Detroit Officially Bankrupt - a warning to other cities including the UK?

Discussion in 'The Intelligence Cell' started by uncle_vanya, Jul 19, 2013.

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  1. Bankruptcy of Detroit City a Warning of the Future

    Is the official bankruptcy of large city in the USA a warning that other cities there, and in the UK could end up in the same boat?

    Years, and years of economic delcine, 'Political Correctness', leftish Liberal idiotic policies by the City Fathers, coupled with corruption, crime etc. It is a well known fact that socialist style administration are very good at spending other people's money. An ever increasing level of poverty, therefore Social Security dependancy by and increasing population - no city goverment can sustain this if the levels of taxation from business, domestic etc go into decline.

    It is simple economics. So, could this be the future of other parts of the United States - or even the UK with an ever increasing 'Hands Out', Yumin Rites, dependancy culture that has been encouraged by the dribbling of the Liberal Left here in the UK?

    So, would another Labour administration in Downing Street continue with this liberal economic idiocy of large scale deficit/borrowing in their social and economic policies?

    So, is encouragng more people into the Benefits system as a "Human Right" and a "Life Style Choice" good for society as the Bank of England can always print more 'Funny Money'?

    So is Detroit in the USA a stark warning to other countries in the developed world as wo what the future could be?

    (Remember the sci-fi film 'Robo Cop', the story line was set in the future, in Old Detroit in the USA, where poverty was rife, and criminal gangs, in collusion with Big Business (OCP) ran the city).

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  2. This is the start.
    The Homeland Defence have been preparing for Disaster for years. England will follow in a few years if it hasn`t become a Sharia State by then.
    Theoretically, the Governments, States and Cities in America, the UK and most of Europe are skint - the whole Shabang is shored up by a Banking system that is at critical Mass.
    I believe that we live but a small step from Anarchy - move the Cornerstones of our society just ever such a little and the shit will hit the fan.
  3. Well what you are seeing is what happens when a city devotes itself to one industry. A pioneering city of innovation which thrived big time and then falls hard with its main business.

    Think about a 25% drop in population in a decade, most anyone with any moxy and wherewithal to do it simply has left. The remainder are taking in $15K PA on average, often on disability benefit. How does anyone raise revenues on that? And you've go a big city with vast amounts of empty once pretty plush real estate that the city can't even afford to demolish. The coupe de grace was Lehman, Detroit had staggered on like George Romero Zombie the municipality behaving much as it had in fat times but they bet the farm on AAA CDOs and like a lot of US municipalities are saddled with large pension and other obligations and this only magnified by soaring health costs and a massive dip in working population. They can't afford street lighting or a proper fire service let alone policing.

    Bankruptcy was inevitable. I hear it's a lively place for arty types to find cheap work space.

    It's chastening to consider BoJo's London which is given to a much more obviously volatile a trade might not look much different if Lehman II rolls around the corner and leaves the UK's mega-banks as busted as Detroit's badly managed stuck in the mud auto-industry.
  4. Very true. the same happened in the UK in the late 80's early 90's when towns like Leyland (home of the motors) suddenly found themselves without a major employer. Once that had gone, many smaller businesses that supported them and the community curled up their toes as well. There were plenty of other UK towns in this boat where their single 'big' employer went bust and took everything away.
  5. Tum te tum te tum

    Liverpool's Mayor has already been saying that the city will be back at "Hatton Status" in two years if the current government do not reverse their cuts in public funding.

    Hmmm, I wonder how much he, his staff and all their offices cost per year............
  6. I think as a matter of law Councils in the UK are prohibited from funding recurrent budgets through borrowing? Not impossible but would be very difficult for a Council/City to go bankrupt here.
  7. Mr_Fingerz

    Mr_Fingerz LE Book Reviewer

    There's nothing quite like paranoia to brighten the weekend.