Detroit Could Be Broke Within a Week
June 8th, 2012Via: Detroit Free Press:
The city of Detroit will run out of cash a week from today if a lawsuit challenging the validity of a consent agreement is not withdrawn, city officials said this morning.
Jack Martin, the city’s new chief financial officer, said the city will be broke by June 15, but it should be able to make payroll for its employees. He said the city will be operating in a deficit situation if the state withholds payments on a portion of the $80 million in bond money needed to help keep the city afloat.
Deputy Treasurer Thomas Saxton told the city Thursday that the lawsuit against the consent agreement could force the state to hold back from the city $80 million in revenue sharing that was used, essentially, as collateral for interim refinancing of bonds issued in March so Detroit would not run out of cash.
Detroit has already used $35 million of the $80 million.
I tried to post a comment on the originating site, but they use ‘Facebook’, the CIA-operated thing that is going down like a stone according to their IPO numbers.
I read about half of their 300 comments, and saw the usual BS about the ‘unions’, GWB’, ‘democrats’, and the like. No one saw the root issues involved.
I think that I may have a different perspective, as a citizen born within 20 miles of this metropolis, so I copied my failed post for posterity.
HERE:
Gee, everyone blames everyone else while Detroit is in its’ death throes.
Detroit began dying in 1913, along with the rest of the nation.
NOW, the FED-bought politicians and the FED-paid lawyers are fighting over the scraps that the FED-owned unions left behind when the FED-run corporations decided to ‘divest’ in production overseas (GM, FORD, CHRYSLER, ALL MADE SOMEWHERE ELSE by slave laborers).
WELFARE and DEPENDENCY were CREATED by the ‘central planning’ of the FED (the classic’ Hegelian Dialectic’ in action), ‘introduced’ by both political parties (bought by the FED) that YOU think you ‘have a “free” choice’ to select.
Who are you going to ‘vote for’ in November?
“Rombama”, or “Obomney”?
‘ARSENAL OF DEMOCRACY’ equates to ‘MOB RULE BY FORCE’, and DETROIT is the PROGENITOR, circa 1942.
Kick the ‘Progressive Democrats’ out, and replace them with the ‘Neoconservative Republicans’, and see what changes.
Welfare-warfare statism is ALIVE and WELL.
Detroit is simply a symptom of the disease, the first in a long line of failed cities in my former Republic.
Until We The People WAKE UP, and correctly define our common enemy, THE INTERNATIONAL BANKING/CORPORATIST CARTELS (in this nation, the FEDERAL RESERVE SYSTEM private banking system of FIAT CURRENCY CONTROL), you people will continue to try to place blame in a ‘personal’ manner (D. vs. R., Black vs. White, Liberal vs. Conservative, US vs. THEM…).
Detroit goes broke BECAUSE the LAWYERS are suing the POLITICIANS (BOTH owned and controlled by the FED-LED FIAT MONEY GREED and AVARICE for ‘MORE’), because the UNIONS demanded MORE FED-printed FIAT CURRENCY, forcing the FED-CURRENCY-CHASING CORPORATIONS to ‘OFFSHORE’ operations, depleting the Detroit economy to the point of COLLAPSE!
GEE. There seems to be ONE DEFINING FACTOR.
People are shallow and silly.