3 replies to this topic

[nimblebear]

Compared to a city like Chicago, who just had its debt downgraded 3 notches by Moody's.

Chicago has a deficit of $36 billion for pensions alone, and billions more for unfunded infrastructure and education needs. They closed 50 schools this year. Many more to come just like Detroit.

And the entire state of Illinois is far worse off than its largest city.

Detroit has been a slow bleed since the 70's.

Now its creditors are lucky if they get 10 cents on the dollar.


This will continue to spread like a disease, city to city, state to state, as the Federal debt/deficit also continues to grow exponentially. Anyone on pensions is cooked.

And everyone else with 401k's will have it outright 'stolen' and 'converted' to pay for those currently on federal social welfare programs, with boomers going on most of those at the rate of 10,000 per day (retiring, but the bulk have less than $50k in savings).

Why on earth would ANYONE have one red cent in bonds or treasuries is beyond me ?!?

http://www.detroitne...|text|FRONTPAGE

[Lysis]

I think Stansberry is a tool and a shill, but he's absolutely right on how Detroit destroyed itself.

http://whiskeyandgun...mericas-future/

[leverage4]

I think Stansberry is a tool and a shill, but he's absolutely right on how Detroit destroyed itself.

http://whiskeyandgun...mericas-future/

An offensive article that grossly oversimplifies with an obvious racist perspective. Not helpful

Lev

[CRUISENAL]

And I agree with it. America in Decline. Where can I find the book?

I think Stansberry is a tool and a shill, but he's absolutely right on how Detroit destroyed itself.

http://whiskeyandgun...mericas-future/