I'm sure most of you heard, but Detroit Michigan has filed for chapter 9 bankruptcy protection. real rags to riches story of the former jewel of the American automotive industry.
http://www.cbc.ca/news/business/story/2013/07/18/detroit-bankruptcy.html
See you all after.
As much as I try, I fail to understand how a city or a country can declare bankruptcy. In all cases, I wouldn't like to live in Detroit these days.
Well, if I read the article right, it would appear that its a way to cut costs, reduce the area that you need to do, and to basicly have a legal cover to not pay any of the extra's or be able to be sued for money, otherwise, if the article is right, the basic's will all still be covered, if at a reduced rate on some..
Its worth keeping an eye on it, its fine to say that middle class and most business's have left but its a flip, to see how a massive scaled city deals with over half of its population (and therefor tax base etc) just going poof..
In that regards, it can be looked at as something to learn from, if we suddenly lost the middle class, x percent of the workers/company's and half our regular population, what happens, well here it is in the flesh..
http://livingmydreamlifeonthefarm.wordpress.com/
Well,maybe cities in Canada aren't going bankrupt but let's look at small towns that have changed their status to Hamlet then finally handed over the books to the county (municipality).All across Alberta depopulation is turning these little Hamlets to ghost towns.My original home town turned village turned hamlet turned ghost town is now under municipal control.My new home town 8 km.away of 1200 people had as many as 25 houses for sale recently.Many projects have been put on hold due to financial problems.The only hardware store closed its' doors this spring.The only variety store(provincial registry,water sales,arts and crafts,some hardware,etc) is closing due to retirement.One of the three grocery stores burned down a couple of months ago.The GM dealership closed a couple of years ago.Etc,etc,......Small town Alberta is hurting big time.For Retirees,the prices might be attractive but the services are disappearing. Soon the municipalities will cede to regional districts.We all know what would happen to Alberta cities if oil was replaced by other means.Detriot was replaced by offshore auto manufacturers.There are reports that the USA will be self-sufficient in oil by 2017.I hate to think what that would do to the Canadian economy if we don't find new markets.Anybody get the name of the trustees Detroit is using?
Another example of how science fiction predicts the future. I reference Robocop. That was Detroit if I recall?
No matter how good or bad your life is, wake up each day thankful because someone somewhere else right now is fighting for theirs
Naka, the US might be oil self sufficient by 2017 BUT I doubt they will self sufficient for very long (3 to 10 years) as the new found oil reserves do not have a long production life span from what I have read. I doubt the US will be silly enough to shut down Canadian imports of oil and risk Canada finding new (read: Asian) markets for that same oil. Mind you with Obama at the wheel you never know where the US might do...
The low hanging fruit has been picked and the cost of production is going up. We have already seen $5+ per gallon gasoline in Canada. Get used to it.
Than= I’d rather be rich than poor.
Then= I first became hungry then I ate.
There = She is there now.
Their = They have their things.
They're = They're going to the mall.
To = They came to the house.
Too = That's too bad.
with all the money the usa has bowored from china ,give em detroit and harlem.there both sh t holes anyways.