The Rape of Detroit: City as Forced to Default so Rich Could Profit

[n2doc]

The writer Masaccio has a terrific piece at FDL talking about how capital accumulation by the very rich has been enshrined as the Only Goal of government. He makes a good case, and then he plays out the consequences, which we are seeing in the bankruptcy of the city of Detroit.

For example (one of several; my emphasis and some reparagraphing throughout):

In the same way, states and cities have turned over their prisons to private companies. Again, the goal of these corporations is to maximize profits at any price, including the health and safety of prison inmates. Since I live in Chicago, I am duty bound to mention the outrageous parking meter deal, and the stupid Indiana Toll Road deal.

In each of these situations, we as citizens bought and built things for our mutual benefit.Some rancid government types in thrall to the idea that the market should do everything decided that we shouldn’t own things as a community, and sold them to some private company.

That means that instead of getting things at a reasonable price, paying for them with tax revenues and user fees, and owning important assets and services ourselves, we are getting screwed over by a bunch of rich people and their minions devoted to taking as much of our money as they can for themselves.

Which gets us to Detroit, the point I want to make here.

Detroit was forced to default so the rich could steal their stuff
You read that heading right. The writer Masaccio again:

One big reason governments are selling public assets to the rich is to raise money to pay on government debts. Governments have debts because they borrowed from the rich instead of taxing them. That, of course, is the real scandal. But the rich want you to think it’s your fault so you should pay, or forfeit all that juicy public property.

Detroit is the poster child for the future. The rich and their minions on Wall Street are circling the city, planning to buy up the assets that belong to the community at fire sale prices.

more

http://truth-out.org/opinion/item/18193-the-rape-of-detroit-city-as-forced-to-default-so-rich-could-profit

[liberal N proud]

1. Detroit is a test tube for their much larger goal...

Bankrupt the United States Government.

The profiteering there will make Detroit look like pocket change.

[Scuba]

2. This is exactly what they're doing. Thanks for posting n2doc.

[historylovr]

3. K & R

[Myrina]

4. The Bain Capital management model in action ....

[Dreamer Tatum]

5. Hogwash

Detroit issued bonds just like every other municipality, and people bought them, including funds that invest savings of the little people.