Precious Metals Forum

Go Back   Precious Metals Forum > Precious Metals and Economic News > Fiat Ponzi

Like Tree2Likes
  • 2 Post By benjamen

Reply
 
LinkBack Thread Tools
Old 07-18-2013, 06:31 PM   #1
Fly on the wall
 
Join Date: Feb 2013
Posts: 44
Liked: 10 times
Detroit (US City) Files Biggest BANKRUPTCY In History

Detroit (US City) Files Biggest BANKRUPTCY In History - Must Watch

did NOT see this happening!

jprich16 is offline   Reply With Quote
Old 07-18-2013, 08:19 PM   #2
Jay
Yellow Jacket
 
Join Date: Jun 2012
Posts: 1,511
Liked: 671 times
Originally Posted by jprich16 View Post:
Detroit (US City) Files Biggest BANKRUPTCY In History - Must Watch

did NOT see this happening!

Detroit (US City) Files Biggest BANKRUPTCY In History - Must Watch! - *NEW* - YouTube
wasn't on the news, but it was on the web a month ago. I think SHTF did an article on it awhile back. Bing said I told her it was going to happen three months ago, but I don't remember.
Jay is offline   Reply With Quote
Old 07-19-2013, 01:32 AM   #3
Ground Beetle
 
Join Date: Oct 2011
Location: Here, There, and Everywhere
Posts: 633
Liked: 388 times
Anyone that did not see this happening YEARS, DECADES ago, has been sound asleep. With 60,000 abandoned empty buildings in Detroit, and no money to level them, Detroit is and has been a GHOST TOWN for DECADES.

Chicago will probably be one of the next ones considering they are destroying their tax base by forcing all of the taxpayers to leave while the bloodsuckers remain behind.
__________________
If you keep doing what you are doing, You will keep getting what you are getting.
If you don't like what you are getting, You must change what you are doing.


http://mmerlinn.com

GOLD is the money of KINGS.
SILVER is the money of GENTLEMEN.
BARTER is the money of PEASANTS.
DEBT is the money of SLAVES.
- Norm Franz
mmerlinn is offline   Reply With Quote
Old 07-19-2013, 06:31 AM   #4
Yellow Jacket
 
Join Date: Oct 2011
Posts: 2,053
Liked: 925 times
The largest unsecured creditors in municipal bankruptcies are usually the pension funds of public employees. So the bureaucrats are having to pay the bill for the desaster they created in the end, sweet justice. Of course, there are a few public employees like firefighters who don`t deserve to be punished...


Quote :
20 largest creditors

Here are the city’s 20 largest unsecured creditors and type of claim:
■General Retirement System: (A) $2 billion
■Police and Fire Retirement System (A) $1.4 billion
■U.S. Bank (B) $801 million
■U.S. Bank (B) $516 million
■U.S. Bank (B) $153 million
■U.S. Bank (C) $79 million
■U.S. Bank (C) $61 million
■U.S. Bank (C) $59 million
■U.S. Bank (C) $45 million
■U.S. Bank (C) $40 million
■U.S. Bank (C/E) $38 million
■U.S. Bank (C) $38 million
■U.S. Bank (C) $35 million
■Downtown Development Authority (D) $34 million
■U.S. Bank (C) $30 million
■U.S. Bank (E) $25 million
■U.S. Bank (C) $19 million
■U.S. Bank (C) $19 million
■U.S. Bank (C) $13million
■U.S. Bank (C/E) $11 million
(A) pension funds; (B) certificate of participation; (C) general obligation bond; (D) loan payable; and (E) capital improvement bond. Source: City of Detroit
From The Detroit News: http://www.detroitnews.com/article/2...#ixzz2ZURYZIhm

Note that they don`t publish the names of the banks
swissaustrian is offline   Reply With Quote
Old 07-19-2013, 08:20 AM   #5
Moderator
 
Join Date: Oct 2011
Posts: 1,059
Liked: 459 times
already hearing calls to "lend Detroit a helping hand". We need someone to oversee the bailout.. Detroika!
__________________
"A little more persistence, a little more effort, and what seemed hopeless failure may turn to glorious success.: - Elbert Hubbard
DSAbug is offline   Reply With Quote
Old 07-19-2013, 08:28 AM   #6
Super Moderator
 
benjamen's Avatar
 
Join Date: Mar 2012
Location: Migratory
Posts: 1,620
Liked: 685 times
I saw this today on the morning news. The wife turns to me and sarcastically says "But I thought Obama fixed Detroit with the auto bailouts?"
PMBug and DSAbug like this.
__________________
I drive men mad
For love of me,
Easily beaten,
Never free.

PMBug 101 *** Forum Rules
benjamen is offline   Reply With Quote
Old 07-19-2013, 09:26 AM   #7
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,017
Liked: 2443 times
Somewhere, I'm guessing Meredith Whitney is shaking her head.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 07-25-2013, 08:48 AM   #8
Super Moderator
 
benjamen's Avatar
 
Join Date: Mar 2012
Location: Migratory
Posts: 1,620
Liked: 685 times
Do you live in a city worse than Detroit?
http://washingtonexaminer.com/exogra...le/2533338#map

"Detroit declared bankruptcy due in no small part to $3 billion in unfunded public employee pensions owed a sprawling city workforce that kept growing even as the city’s population shriveled, but a Washington Examiner analysis found that 19 major American cities have even bigger ratios of such workers to residents."

Detroit has 1 employee, with an 56k average salary, per 61 residents. Unfortunatly, there are a lot of other cities with worse ratios. The one that really amazes me is Baton Rouge with 1 employee, with a 47k salary, per 30 residents. I used to live near Baton Rogue; it is a really cheap area to live with not a whole lot going on... why do they need so many employees?
__________________
I drive men mad
For love of me,
Easily beaten,
Never free.

PMBug 101 *** Forum Rules
benjamen is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Biggest goldmine in the world has shut down Unobtanium Mining 1 06-07-2013 08:31 AM
IS China the world's biggest prepper? bushi BSTS 9 02-16-2013 10:38 PM
American dominoes - muni bankruptcy in Cali PMBug Fiat Ponzi 3 11-27-2012 08:24 AM
1882 Carson City Morgan Dollar PMBug Silver Bug 2 07-23-2012 11:35 PM
Peter Thiel's floating city PMBug STS 9 05-17-2012 07:16 PM


All times are GMT -5. The time now is 04:38 PM.


Powered by vBulletin® from Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0 PL2 ©2011, Crawlability, Inc.
Content of PMBug.com copyright © 2011 - 2019 Measuring Up. All Rights Reserved.