This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.
3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $109.50 -1.16%
FB $92.47 0.08%
GOOG $639.16 -0.50%
TSLA $226.72 -2.26%
YHOO $32.37 1.57%


Chart of I:DJI
DOW 17,050.75 +138.46 0.82%
S&P 500 1,995.83 +15.91 0.80%
NASDAQ 4,810.7880 +19.6360 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs