What happens when a city goes bankrupt?

What happens when a city goes bankrupt?
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1 Answer

Answer :

answer:The whole world is facing very serious financial issues. Detroit is a symptom. Wall street is a symptom. For too long, we have relied on central economic planning to manage our currency. You cannot stop this problem by creating more debt and providing more money. Doing so accelerates the problem by devaluing the currency, raising prices, and making people poorer and poorer. Detroit is nothing. We’re in for much worse because the United States issues the world reserve currency and our central bank only knows how to print money and keep interest rates at artificial levels. *edit: I guess I didn’t really answer the question. I suppose people start to do what they can to survive if a city goes bankrupt. I’m not certain because I’ve never seen it happen. Hopefully people will band together and help each other rather than turning to civil disobedience and rioting.
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