13

Within yesterday’s SP Intel Report, I mentioned that Cook County President Toni Preckwinkle is proposing a tax on ammunition sales in the county. The National Rifle Association’s Institute for Legislative Action reported on its website Monday:

Cook County Board of Commissioners has proposed Ordinance 15-6469, a proposal to impose a tax on ammunition, similar to proposals reported on in the past. This ordinance will be heard on Friday, November 13, at 1:00 p.m., by the Cook County Board of Commissioners Finance Committee.

This proposal would impose a $0.05/cartridge tax on all centerfire ammunition and a $0.01/cartridge tax on all rimfire ammunition, and would therefore penalize law-abiding gun owners for exercising their fundamental right to keep and bear arms. By definition, holders of a valid FOID card are the only persons legally permitted to purchase ammunition in Illinois, and therefore are the only persons subject to this tax – not the criminals responsible for the violence on the streets of Chicago…

That last bit sound familiar to readers of yesterday’s Intel Report? You can read the entire NRA-ILA piece on their website here.

National

Wisconsin Democrats Push To Ban ‘Semiautomatic Assault Weapons’

The push for more gun “control” is alive and well north of the Illinois state line too. From a press release published on the Urban Milwaukee website last Wednesday by Wisconsin State Representative Lisa Subeck (D-Madison):

MADISON –Today, Representative Subeck (D-Madison), along with Representatives Terese Berceau, Melissa Sargent and Chris Taylor, circulated an Assembly bill that would ban the transportation, purchase, possession, or transfer of semiautomatic assault weapons in Wisconsin.

“Our nation has watched as community after community has had to confront the tragedies that occur when weapons designed to kill large numbers of people quickly get into the hands of a dangerous person,” said Representative Lisa Subeck. “No Wisconsin community should ever have to face such a tragedy at the hands of someone armed with a semiautomatic assault weapon.”

Semiautomatic assault weapons are a class of firearms that are designed to kill large numbers of people quickly. They have been used in many high-profile shooting incidents, including the 2012 mass shooting at Sandy Hook Elementary School in Newtown, Connecticut; the 2012 Aurora, Colorado movie theater shooting; the 1999 Columbine High School massacre in that state; and the 1993 office shooting at the 101 California Street building in San Francisco.

“I can conceive of no legitimate reason that any citizen should need to own or use a semiautomatic assault weapon,” said Rep. Subeck…

(Editor’s note: Bold added for emphasis)

“Semiautomatic assault weapons.” Haven’t heard of that one before. The word wankers hard at work again. You know, on behalf of gun “safety.” You can read the entire press release on the Urban Milwaukee website here.

Former U.S. Comptroller General David M. Walker Warns Real U.S. Debt Closer To $65 Trillion Than $18 Trillion

It’s been some time since I’ve blogged about former Comptroller General of the United States David M. Walker. Appointed by President Clinton, Walker served as Comptroller General and head of the Government Accountability Office from 1998 to 2008. While at the GAO, Walker warned Americans about the nation’s long-term fiscal challenges as part of the “Fiscal Wake-Up Tour.” Frustrated by Washington’s refusal to confront these challenges, Walker left the public sector on March 12, 2008. I noticed Mr. Walker was back in the headlines this past weekend. Bradford Richardson reported on The Hill website Saturday:

The former U.S. comptroller general says the real U.S. debt is closer to about $65 trillion than the oft-cited figure of $18 trillion.

Dave Walker, who headed the Government Accountability Office (GAO) under Presidents Bill Clinton and George W. Bush, said when you add up all of the nation’s unfunded liabilities, the national debt is more than three times the number generally advertised.

“If you end up adding to that $18.5 trillion the unfunded civilian and military pensions and retiree healthcare, the additional underfunding for Social Security, the additional underfunding for Medicare, various commitments and contingencies that the federal government has, the real number is about $65 trillion rather than $18 trillion, and it’s growing automatically absent reforms,” Walker told host John Catsimatidis on “The Cats Roundtable” on New York’s AM-970 in an interview airing Sunday…

(Editor’s note: Bold added for emphasis)

Whenever the national debt is brought up, I think about all those Pollyannas who go around saying the debt doesn’t matter. Give it a few more years when Washington and the Fed run out of road to kick the can. Then hold on for dear life

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Sources:

Richardson, Bradford. “Ex-GAO head: US debt is three times more than you think.” The Hill. 7 Nov. 2015. (http://thehill.com/blogs/blog-briefing-room/news/259476-ex-gao-head-us-debt-is-three-times-more-than-you-think). 9 Nov. 2015.

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SP Intel Report- November 9, 2015

Chicagoland

Nearly 1 Out Of 3 City Of Chicago Workers Made $100K Or More Last Year

Having lived in a northwest side neighborhood chock-full of City of Chicago employees prior to moving out to the ‘burbs, I wasn’t really surprised to learn of the following. Chris Fusco and Tim Novak reported on the Chicago Sun-Times website yesterday:

Nearly one out of every three workers on the city of Chicago payroll made $100,000 or more last year — a far higher percentage of six-figure employees than in state or Cook County government.

That’s according to a Chicago Sun-Times analysis that for the first time combines city workers’ salaries, overtime and other extra pay.

Twenty-six city workers drew paychecks that eclipsed Mayor Rahm Emanuel’s pay of $216,210, the analysis found. They included a police detective, two fire department ambulance commanders and two water department operating engineers…

(Editor’s note: Bold added for emphasis)

Fusco and Novak noted that there were 35,761 City of Chicago employees last year. And nearly 1 out of 3 made $100K or more? Nice gig if you can get it, right? Regrettably, I predict that when tough financial times finally arrive at the Windy City’s doorstep, even “clout” won’t be able to protect certain positions and salaries from getting slashed.

Cook County President Toni Preckwinkle To Tax Ammunition Sales?

Gun “control” (or gun “safety” as certain word wankers are now trying to call it) is on the march again in Cook County. From a County blog post Friday:

In an effort to reduce gun violence and improve public safety by creating new revenue for preventative actions, President Preckwinkle is also proposing a tax on rounds of ammunition sold in Cook County. The ammunition tax, either a penny or nickel per round depending on the category of ammunition, is aimed at addressing the costs of future gun crimes and the revenue generated will be dedicated to public safety initiatives.

President Preckwinkle, long an advocate of common sense gun laws, previously supported and passed a $25 tax on gun sales in Cook County. She has advocated for legislation that would ban assault weapons and high-capacity magazines, require registration of existing firearms and require background checks on all firearms sales at gun shows — commonly referred to as the “gun show loophole.”

(Editor’s note: Bold added for emphasis)

Tax law-abiding firearm owners in Cook County for the actions of criminals? Yeah, that makes a lot of “common sense.” You see, felons and other convicted criminals can’t purchase ammunition legally in Cook County, because they shouldn’t be able to get an Illinois State Police-issued Firearm Owner’s Identification Card. From the Illinois State Police, Firearm Services Bureau website:

Unless specifically exempted by statute, any Illinois resident who acquires or possesses firearms, firearm ammunition, tasers or stun guns within the State must have in their possession a valid FOID card issued in his or her name…

To be eligible for a FOID card, a person must be 21 years of age or have a parent or guardian sponsor that is eligible for a FOID card. An applicant must not be prohibited from possessing firearms in accordance with state or federal law. This requires the applicant is/has:

• Not been convicted of a felony…
• Not subject to an existing order of protection.
• Not been convicted within the past 5 years of battery, assault, aggravated assault, violation of an order of protection, or a substantially similar offense in another jurisdiction, in which a firearm was used or possessed.
• Not been convicted of domestic battery, aggravated domestic battery, or a substantially similar offense in another jurisdiction…
• Not convicted of a misdemeanor crime of domestic violence…

So what’s President Preckwinkle’s goal from a Cook County ammo tax then? My guess is gun “safety.” Something tells me we’ll be seeing the county in court if they decide to pursue this matter.

Illinois

Illinois Open Range Program To Be Held On November 14

Speaking of guns and the Illinois State Police, it’s that time of year again in the “Land of Lincoln.” From the website of central Illinois NBC affiliate WAND 17 on Friday:

The Illinois Department of Natural Resources is teaming up with Illinois State Police to promote hunting safety through the annual Open Range Program on November 14.

Officials say hunters and observers will be invited to ISP ranges in order to check the sighting in their shotguns…

Ranges in Effingham, Pawnee, Pittsfield, Macomb, Joliet, and LaSalle will be open for the program from 8 AM until 4 PM this coming Saturday. For more information, head on over to WAND 17’s website here.

International

Greece’s Government Confiscating Contents Of Bank Safe Deposit Boxes?

Last week, I was working on my offshore asset protection-related projects quite a bit. And here’s something disturbing I noted Friday in a post on Offshore Safe Deposit Boxes that may interest you:

Just when the reputation of bank safe deposit boxes couldn’t get any worse comes this out of Greece. Anthee Carasavva reported on The Times (UK) website back on October 12:

Greece’s government is raiding savers’ safe deposit boxes to raise revenue and stamp out tax evasion.

Tryfon Alexiadis, the deputy finance minister, said yesterday that Greeks owing more than €150,000 in back taxes would be targeted. Those suspected of tax evasion would also come under scrutiny and their bank deposit boxes prised open without notice

“Safe deposit boxes across the country will be subject to these inspections immediately,” Mr Alexiadis told an Athens-based TV network…

(Editor’s note: Bold added for emphasis)

It’s being reported that the tax inspectors could seize half of the cash found, and stocks, bonds, jewelry, and works of art. You can read the entire post in its entirety here on my other blog.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Source:

Fusco, Chris and Novak, Tim. “THE WATCHDOGS: A third of Chicago city workers make $100k or more.” Chicago Sun-Times. 7 Nov. 2015. (http://chicago.suntimes.com/news/7/71/1072015/city-haul-3-of-10-chicago-city-workers-make-100000-a-year). 8 Nov. 2015.

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SP Intel Report- October 26, 2015

Welcome to the inaugural post of the “SP Intel Report.” On October 15 I blogged big changes were coming to Survival And Prosperity starting October 19. I wrote:

Each day will begin with an “SP Intel Report” (if it’s warranted), where I’ll be focusing on current events locally (Chicagoland area), nationwide, and overseas which I think readers should be aware of…

As luck would have it, my computer crashed October 19, delaying the implementation of these changes.

One week later, I’ve managed to repair my laptop, and I’m back in the saddle again.

So off we go then…

Chicago

“If City Hall ‘loses’ downtown to the bad guys… you lose the tourists, their money, revenue… you get the point.”

Survival And Prosperity, May 4, 2011

The Chicago news media is reporting that two tourists from Minneapolis were robbed at knifepoint by three men near Oak Street Beach late Saturday evening. The male victim was stabbed during the holdup while trying to protect his girlfriend. Two of Chicago’s more upstanding residents have been charged with the crime (police are still looking for a third individual).

The last time I blogged about a tourist getting knifed downtown was back during the 2012 holiday season. Even though it’s been a while, I fear we’ll be hearing of similar incidents with increased regularity as the city’s financial health deteriorates and the Chicago Police Department keeps receiving lip service but not bodies (meaning manpower).

There will probably be plenty of the other based on recent trends.

Note to self. Study up on defense against knives.

Illinois

Speaking of deteriorating financial health, the State of Illinois was hammered by two of the major credit rating agencies in the past week. On October 19, Fitch Ratings announced in a press release:

Fitch Ratings has downgraded the rating on $26.8 billion in outstanding Illinois general obligation (GO) bonds to ‘BBB+’ from ‘A-‘.

In addition, the ratings on bonds related to the state based on its appropriation have been downgraded to ‘BBB’ from ‘BBB+’…

(Editor’s note: Bold added for emphasis)

Three days later, Moody’s Investors Service stated in a release:

Moody’s Investors Service has downgraded the State of Illinois’ $26.8 billion of general obligation bonds to Baa1 from A3, while also lowering ratings on the state’s sales-tax (Build Illinois) bonds to Baa1 from A3, and on the state’s subject to appropriation bonds (issued by the Metropolitan Pier and Exposition Authority and for the state’s Civic Center program) to Baa2 from Baa1. The outlook for all of these obligations remains negative…

(Editor’s note: Bold added for emphasis)

Keep in mind the following observations by Karen Pierog over on the Reuters website on October 22:

Both general obligation bond ratings are now just three steps above the “junk” level… The downgrade by Moody’s marked the 17th by major credit rating agencies for Illinois since 2003… Even before this week’s downgrades, Illinois had the lowest credit ratings among the 50 U.S. states. Ratings histories from the three major credit rating agencies indicate few states have ever had their GO ratings fall below the A level…

Faced with a $105 billion unfunded public pension liability and a bill backlog of around $7 billion, I suspect Illinoisans will be on the hook for some sort of tax hike(s) in the near future.

International

Any Survival And Prosperity readers skeptical about the future existence of the Internet? Personally, I won’t be surprised if it goes kaput one day. Don’t get me wrong, I’m somewhat of a techie (driven by needs, not wants) and love the Internet. But I’m not sold on its staying power due to frailties with its infrastructure. A couple of years ago I remember reading about an elderly Georgian woman accidently cutting off neighboring Armenia’s access to the World Wide Web for up to five hours- using only a spade. And now there’s this from The New York Times website this past Sunday. David E. Sanger and Eric Schmitt reported:

Russian submarines and spy ships are aggressively operating near the vital undersea cables that carry almost all global Internet communications, raising concerns among some American military and intelligence officials that the Russians might be planning to attack those lines in times of tension or conflict.

The issue goes beyond old worries during the Cold War that the Russians would tap into the cables — a task American intelligence agencies also mastered decades ago. The alarm today is deeper: The ultimate Russian hack on the United States could involve severing the fiber-optic cables at some of their hardest-to-access locations to halt the instant communications on which the West’s governments, economies and citizens have grown dependent

(Editor’s note: Bold added for emphasis)

So the Russians could switch off the Internet. Or a rogue Uncle Sam could do it and blame the Russkies.

I told my girlfriend her brilliant nephew should get into the BBS game. Wave of the future?


“Apple II on a BBS in 2014!”
YouTube Video

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Sources:

Sobol, Rosemary Regina. “$500K, $950K bails set for 2 accused of robbery, stabbing near Oak Street Beach.” Chicago Tribune. 26 Oct. 2015. (http://www.chicagotribune.com/news/local/breaking/ct-police-2-held-following-armed-robbery-stabbing-near-oak-street-beach-20151026-story.html). 26 Oct. 2015.

Pierog, Karen. “UPDATE 2-Illinois bond rating cut again over budget impasse.” Reuters. 22 Oct. 2015. (http://www.reuters.com/article/2015/10/22/illinois-downgrade-moodys-idUSL1N12M2L120151022). 26 Oct. 2015.

Sanger, David E. and Schmitt, Eric. “Russian Ships Near Data Cables Are Too Close for U.S. Comfort.” The New York Times. 25 Oct. 2015. (http://www.nytimes.com/2015/10/26/world/europe/russian-presence-near-undersea-cables-concerns-us.html?_r=1). 26 Oct. 2015.

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Survival And Prosperity
Est. 2010, Chicagoland, USA
Christopher E. Hill, Editor

Successor to Boom2Bust.com
"The Most Hated Blog On Wall Street"
(Memorial Day Weekend 2007-2010)

This Project Dedicated to St. Jude
Patron Saint of Desperate Situations



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