The Economist takes note of Detroit.
The problem is that the current administration isn't bothered by this massive bankruptcy. For the Democrats, it's just a blip, they will just print more money, or borrow more from China to keep up the facade.
However, municipal can lead to state, and state(s) lead to the feds.
"How could we have ever known?"
That may well be the excuse when America goes bust.
"WHEN Greece ran into financial trouble three years ago, the problem soon
spread. Many observers were mystified. How could such a little country
set off a continental crisis? The Greeks were stereotyped as a nation of
tax-dodgers who had been living high on borrowed money for years. The
Portuguese, Italians and Spanish insisted that their finances were
fundamentally sound. The Germans wondered what it had to do with them at
all. But the contagion was powerful, and Europe’s economy has yet to
recover."
