Illinois careens into financial meltdown – and not even the lottery is safe

Brooke Singman – June 20, 2017

Illinois is grappling with a full-fledged financial crisis and not even the lottery is safe – with Republican Gov. Bruce Rauner warning the state is entering “banana republic” territory.

Facing billions in unpaid bills and pension obligations, the state is hitting a cash crunch that is rare even by Illinois standards.

A top financial official just warned 100 percent of the state’s monthly revenue will be eaten up by court-ordered payments. Rauner is calling a special session of the Democrat-led General Assembly in a bid to pass what he hopes will be the first full budget package in almost three years.

And Illinois will – literally – lose the lottery if the budget fails.

The state lotto requires a payment from the legislature each year. The current appropriation expires June 30, meaning no authority to pay prizes.

India’s PM defends shift to cashless society

TruNews – December 30, 2016

On Friday Prime Minister Narendra Modi defended his move to turn India into a cashless society while speaking at the launch of a digital payment app linked with a nationwide biometric database.

(NEW DELHI, INDIA) Prime Minister Narendra Modi on Friday defended his decision to withdraw high denomination bank notes from circulation, as a deadline to end severe cash shortages passed with Indians still queuing at banks to deposit savings and withdraw money.

Modi abolished 500 and 1,000 rupee bills on Nov. 8, taking out 86 percent of cash in circulation, in a bid to fight corruption, end terror financing and turn India into a cashless society.

The move, however, caused a major cash crunch as the government struggled to replace old notes with new 500 and 2,000 rupee bills. Modi had asked for 50 days, until the end of this month, to ease the crisis.

Speaking in New Delhi at the launch of a digital payment app linked with a nationwide biometric database, Modi exhorted Indians to reduce their dependence on cash.

“The world is surprised to see the way we’ve overcome the challenge after 86 percent of cash was withdrawn,” Modi said.