Detroit files for bankruptcy
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07-20-2013, 01:18 PM
Join Date: Aug 2010
Originally Posted by
As long as the US have a printing press (aka the Federal Reserve), there will be no credit rating issues...just massive inflation via the complete devaluation of the currency. Correct me if I'm wrong, but Detroit did not have a printing press.
The funny thing about currency, inflation, devaluation is that they are all man made things. Their only value is abstract. Yet we continue to follow economic models that do not work... Instead of there being a middle class, this economic model allows for the rich and greedy to get richer and the middle class and poor to become poorer.
There is no such thing as exponential growth, aside from the expansion of the universe. In nature on this planet, there are always an ebb and flow.
To put it very simply: The auto industry cannot make billions in profit every year, there are going to be years that they make a little less or the same and the market should be prepared to deal with that. Instead, the market craps the bed. Detroit hit the dirt when Regan sold all their work to Mexico, so investors could have cheaper labour and more profit. Now it has gone from Mexico to China... China is one of the worst metallurgist in the world.
Last edited by DylanSensFan: 07-20-2013 at
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