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.
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…
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