Greece. Spain. Italy. We’ve all read about how the creditors have come down on these countries like a ton of bricks. We’ve seen how Greece and Italy have voluntarily handed over their powers of representative government to please outside economic elites. We’ve seen how Spain voluntarily elected a conservative government to please outside economic elites (with the disgusting complicity of naively anti-political protesters).
And now we can add to Greece, Spain and Italy another jurisdiction which has given up on having its own policies in order to please outside economic elites. Detroit.
The punishing of Detroit politicians for allegedly profligate spending makes the same kind of sense as punishing the Greeks, Spaniards and Italians – which is to say, none at all. One look at Detroit will suffice to demonstrate how little “living large” is being done there. We all know what this really is – people who live past Eight Mile Road want to heap all the responsibility for the financial crisis on those poor schlumps in Detroit, for no reason except the obvious one – because they can.
Keep an eye on this one – I imagine it won’t be long before things get out of control in Detroit, the way they have been in Greece, Spain and Italy.