Curtailing public services continues unabated… tic,toc… tic,toc

http://www.businessweek.com/magazine/content/09_48/b4157034230199.htm

Now Detroit must use the revenues from its three casinos—MGM Grand Detroit (MGM), Greektown Casino, and MotorCity Casino—to cover a $4.2 million monthly payment to the banks before a single cent can go to schools, transportation, and other critical services (emphasis added).

[…] 

Without a federal fix, strapped municipalities like Detroit could be forced to slash vital services even more. The city’s public schools, which had been putting off paying textbook suppliers and other vendors, aren’t likely to see their funding rise now that banks are taking a bite out of the city’s budget.”

Page two has way too many relevant passages to excerpt. Read it. It is what is happening throughout the Western world.

If government should force anyone to do anything, it should force banks to write off the debt with a provision that when things should pick up again in the future, they could lay claim to part of the original sum.

Gold bullion looking ever better

 

 

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