Besra Gold Inc (BESAF)

[Spellbound]

Charles Hugh Smith: Financial Armageddon at Every Level of Government

Ref - http://www.oftwominds.com/blogjuly08/bankruptcy7-08.html

One financial Armageddon is entirely, easily predictable: the bankruptcy of government in the U.S.A., at every level: Federal, State, County and City. The prediction follows from very simple mathematics: entitlements which grow at 8% a year cannot be supported by an economy which grows at 3% or less. This simple truth is already playing out. San Diego is just one example. Here is a report which lays out the basis of San Diego's impending bankruptcy: structural deficits. The same can be said of California, which managed to increase state spending by 44% even as the economy which must support those expenditures grew less than half that rate.