re: #7 wrenchwench

Here’s some more fact masquerading as arrogance. When Detroit raised a billion dollars it had to pay off accrued interest on previous debt or they wouldn’t have gotten the billion dollar loan at all. And if they hadn’t borrowed the money they previously borrowed their employees, fire dept, police dept and municipal employees wouldn’t have gotten paid at all never mind have to worry about pensions. And those despised banks? You know who’s money they lend? Their depositor’s money. And those people are somewhat reluctant to have their money loaned to people who won’t or, in this case, mostly can’t repay it. So you can play those stupid foolish games or trying to pretend reality isn’t what it is but the truth is that the population of Detroit can hardly afford fuck all. What ever idiot at the Guardian who pretends to be an economist can certainly state boldly that places like Detroit have a right to borrow money they can’t repay but they still have to figure out a way to make someone lend it.