CROOKS AND LIARS – Post:
Friday morning there was a massive protest in Detroit over the water crisis there. Netroots Nation attendees gathered together with National Nurses United to make a statement about how immoral and cruel the water shutoffs to poor people are. Continue reading
From the pages of NakedCapitalism was this strikingly sensitive post. Don’t even think twice – this could be your city at any minute too.
By Raúl Ilargi Meijer, editor-in-chief of The Automatic Earth, Cross posted from Automatic Earth
If your answer to that question is affirmative, I suggest you take a good hard look at what’s coming out of Detroit these days. Why don’t we just call it a bail-in model, not unlike Cyprus, where the waters are tested for forcing parties who historically thought they were safe from cuts, find they no longer are.
And if you think Detroit is the only American city that has these kinds of problems, think again. It’s merely the first, count on it. It’s not just an American issue either, of course, and although retirements plans are set up in myriad different ways, they have one thing in common: they are in essence pyramid schemes, eat your heart out Charles Ponzi, and it’s just a matter of time before the walls start crumbling. Continue reading
Saturday, October 5, 2013, Detroit, Michigan
Weekly Organizing meetings, Mondays, 7 PM, 5920 Second Ave., Detroit
Think Motown is the only major U.S. city in a boatload of financial trouble? Think again. By Stephen Moore
“Detroit’s bankruptcy filing sent shivers down the spine of municipal bondholders, government employees, and big-city urban residents all over the country. That’s because many of the 61 largest U.S. cities are plagued with the same kinds of retirement legacy costs that sent Detroit into Chapter 9 bankruptcy this summer. Continue reading
The Detroit bankruptcy is looking suspiciously like the bail-in template originated by the G20’s Financial Stability Board in 2011, which exploded on the scene in Cyprus in 2013 and is now becoming the model globally. In Cyprus, the depositors were “bailed in” (stripped of a major portion of their deposits) to re-capitalize the banks. In Detroit, it is the municipal workers who are being bailed in, stripped of a major portion of their pensions to save the banks.