The Individual States in the US are considered sovereign ;D

[Jim Johnson]

http://www.nytimes.com/2011/01/21/business/economy/21bankruptcy.html?_r=1&hp

Path Is Sought for States to Escape Debt Burdens
By MARY WILLIAMS WALSH
Published: January 20, 2011

Policy makers are working behind the scenes to come up with a way to let states declare bankruptcy and get out from under crushing debts, including the pensions they have promised to retired public workers.

Unlike cities, the states are barred from seeking protection in federal bankruptcy court. Any effort to change that status would have to clear high constitutional hurdles because the states are considered sovereign.   

But proponents say some states are so burdened that the only feasible way out may be bankruptcy, giving Illinois, for example, the opportunity to do what General Motors did with the federal government's aid.

There is more....

[Lloyd Danforth]

No draft bill is in circulation yet, and no member of Congress has come forward as a sponsor, although Senator John Cornyn, a Texas Republican, asked the Federal Reserve chairman, Ben S. Bernanke, about the possiblity in a hearing this month.

What does Benanke have to do with this?

[Free libertarian]

^^^  We are already seeing the result of  "Benanke" .  His currency manipulations have resulted in the consonant  "r"  being devalued to the point it is worthless.

Hence "Bernanke" becomes "Benanke"...good catch LLllloyd !  I see you saw this cming and invested in " L's " 

[Pat McCotter]

States are sovereign but they must do what the fedgov says - or else. But they do like the money they get even if they don't like the strings attached.

[Free libertarian]

I think we should declare war on Maine and steal all their potatoes and lobstahs, plus it would be a good diversionary tactic to our fiscal woes.

But first we must create an incident to rally around the flag, maybe we should draw mustaches on John Lynch paintings and have Colin Powell say we have proof there are crayon wielding terrorist operatives in Maine responsible for this heinious act! ...No never mind THAT kind of stuff would never work.

[John]

declare war on

Maybe you meant to say liberate and bring Freedom to our neighbors?

[Lloyd Danforth]

Nation Building

[Jim Johnson]

No draft bill is in circulation yet, and no member of Congress has come forward as a sponsor, although Senator John Cornyn, a Texas Republican, asked the Federal Reserve chairman, Ben S. Bernanke, about the possiblity in a hearing this month.

What does Benanke have to do with this?

He must be a constitutional fraud as well as being an economic fraud.

[littlehawk]

Benanke is a pimp. Ron Paul will be all over him like a bum on a baloney sammich.

[Russell Kanning]

i guess we can remind the bureaucrats that when they are just doin their job and working toward their pension ..... that their state or city might be filling some chapter of bankruptcy soon