Detroit Files for Bankruptcy

Eventually bad economic decisions catch up with everybody. Detroit, after suffering decades of bad economic decisions, has taken its place as the largest city in the United States to file for bankruptcy:

Detroit has become the largest US city ever to file for bankruptcy, with debts of at least $18bn (£12bn).

The city, once a symbol of US industrial power, is seeking protection from creditors who include public-sector workers and their pension funds.

Unions described the bankruptcy filing as a power grab.

Detroit has faced decades of problems linked to declining industry. Public services are nearing collapse and about 70,000 properties lie abandoned.

Governments can only survive off of stolen money and Detroit has had less and less of a base of tax victims since the collapse of its automotive industry. As people fled the city or fell so far into poverty that they no longer had anything to take the state found itself with less and less plunder.

Now we just have to wait for Omni Consumer Products to buy the city up.