by John Rubino on January 22, 2012

As the Greek default (and it is a default no matter what they end up calling it) is finalized this week, the consensus
seems to be that failure to reach a deal would cause a global financial apocalypse.

That may be true. And if it is, why aren’t we more worried about Illinois? It’s more or less the same size as Greece,
its finances are in the same generally catastrophic shape, and its leaders are just as feckless and dishonest. It owes
tens of billions of dollars to various investors and stakeholders and will clearly have to stiff many of them at some point.
The following article captures the “failed state” dilemma perfectly:


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