Posts Tagged ‘Detroit’

The Great Unraveling

Saturday, June 15th, 2013

On the looming Detroit bankruptcy, I don’t think he’s suspicious enough:

Not to sound too “black helicopter” but the super-smart money might be betting that the federal government will bail out the states and cities and make all the creditors whole, to keep the illusion running a bit further. This definitely strikes me as plausible, irrespective of all the supposed Constitutional guards that prevent this from happening. A huge percentage of the funding for states, cities, and counties comes from the US government anyways – perhaps at some point we stop pretending that we will let them fail on their own (and destroy the political “minor leagues” that end up in Washington, in the end) and just backstop everyone’s debts on the US dollar.

via Chicago Boyz » Blog Archive » The Great Unraveling.