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Thread: wow, how the mighty fall

  1. 15th June 2013, 12:14 PM #1
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    wow, how the mighty fall

    Troubled US city Detroit defaults on debt | News.com.au
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  2. 15th June 2013, 12:46 PM #2
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    $18B debt? They just need to make and sell a few more cars...
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  3. 15th June 2013, 12:53 PM #3
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    After reading that, Geelong is doing ok
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  4. 15th June 2013, 01:20 PM #4
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    ... and the Australian dollar is falling in relation to the US greenback?

    -Tell me again that it's got nothing to do with world banking bullying/international politics/Name your favourite conspiracy theory
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  5. 15th June 2013, 01:22 PM #5
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    Quote Originally Posted by Judo View Post
    $18B debt? They just need to make and sell a few more cars...
    That's not going to happen with the junk they churn out.
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  6. 15th June 2013, 01:24 PM #6
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    Forget about cars, just print more money that it is what the Americans know best
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  7. 15th June 2013, 04:07 PM #7
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    Quote Originally Posted by Chucaro View Post
    Forget about cars, just print more money that it is what the Americans know best
    Every economics student for the next 100 years is going to be sniggering at Bernanke.
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  8. 15th June 2013, 08:23 PM #8
    PhilipA
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    The debts that are referred to are called "Munis" or Municipal Bonds.

    Many individuals and funds rushed into them in the last 2 years because bank interest is so low at the moment.
    There are hundreds of US cities that are in a similar position to Detroit .

    This could be the next big wave of defaults in the USA particularly since Detroit has now gone belly up.
    Regards Philip A
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  9. 16th June 2013, 07:22 PM #9
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    So what happens if they do actually declare bankruptcy?
    What does that mean for the residents?
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  10. 16th June 2013, 07:44 PM #10
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    I watched a doco called Requiem for Detroit on the ABC a couple of months ago. It documented the demise of the city where the population has dropped from 1.8 million in the 1950s to about 700,000 today. Whole suburbs are abandoned and both Ford and GM have abandoned factories. Very interesting stuff.

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