Northern Marianas is bankrupt, so they'll dump tsunami waste there

Jan 2008
32,903
9,709
Vertiform City
Yesterday's WSJ, front page: the Northern Marianas islands pension system is bankrupt.

It's the first public pension system in the United States to file for bankruptcy.

South Pacific Fund Has Sinking Feeling - WSJ.com

And guess what they're going to do now, to raise money?

Even before the pension fund collapsed, the islands' economy was in shambles as
Chinese garment factories closed and government revenue dried up. To raise cash,
government officials in Saipan, the most populated of the Northern Mariana
Islands and captured by U.S. forces from the Japanese in 1944 after a series of
bloody battles, are talking with Japanese investors about dumping tsunami debris
on one of the deserted Mariana Islands.
This is the same kind of stuff they do on the Ivory Coast, right? The governments are all broke, so they end up being the dumping ground for the world's polluters. People like Exxon, and maybe General Electric, who assists governments in "getting rid of" all the nuclear waste from the reactors they build.

This is what happens when governments go broke.

This is why the United States going broke is a bad thing. :mad:
 
Dec 2011
9,808
1,647
Seattle
Yesterday's WSJ, front page: the Northern Marianas islands pension system is bankrupt.

It's the first public pension system in the United States to file for bankruptcy.

South Pacific Fund Has Sinking Feeling - WSJ.com

And guess what they're going to do now, to raise money?


This is the same kind of stuff they do on the Ivory Coast, right? The governments are all broke, so they end up being the dumping ground for the world's polluters. People like Exxon, and maybe General Electric, who assists governments in "getting rid of" all the nuclear waste from the reactors they build.

This is what happens when governments go broke.

This is why the United States going broke is a bad thing. :mad:
It's why I do not fear China. They played the game of who can be the cheapest, which anyone can out "smart" by simply being cheaper still. And that's happening to China as they're beginning to evolve a bit with workers slowly being better paid. So unless they have game plan beyond merely being the cheapest, they'll never be a major player.
 

Red Eft

Former Staff
May 2007
8,067
3,168
...............
I feel sorry for the people of the Northern Marianas.

I had to look this up since I don't know much about this country.


From wiki: In April 2012, the Northern Mariana Islands Retirement Fund filed for Chapter 11 bankruptcy protection. The retirement fund is a defined benefit type pension plan and was only partially funded by the government, with only $268.4 million in assets and $911 million in liabilities. The plan experienced low investment returns and a benefit structure that had been increased without raises in funding.[11]
 
Jan 2008
32,903
9,709
Vertiform City
I feel sorry for the people of the Northern Marianas.

I had to look this up since I don't know much about this country.


From wiki: In April 2012, the Northern Mariana Islands Retirement Fund filed for Chapter 11 bankruptcy protection. The retirement fund is a defined benefit type pension plan and was only partially funded by the government, with only $268.4 million in assets and $911 million in liabilities. The plan experienced low investment returns and a benefit structure that had been increased without raises in funding.[11]
This has been going on in at least the following major US cities:

Los Angeles
San Francisco
Chicago
St. Louis
Dallas
Philadelphia
Miami

... I could probably add to the list with a little research, these are just off the top of my head. :mad:

Here in California, the previous governor was already talking about selling off some of the state parks to pay down the debt.

That's what I was talkin' about in an earlier post, it's kind of like an engineer selling his tools. Not good. :(