In a first, a US public pension plan has filed for bankruptcy. The move is being legally challenged because US Chapter 11 bankruptcy laws do not apply to governments.

“If the bankruptcy court allows this, then it’s only a matter of time before pension plans across the country start running to bankruptcy court.”

Separately, a mortgage analyst at Fannie Mae compares the US to the Roman Empire.

Maybe centuries from now the United States will be annexed by Emperor Wayne Gretzky VII of Canada as its eleventh province, from which much of their potatoes will come.