Detroit Rock Bottom: City Announces 2.5 bn Debt Default

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posted on Jun, 15 2013 @ 03:31 PM
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Detroit Rock Bottom: City Announces 2.5 bn Debt Default


rt.com

If creditors reject the plan, Detroit could be forced into what would be by far the largest-ever municipal bankruptcy in US history.

Orr said there is a “50:50” chance the city will be forced into bankruptcy and that decision would likely happen in the next 30 days.

"Financial mismanagement, a shrinking population, a dwindling tax base and other factors over the past 45 years have brought Detroit to the brink of financial and operational ruin," Orr said.
(visit the link for the full news article)



Related AboveTopSecret.com Discussion Threads:
Let detroit go bankrupt




posted on Jun, 15 2013 @ 03:31 PM
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Here are some pictures from Detroit. The place looks fairly abandoned.







Meanwhile, it looks like a decent real-estate opportunities if you want to buy a house... although the crime rate is fairly high.


Cost: $14,900 or $66 / Month


Cost: $14,900 or $66 / month

www.trulia.com...

Here is some information on municipal bankruptcy.

en.wikipedia.org...

rt.com
(visit the link for the full news article)
edit on 15-6-2013 by darkbake because: (no reason given)



posted on Jun, 15 2013 @ 03:39 PM
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No point buying a home there unless you are retired. There are very few, if any, jobs.

Detroit needs to declare bankruptcy, but that is just the tiniest tip of the iceberg. The nation is bankrupt. It is just the bernanke is printing $85 billion per month which is the only thing maintaining the threadbare illusion of solvency that still remains.



posted on Jun, 15 2013 @ 03:44 PM
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Just a question what happens when/If they declare bankruptcy?

Sounds like they need OCP and Robocop to help



posted on Jun, 15 2013 @ 03:47 PM
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reply to post by DarthMuerte
 


That is a good point. Here is a link to Craigslist.

Detroit: Jobs

$11.00 an hour plus tips could make your house payment in a single day lol. You might want to buy a gun and I'm not sure what kind of night life there is, etc.



posted on Jun, 15 2013 @ 03:52 PM
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reply to post by darkbake
 


Wonder If they will let a Brit in
I am soooo bored of the UK, I want a little excitement back in my life.

I bet that movers job is helping to move everyone away
edit on 15-6-2013 by boymonkey74 because: (no reason given)



posted on Jun, 15 2013 @ 04:13 PM
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I would move there if they'd become more business friendly and change their gun laws. Nothing worse than being in a city of armed criminals that disarms it's citizens.



posted on Jun, 15 2013 @ 05:08 PM
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reply to post by LadyofGlass
 


Wow, they seriously have gun laws there? Really??

I would recommend buying some CO2 powered pellet guns... the pistols are super slick and powerful enough to protect ya, but not enough to kill, you know? And legal.
edit on 15-6-2013 by darkbake because: (no reason given)



posted on Jun, 15 2013 @ 05:14 PM
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reply to post by boymonkey74
 



Detroit could end up with legal bills in the hundreds of millions of dollars and far more cuts in its already-meager public services, meaning potentially fewer cops and firefighters and more city departments privatized or eliminated outright. Workers could be terminated, and those who stay would face deep pay and benefits cuts.

A federal bankruptcy judge could allow the city -- or the state, through an emergency financial manager -- to rewrite labor contracts or toss them out altogether. The city could find itself proposing the sale of major city assets to pay down its enormous debts.


Detroit Bankrupcy Would be Long and Painful

This looks lucrative... I mean for the investor, maybe.
edit on 15-6-2013 by darkbake because: (no reason given)



posted on Jun, 15 2013 @ 05:15 PM
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I read somewhere that cops dont go into downtown anymore, is it THAT BAD there?
I scenario I can see is this:
The city files bankruptcy, law enforcement/civil service are dissolved, anarchy slowly takes over, then the fed steps in to take over, bringing federal law enforcement, possibly setting up something like marital law and/or troops move into the streets.
I can see this as a test ground before it happens to other cities



posted on Jun, 15 2013 @ 05:16 PM
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reply to post by darkbake
 


Hhhhm thats what I was thinking.
Maybe they will give incentives to open a business etc.



posted on Jun, 15 2013 @ 05:16 PM
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reply to post by boymonkey74
 


Ohh... maybe. Here are some useful links.

Detroit Wants You



posted on Jun, 15 2013 @ 05:20 PM
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reply to post by darkbake
 


Cheers dude If I can find a sponsor in Detroit I can move to the states

Checking links now



posted on Jun, 15 2013 @ 05:20 PM
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reply to post by darkbake
 


but see, they dont tell you all the bad stuff, like needing a mercenary group to protect you and your house



posted on Jun, 15 2013 @ 05:22 PM
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reply to post by HomerinNC
 


Darkbake fancy setting up a merc unit
we could call it the ATS team.



posted on Jun, 15 2013 @ 05:26 PM
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Originally posted by boymonkey74
reply to post by HomerinNC
 


Darkbake fancy setting up a merc unit
we could call it the ATS team.


Okay Boymonkey, you deserve this one:




posted on Jun, 15 2013 @ 05:27 PM
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One thing that I am interested on is to know who holds the Detroit debt is sad how states have gotten into debt, people think that is because the poverty and social programs with not generated income, but remember that most of the money in the states goes to pay for the retirement funds of city and government workers too, then also the corruption of administrations after administrations, just because the government is accountable it doesn't mean the know how to balance their budgets or they will not be in so much debt.

I wonder who owns Detroit debt.



posted on Jun, 15 2013 @ 05:37 PM
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Originally posted by boymonkey74
reply to post by HomerinNC
 


Darkbake fancy setting up a merc unit
we could call it the ATS team.


Haha! Sounds like maybe it might be fun... well it would be ha ha! Man, I wonder if there is stuff to salvage legally.
edit on 15-6-2013 by darkbake because: (no reason given)



posted on Jun, 15 2013 @ 05:39 PM
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reply to post by DarthMuerte
 


Not if you are retired from the City of Detroit.

He's also trying to take the pensions away from Detroit retirees.....you know how evil corrupt and greedy older people are

They caused all the problems :shk:



posted on Jun, 15 2013 @ 05:40 PM
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2.5 billion? That's only 1.5 weeks in Iraq.





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