Death in any system starts at the periphery of an organism and eventually spreads to the core.
Detroit defaulting on its pensions is already being looked at as the escape for unfunded liabilities around the country. It is the road-map to the future. So yes, Detroit is reflecting the consequences of corruption, greed in government, and fiscal mismanagement.
History repeats because human nature NEVER changes from one century to the next. Detroit is our future. The question is how far do we have to go before the system collapses.
The tree has been cut. The only question remains will it fall to the left, where we retain some sense of human rights, or will it fall to the right where we are headed into complete authoritarianism as Germany did accepting Hitler following the Hyperinflation. So far, the NSA and other agencies are clearly demonstrating we are headed into authoritarianism with great speed. Will human rights fade for 52 years? We are fighting for the future of our children.
Detroit is some $18.5 billion in debt, which Orr says includes $3.5 billion in pension debt.
The birthplace of the automotive industry, Detroit was once the fifth-largest U.S. city, with a population peaking in the 1950s at 1.8 million. Today, the population is under 700,000, with 25 percent of residents having moved out during the last decade.
Early in his testimony, Orr said it was clear Detroit was in financial straits from the time he arrived on the job in mid-March.
“I knew things were bad. It was somewhat shocking just how dire it was,” Orr testified. The city’s budget is so strained that bumpers were falling off police cars and children were afraid to walk to school because police could not keep streets safe, Orr said.
Alistair Cooke was a great historian. He saw cycles also within history. This is a short clip from 1973 explaining that indeed it is the same cycle over and over again.
Investigative reporter Michael Snyder says, “The only way they got the unemployment rate to go down is pretending that millions, upon millions, upon millions of Americans don’t want to work anymore. . . . If the labor force participation rate was exactly the same as it was when Obama was first elected, the unemployment rate would be 11%, and everybody would talking about an economic depression.” Snyder, who recently wrote a novel called “The Beginning of the End,” warns, “We’ve seen absolutely no employment recovery; and, meanwhile, the next great wave of economic crisis is rapidly approaching.” Snyder contends, “What the Federal Reserve is doing is utter insanity. . . . The rest of the world is starting to lose faith in our financial system and the U.S. dollar, and this is the most important consequence of QE (money printing). They actually use more dollars outside the U.S. than inside the U.S.” Snyder says, “The economic collapse is happening right now, and it is a steady decline punctuated by moments of crisis like we saw back in 2008.” Snyder worries about the big banks being more leveraged than ever. The next crisis, Snyder says, “will be like 2008 on steroids. . . . We’re living in the greatest debt bubble in the history of the planet.” Snyder suggests people need to take steps to protect themselves against this debt bubble bursting. Snyder says, “Learn how to grow good food, get alternative sources of energy, and hold gold and silver for the long term.”
The collapse of Socialism is unfolding before everyone’s eyes – they just ignore it.
Politicians make promises all the time, then they break them. If a fund manager took your money said they will pay you 25%, then reduce it to 20%, then 15%, then 5%, then say it is theirs, isn’t that FRAUD?
Not in politics. That is why Socialism fails.
Socialism cycle of death — RIP 2032