Pension Storm Warning - Mauldin

``What's the endgame? I think much of the US will end up like Puerto Rico. But the hardship map will be more random than you can possibly imagine. Some sort of authority -- whether bankruptcy courts or something else -- will have to seize pension assets and figure out who gets hurt and how much. Some courts in some states will require taxes to go up. But courts don't have taxing authority, so they can only require cities to pay, but with what money and from whom?''