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alstry (< 20)

Restructure Debt or Culture Will Evaporate



August 11, 2009 – Comments (7)

In the eighteenth and nineteenth centuries, Germany was the world's cultural and industrial epicenter....until its government drove the nation into too much debt and the bankers cut it off from credit.  Unless we restructure our debt soon, we are heading into a path not too much different than Germany in the early twentieth century.....

We are beginning to see the arts shut down across the nation as finances run dry.....

Organizers for the Birmingham Heritage Festival planned this weekend in Linn Park have canceled the event, citing financial problems that left them with budget shortfalls and an inability to pay for city permits.

"We were faced with many obstacles that we were not able to recover from," Lawrence Walker of the Ascension Event Management Group said tonight in a prepared statement. "We would like for the public to know that we did have contracts on all of the artists that were advertised and we did fall into budget shortfalls due to an investor pulling out at a late hour."

Artists including Keyshia Cole, Angie Stone and Chaka Kahn were billed as performers at the R&B festival.

Walker in late July asked the city of Birmingham for a $300,000 30-day loan to finance the festival. Walker said he turned to the city after exhausting all other financial options and having a major backer pull out. He said MillerCoors, Jack Daniels and Coca-Cola were tentative sponsors who had not yet signed contracts.

  Walker at the time said about 18,000 tickets have been sold and the city's money would be used to pay for festival acts.

While some council members sympathized with Walker's plight, the group refused to front city money for the event, just days after City Stages had filed for bankruptcy. City Stages received $550,000 from the city, including $250,000 days before the gates opened.

Walker said he decided the best thing to do was end it now.

"We wanted to end in a fashion that would prevent us from reliving the mistakes of City Stages," he said. "We hope to recoup from this loss."


7 Comments – Post Your Own

#1) On August 11, 2009 at 11:40 PM, alstry (< 20) wrote:

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#2) On August 12, 2009 at 12:38 AM, awallejr (35.47) wrote:

"In the eighteenth and nineteenth centuries, Germany was the world's cultural and industrial epicenter"

That's news to the British, French and even Austrians.

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#3) On August 12, 2009 at 6:57 AM, alstry (< 20) wrote:


Kaiser Permanente eliminated 1,850 jobs in California on Tuesday, serving notice that the recession is sickening the health care industry at long last.

Who will pay for the over 20,000,000 million government workers and 100,000,000 dependant on government payments?

More and more will get fired as debt consumes a greater and greater percentage of shrinking income... soon there will be too few supporting too many.

How long can Obama keep borrowing and spending  before the bankers says no mas?

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#4) On August 12, 2009 at 7:09 AM, alstry (< 20) wrote:


PRICHARD, Ala. -- Prichard's municipal pension fund doesn't have enough money to pay retirees next month, according to a letter from the pension board's chairman and City Council member Troy Ephriam.

With less than $50,000 left in Prichard's pension fund and monthly payments of about $150,000 to the city's 193 pensioners, Ephriam asked Mayor Ron Davis on Tuesday for an answer this week on "how the city plans to make the required September pension payments."

Ephriam wrote that "Wachovia Bank, the custodian of the funds, has requested direction in the winding up of the fund."

Ephriam told the Press-Register that only $43,872.27 was left in the account.

Davis did not respond to phone messages left Tuesday with his spokeswoman.

Soon you too will realize there is just not enough money to support so many.....especially with so much debt burdening the economy.

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#5) On August 12, 2009 at 7:22 AM, alstry (< 20) wrote:


Hotels chain that owns Holiday Inn said revenue per available room dropped 19% in the second quarter. But some rivals did worse.


Nevada's gambling slump shows no sign of recovery, and the Las Vegas Strip is among the areas hit hardest by its economic downturn.


Expect Toll Bros to report it is getting a tax refund for selling land at a large loss taking even more money out of government's dwindling revenue base.

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#6) On August 12, 2009 at 3:35 PM, detroitdea (< 20) wrote:

"Your government is running out of money and your politicians are borrowing trillions from bankers......."

When you refer to the government borrowing trillions from bankers are you referring to the FEDERAL RESERVE and how it prints money and puts it into circulation.  

I don't think that the FEDERAL RESERVE and corporate banks (bankers) are 100% synonymous? 

Aren't the deficit producing government funded programs funded with Treasuries (bonds...) from the FED?  

Aren't we just borrowing money from those who back these funds?

Do these "bankers" include those who buy these funds?  

Don't these "bankers" include governments such as China, India and others?

Are these the "bankers" that will expect to get paid back?

Per one of your video clips, could this be similar to the Allies marching into Germany after WWI expecting payment for reparations. 

What do you think would cause these "bankers" to stop funding our addiction to debt?

Is it unsustainable debt?  Can anyone comprehend unsustainable debt of this scale?

Our politicians, as proxies on our behalf, have succumbed to excessive spending and lack of political will to address the tax increases required to maintain the balanced budgets. 

Inevitably, the politicians will find new and creative ways to collect taxes to fund this debt and keep the 'bankers' satisfied.

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#7) On August 16, 2009 at 5:06 PM, Teacherman1 (< 20) wrote:

Not to make light of a very real problem, but it is kind of funny in a way. The Fed. Govt. is making money available to banks at almost a zero rate and they are using it to buy Treasuries, making money on the spread. How did Goldman Sachs make so much money this year? Doing precisely this. Round and round it goes, where it stops only God knows. Glad it is not up to me to solve it.Maybe they could set up the same kind of Merry Go Round with our taxes. Wait, I think thay already have.

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