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Panic in Detroit

What did Chicago do when it desperately needed to raise $1 billion? It sold its prime asset, the city's extremely lucrative parking business. Pardon me. Officially, it was merely "leased" -- for the next 75 years. Who snapped up Chicago's family jewel? Wall Street bankster Morgan Stanley.

Here's where the number crunching starts to get interesting. We have the city of Chicago, which is so hard up for money just to keep the lights on that it conducted a fire sale to sell off its prized asset. Meanwhile, the buyer of this prized asset can (literally) get trillions of dollars in free money (so-called "0% loans") merely by picking up the phone and calling its good friend at the Federal Reserve, B.S. Bernanke.

Cash-strapped governments all across the U.S. are forced to sell off their best assets (at pennies on the dollar); while the same financial crime syndicate that caused the economic problems that resulted in this financial crisis is given trillions upon trillions in free money -- and what it doesn't use gambling in its derivatives casino goes into vulture purchases ... from its victims.

Now a financial thug is being sent into the city of Detroit from the state capital (against the wishes of its elected government) to "do a Greece" (or "a Chicago") to the people of Detroit. And when the thug is finished, the city will have been stripped of any/all profitable assets, services will be reduced to some Third World level, city employees will have their pensions stolen and their wages slashed, and then the city will be allowed to declare bankruptcy.

This organized economic rape has been the mode for relentlessly pillaging Europe for nearly four years now, starting with Greece. Now, finally, it's coming to America.

What is the solution for the financial problems of Detroit, Chicago, Greece and governments across the Western world? There isn't one. The financial crime syndicate that has been allowed to "advise" our governments on their fiscal management has led all of these governments past the point of insolvency -- deliberately -- just as bankers have been doing for more than 2,000 years.

Once they have bankrupted these public authorities, then (naturally) the fire sales begin -- and the bankers instantly become ravenous vultures. Only then is "Debt Jubilee" (i.e. mass bankruptcy and debt amnesty) declared. In other words, only after there is nothing left for the banksters to steal.

It's time to end a system in which the people (and their governments) live in perpetual penury, while a criminal banking syndicate has vaults that are perpetually overflowing with free money. Debt Jubilee today; exterminate the financial crime syndicate tomorrow.

The real beauty of Debt Jubilee is that once our Ponzi bond markets have been purged of all their fraudulent debts, this "too big to fail" crime syndicate will no longer be "too big to fail."

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.
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