Detroit’s famous working class has been crushed. And if that is no enough, now even something as indispensable as access to water is a daily fear. The question should be, who will save Detroit? No, no volunteers. Then who took down Detroit? Everybody blames everybody. There is no super hero coming to rescue this great city, and we don’t know the villain who took it down, but we know who got very rich out of this disaster. Detroit is one of the centers of the multiple battles for survival around the world. A small elite made huge profits, namely General Motors and Chrysler at the expense of millions – Detroit went from a population from 2M to just 800’000 people.
By now it should be clear the dominos are falling – slowly but steadily. The US government has no problem bailing out criminal corporations, but under no means would rescue any of our cities. Contrary to what the media tell us, the corporate class has been hidden behind the events, and, with help of our coward politicians, has been breaking huge profits in at least two fronts; hedge funds and on the looting of municipal worker pensions.
We must know the hedge fund firms known as vulture funds pulled $12.9B in earnings from the U.S. treasury in the auto bail out. They basically took possession of auto parts in Detroit. If the U.S. didn’t pay vulture funds, General Motors and Chrysler would simply go out of the market in just one day affecting at least 1M jobs. One important benefactor of this rip off was the Anne Romney, Mitt Romney’s wife making $15.3M in earnings [Nation Oct 17-2012]. This vulture funds are the same that have some countries around the world in total misery because they demand massive earning and the population must get sacrificed like in Africa [Greg Palast Aug 18-2014].
Nothing of this would have been possible, as we saw before, without the banks irresponsibly giving massive loans to anyone. These loans are made through the issuance of municipal bonds, and banks charge an expensive fee for that service. Yet, that income was not enough for the banskers, so they created a derivative called GIC (Guaranteed Investment Contract) over the interest of the bonds that banks pay to government. Banks were expected to compete for these GICs, but not surprisingly, they colluded to pay a below the market interest on the bonds. More than a dozen Wall Street firms were involved in this conspiracy yet only 3 rigging brokers were convicted while 19 others are still free. It is estimated they had in their hands about $2.8T of municipal bonds, from which, Wall Street squeezed the biggest profit at the taxpayers’ expense. [Bloomberg Mar 26th 2010] What that is even more sinister about this issue is that hedge funds are secretive and in at least 12 states hedge funds are protected even from the Freedom of Information Act. [Rolling Stone Sep 26th 2013]
Detroit is the key example of how our democracy is taken down piece by piece. In 2010 Despite Detroit citizens rejected the idea of hiring an “emergency manger” though referendum, Mayor Dave Bing imposed a dictator on his own people. [Democracy Now Jul 23rd 2013] We have very skillful fiscal hit men but they are un-capable of being democratically elected, and for that reason they have to be imposed by force. Our corrupt politicians put the cities on a deadly spiral and these hit men simply give the final shot. But of course, the work of the “emergency manager” is not limited to do the dirty job at the decision making level, but to do everything possible to satanize the working class. The truth is that major corporate groups have come together to implement the overtaking of our rights as workers and as even as citizens. [Rolling Stone Sep 26th 2013]
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Detroit: Scene of a Great Theft and of a Crime Against Humankind
Detroit’s famous working class has been crushed. And if that is no enough, now even something as indispensable as access to water is a daily fear. The question should be, who will save Detroit? No, no volunteers. Then who took down Detroit? Everybody blames everybody. There is no super hero coming to rescue this great city, and we don’t know the villain who took it down, but we know who got very rich out of this disaster. Detroit is one of the centers of the multiple battles for survival around the world. A small elite made huge profits, namely General Motors and Chrysler at the expense of millions – Detroit went from a population from 2M to just 800’000 people.
By now it should be clear the dominos are falling – slowly but steadily. The US government has no problem bailing out criminal corporations, but under no means would rescue any of our cities. Contrary to what the media tell us, the corporate class has been hidden behind the events, and, with help of our coward politicians, has been breaking huge profits in at least two fronts; hedge funds and on the looting of municipal worker pensions.
We must know the hedge fund firms known as vulture funds pulled $12.9B in earnings from the U.S. treasury in the auto bail out. They basically took possession of auto parts in Detroit. If the U.S. didn’t pay vulture funds, General Motors and Chrysler would simply go out of the market in just one day affecting at least 1M jobs. One important benefactor of this rip off was the Anne Romney, Mitt Romney’s wife making $15.3M in earnings [Nation Oct 17-2012]. This vulture funds are the same that have some countries around the world in total misery because they demand massive earning and the population must get sacrificed like in Africa [Greg Palast Aug 18-2014].
Nothing of this would have been possible, as we saw before, without the banks irresponsibly giving massive loans to anyone. These loans are made through the issuance of municipal bonds, and banks charge an expensive fee for that service. Yet, that income was not enough for the banskers, so they created a derivative called GIC (Guaranteed Investment Contract) over the interest of the bonds that banks pay to government. Banks were expected to compete for these GICs, but not surprisingly, they colluded to pay a below the market interest on the bonds. More than a dozen Wall Street firms were involved in this conspiracy yet only 3 rigging brokers were convicted while 19 others are still free. It is estimated they had in their hands about $2.8T of municipal bonds, from which, Wall Street squeezed the biggest profit at the taxpayers’ expense. [Bloomberg Mar 26th 2010] What that is even more sinister about this issue is that hedge funds are secretive and in at least 12 states hedge funds are protected even from the Freedom of Information Act. [Rolling Stone Sep 26th 2013]
Detroit is the key example of how our democracy is taken down piece by piece. In 2010 Despite Detroit citizens rejected the idea of hiring an “emergency manger” though referendum, Mayor Dave Bing imposed a dictator on his own people. [Democracy Now Jul 23rd 2013] We have very skillful fiscal hit men but they are un-capable of being democratically elected, and for that reason they have to be imposed by force. Our corrupt politicians put the cities on a deadly spiral and these hit men simply give the final shot. But of course, the work of the “emergency manager” is not limited to do the dirty job at the decision making level, but to do everything possible to satanize the working class. The truth is that major corporate groups have come together to implement the overtaking of our rights as workers and as even as citizens. [Rolling Stone Sep 26th 2013]