“Detroit Emergency Manager Kevyn Orr has submitted a proposal that would pay unsecured creditors about 10 cents on the dollar.  Similar haircuts would be made to underfunded pension and health benefits for retirees.  Orr concedes that there is still a ‘50-50 chance‘ that the city of Detroit will be forced to formally file for bankruptcy.  But what Detroit is facing is not really that unique.  In fact, Detroit is a perfect example of what the future of America is going to look like.  We live in a nation that is rotting, decaying, drowning in debt and racing toward insolvency. So don’t look down on Detroit.  They just got there before the rest of us.”

http://theeconomiccollapseblog.com/archives/rotting-decaying-and-bankrupt-if-you-want-to-see-the-future-of-america-just-look-at-detroit

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