The Detroit model: Permanent rule by the banks

[n2doc]

The Michigan legislature is debating a series of bills to impose a financial authority on Detroit that would remain in place long after the city emerges from bankruptcy. An unelected financial “oversight” committee, known as the Michigan Settlement Administration Authority (MSAA), would run the city for two decades, effectively usurping the local government.

When the governor of Michigan installed Emergency Manager Kevyn Orr in Detroit last March, it was presented as a temporary measure, lasting 18 months at most. Now, according to the restructuring plan submitted by Orr, a bankruptcy lawyer with close ties to Wall Street, a new body “composed of individuals with recognized financial competence and experience” will have the authority to limit city borrowing and expenditures and tear up labor agreements.

The authority is to be charged with ensuring that the city “continues to implement financial and operational reforms” outlined in the restructuring plan. This includes an effective 30 percent cut in pensions and health care benefits for more than 30,000 current and retired public employees. The “robust governance structure” outlined in Orr’s plan will promote “long-term public confidence in the fiscal health and stability of Detroit, in particular with financial markets.”

It could hardly be stated more clearly: the proposed body will be accountable solely to Wall Street. It will remain in power indefinitely and will not be subject to a popular vote or recall.

more

http://www.wsws.org/en/articles/2014/05/13/pers-m13.html

[randys1]

1. Stage Two of Koch Take over

Stage three is massive living units where you will share a space with 7 other people, one bathroom...bunk beds

middle class death is the objective and they are doing it, not going to do it, doing it

[Octafish]

2. Austerity, followed by Feudalism

Get ready, America. Detroit is the pilot program.

[raouldukelives]

3. The future every Wall St investor is financing.

Be sure to thank one for the coming dystopian nightmare. They couldn't do it without them.