You guys better hurry cause the banks look to have only a few months left. Repos, CDS, IRS are all collapsing at the same time. I expect an overnight collapse that will make peoples jaw drop, 08 is going to look slow in comparison. It is the banks or the people and sorry to say it but the people are brain dead.
Detroit is bankrupt! Surprised? You shouldn't be. This has been a long time coming, and given the state of the city it should be a surprise to no one. Insane crime stats, nearly 80,000 abandoned buildings, and 40% of the city has no public illumination after darkness falls.
I visited the city 15 years ago as a teenager and was dumbfounded by the empty streets and abandoned, rickety buildings everywhere. I can only imagine what it's like now.
Is this part of a larger overall trend? I think given the debt situation in most western countries, including the USA and Canada, we will see more of this in the near future. Once the public wakes up to the true debt floating around, and that the dollars the banks and the government are throwing around are fabrications, there may be a major correction about to occur. I hope I'm wrong, but all the signs are pointing that way.
5 years ago