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ID 1209799 © Byron Moore | Dreamstime.com

(Editor’s note: this column by Mr Joy, filed with Premium editors last week, is pretty timely as another bank headquartered in San Francisco, First Republic, was seized by the regulators, its assets sold to JP Morgan, as it emerged in recent hours…) 

What happens when your state needs its ports for its tax revenue and circumstances beyond your control punch a great big hole in your budget?

Then you take a closer look and realise your golden geese are in a ...

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