The beginning of the end?

H/T Robert

The dominoes are starting to fall faster.

Judge clears way for record bankruptcy in Alabama

http://articles.boston.com/2012-03-05/business/31124938_1_municipal-bankruptcy-jefferson-county-bond-debt

Illinois state ‘on brink of collapse’

http://stratrisks.com/geostrat/4494

Spain's lost generation: youth unemployment surges above 50 per cent

More than half of young Spaniards are out of work, according to fresh statistics, signalling a lost generation that has been hit hardest by Spain's economic woes, as the total number of unemployed surged above five million.

http://www.telegraph.co.uk/news/worldnews/europe/spain/9044897/Spains-lost-generation-youth-unemployment-surges-above-50-per-cent.html

Fitch Says Greece Will Default By March 20 Bond Payment

http://www.zerohedge.com/news/fitch-says-greece-will-default-march-20-bond-payment

It's all over but the crying at least as far as Greece is concerned. First, it was S&P's Kraemer telling Bloomberg yesterday the country is finished, now today for dramatic impact, we get Fitch's repeating the doom and gloom, stating that the country will likely default before its March 20 payment. From Bloomberg: “Greece is insolvent and will default on its debts,

It is official:  Brazil’s GDP growth was 2.7% in 2011. The official consumer inflation rate (IPCA) was 6.5% for the same year (see attachment). This means Brazil had negative growth in 2011 of -3.8%.

Observation: Inflation in Brazil is much greater than the government says (official value from 2007 until 2011 is 30%). Look at some of the impressive price rises from 2007 until 2011 of some of the goods and services produced in the country (Sources: Globo 29/01/2012):

Meat (Filet Mignon): 117.18%
Moving services 85.97%
Rental: 42.01%
Car Oil Change and Cleaning: 65.98%
Parking: 58.04%

Iceland puts former PM on trial over crisis

http://uk.reuters.com/article/2012/03/05/uk-iceland-trial-idUKTRE8240WJ20120305

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