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Rotting, Decaying And Bankrupt – If You Want To See The Future Of America Just Look At Detroit

Eventually the money runs out. Much of America was shocked when the city of Detroit defaulted on a $39.7 million debt payment and announced that it was suspending payments on $2.5 billion of unsecured debt, but those who visit my site on a regular basis were probably not too surprised. Anyone with half a brain and a calculator could see this coming from a mile away. But people kept foolishly lending money to the city of Detroit, and now many of them are going to get hit really hard. Detroit Emergency Manager Kevyn Orr has submitted a proposal that would pay unsecured creditors about 10 cents on the dollar. Similar haircuts would be made to underfunded pension and health benefits for retirees. Orr is hoping that the creditors and the unions that he will be negotiating with will accept this package, but he concedes that there is still a “50-50 chance” that the city of Detroit will be forced to formally file for bankruptcy. But what Detroit is facing is not really that unique. I

1 Comments in Response to

Comment by olde reb
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 The under developed world is in the same shape as Detroit as a result of IMF//WB loans that devastated their countries. Greece and Europe are now being ravished by the same financiers as they move up the food chain. The USA with a $16 trillion (fraudulent) debt to the same entities will be next in line. Things must drastically change or we will all get used to living in Detroit.  Ref.

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