North Dakota

Ten percent of their work force are new arrivals for the fracking business. They are looking at permanent job losses. North Dakota will crash farther than the other states. They are a state of 700k, and they surged on the fracking business and pulled us out of the recession, to a certain extent. This recession puts them on the brink, and Alaska also.  They are not liquid enough to get through this storm.

And a lot of municipalities will be having fiscal emergency.  How that works out, I dunno. Right now the Fed is supposed to buy their bonds, adding an implied tax to the municipal bond industry. Credit system are being torn down, centralized into a single Fed and the associated big banks.

Sales taxes down everywhere, hurting local government. Taxation being moved up the channel to large state capitals and to the federal level. Local government in California lost its liquidity, ability to adapt, a long time ago. Soon we will be making the big decision about pension bailouts.

We cannot do a meeting of the elders in California, we have no elders to speak of.

These are all missing transaction, no longer in the Fed system, and likely to be replaced by Fintech credit systems.  The tax base shrinks as the Fed loses market share.