VAPORIZED: Detroit Obliterates Retirement Funds: 80% Cuts to Pensioners: “This Is Going to Affect Everyone”


Ken McMurtrie:

An extreme situation but it is part of the trend related to the financial crisis situation. Such a result should be avoided at all costs, for moral and practical reasons. Such inhumanity should not go unheeded, unpunished or unfixed. Neither should it be accepted as unfixable, nor be allowed to continue to happen.
That it is the start of a new global trend is what should be of concern to all.

Originally posted on THE INTERNET POST:

 

VAPORIZED: Detroit Obliterates Retirement Funds: 80% Cuts to Pensioners: “This Is Going to Affect Everyone”

 

detroit-bankrupt

Though a decade ago civil servants and union members would never have believed it could happen, the stark reality of the situation came to pass this morning.

We now know the answer to the question: What happens when a government makes promises it can’t keep and borrows so much money it can never be repaid?

This morning a judge overseeing the City of Detroit’s fiscal sustainability ruled that the City can be afforded bankruptcy protection, meaning that all 100,000 of its creditors now stand to lose a significant portion of monies owed to them.

The most notable victims are the tens of thousands of retirees living off of pensions – many of whom will see an 80% obliteration of the retirement funds they believed they’d receive until they died.

Creditor attorneys have repeatedly…

View original 594 more words

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About Ken McMurtrie

Retired Electronics Engineer, most recently installing and maintaining medical X-Ray equipment. A mature age "student" of Life and Nature, an advocate of Truth, Justice and Humanity, promoting awareness of the injustices in the world.
This entry was posted in Human Behaviour, Inhumanity, Politics, united states and tagged , , , , . Bookmark the permalink.

One Response to VAPORIZED: Detroit Obliterates Retirement Funds: 80% Cuts to Pensioners: “This Is Going to Affect Everyone”

  1. omanuel says:

    I do not want to sound like a broken record, Ken, but the root of the problem is a 1945 decision to hide NEUTRON REPULSION [1] – the source of energy that causes cores of heavy atoms, some planets, stars and galaxies to violently fission and/or steadily emit neutrons that spontaneously decay to hydrogen (H) atoms.

    Rather than accept reality of the power that made our elements and then sustained the origin and evolution of life, the scientific revolution that Copernicus started in 1543, very quietly ended in 1945.

    1. Oliver K. Manuel, “Neutron repulsion,” The APEIRON Journal 19, 123-150 (2012): http://redshift.vif.com/JournalFiles/V19NO2pdf/V19N2MAN.pdf

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