Flat Broke Superpower -- Arnaud de Borchgrave, UPI
Detroit, once America’s wealthiest city, declared bankruptcy. “Anyone with half a brain and a calculator could see this coming years ago,” says Michael Snyder, author of “The Beginning of the End.”
WASHINGTON, July 22 (UPI) -- As it filed for bankruptcy, the United States' one-time powerful center of mechanical invincibility and its wealthiest city, was a maze of vacant lots and abandoned storefronts. Detroit has 1,000 fewer police officers than a decade ago.
Michael Snyder's new book about the future of America is titled "The Beginning of the End." "Rotting, decaying, and bankrupt," he says, "if you want to see the future of America just look at Detroit." The once proud city defaulted on a $39.7 billion debt payment.
Detroit collapsed five months after the publication of Snyder's book. It was once the world's most important economic sector by revenue. It led the world in total auto production.
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My Comment: The bankruptcy of Detroit was big news in Europe and Asia .... and deservedly so. My friends, family, business contacts, and fellow bloggers from around the world have all asked me for my opinion .... and I gave each and everyone the same answer .... the bankruptcy of Detroit is the canary in the coalmine warning everyone that disaster is face approaching. Unfortunately .... the American public, the media, academia, the pundit class, Congress, and .... more importantly ... the White House .... are all in denial of what is happening, and have shown little if any interest to reverse what is now becoming irreversible .... the economic/social/and political decline of the U.S..
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