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Detroit files for bankruptcy

Detroit, which was once known as “motor city”, the place where Ford, Dodge and Chrysler got their start, has officially filed for bankruptcy.  Naturally, this news comes as something of a shock to most people as it was just several decades ago that Detroit was one of the preeminent industrialized cities in the world.   What’s truly troubling is the fact that this marks the largest US city to ever declare bankruptcy, which understandably has more than a few people worried.

Of course if you’ve been keeping up with the financials over the course of the last few years or decades this incredible development probably isn’t all that shocking.  In fact, the city has been slowly deteriorating for years now and it’s very likely that many leaders were anticipating a move toward declaring bankruptcy.

In short, the city isn’t really even able to cover its public works expenses, which of course prompted local politicians to declare that they would fight to ensure that services remain up and running for as long as possible.  Public sector workers are perhaps among the most nervous as rumors have been floating around hinting at the notion of docked wages and benefits, not to mention the cutting of pension funds.

So, just how bad are things in Detroit, you ask?  Well, crime rates are way up, as are filings for governmental assistance.  Naturally, Detroit is yet another example of what happens when anti-gun laws are hoisted into place and the average citizen is left at the mercy of criminals who (not surprisingly) don’t care or think to register their illegally collected firearms.  In fact, the city has basically been terrorized by criminals ever since the gun control initiatives were passed.  Don’t believe it?  Just check out the statistics from this Forbes.com piece:

“The Motor City tops the list of America’s Most Dangerous Cities for the fourth straight year thanks to a stubborn problem mostly with gang-related violence. Violent crimes — murder, rape, robbery and assault — fell 10% last year but are still running five times the national average.”

If you want visual evidence of Detroit’s decline, you need only peruse the 70,000 or so abandoned and disused properties which are scattered all across the city.  Sections of the struggling city look almost exactly like ruins left over from a war or bombing campaign.

Not everyone is convinced that Detroit’s fall was the result of mismanagement and bad luck however, those affiliated with unions are claiming that this is all part of a concerted effort by those in power to consolidate power within the city.  In other words, their idea is that city officials, perhaps working in tandem key members of the Federal government and international business community have been waiting for such an event to take place.  Think that’s just a bunch of conspiracy theory mumbo-jumbo?  Well, just look at how Michigan governor Rick Snyder and State Sen. Phil Pavlov, among others, have been cozying up to the Chinese state government (from a CBS Detroit News piece):

“Phil Pavlov – “It’s not just the fact that Michigan should be reaching out to China, but that China is strategically reaching out to Michigan because we have a lot to offer each other.  Michigan is uniquely positioned to deliver world-class agricultural, manufacturing, and high-tech products that the Chinese want and need.”

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