As Detroit goes…
The municipality of Detroit Michigan is swimming in 14 billion dollars (yes, with a “b”) of red ink.
James McTevia, president of a Michigan-based firm that specializes in turnaround management, said an emergency manager could halt the city’s borrowing, freeze debt and restructure finances, including voiding contracts.
And this was an idea not thought of 14 billion dollars ago, no doubt.
When the size of public services like emergency, fire and police diminish down to practically nothing watch what happens. The “Survivor” television show won’t be shot with film on a remote island, but guns in Detroit.