Detroit made history this week, but not for anything good. Some people have been shocked, but more people have seen it coming…
“Detroit’s budget deficit is believed to be more than $US380 million ($412 million). Mr Orr has said long-term debt was more than $US14 billion and could be between $US17 billion and $US20 billion.
“The city joins a growing list of American municipalities that have gone bust, including San Bernardino and Stockton, in California.
“San Bernadino had debts of $46 million and Stockton 26 million – figures dwarfed by Detroit’s liabilities.” – News.com.au
Will this be a growing trend in the United States? What will happen to the US dollar?