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Detroit Bankruptcy: Stopping Wall Street's Murderous Intent Submitted
by Bruce Marshall Sun, July 21, 2013
Thanks to an honest Judge, Ingham County’s Rosemarie Aquilina, the Detroit Bankruptcy crisis has received a message of truth which the people of Detroit, the State of Michigan and the rest of the country should heed if we are to save Detroit and the States of this Union. Judge Aquilina has ruled that the bankruptcy of Detroit violates the Michigan Constitution. Furthermore Judge Aauilina has stated that President Obama should "Bail Out Detroit". Judge Aquilina’s courageous message is exactly what the people of this nation must demand if we are to free ourselves from enslavement and murder by the blind actuarial forces of Wall Street austerity. In the first instance, the question of the legality of this bankruptcy action should be understood from the intent of the United States Constitution. The simple issue is this: The intent of the U.S. Constitution is that the government uphold the “General Welfare.” What should be plainly obvious, and will be when people start to understand how to use the Constitution, is that this bankruptcy is in no way of help to the general welfare of Detroit, Michigan or the rest of the country. What this bankruptcy and the attendant austerity cuts against the people of the city are really about is to service debts to Wall Street, much of which represent service fees and interest payments, that make private firms rich to speculate another day while people die. This issue needs to be understood by President Obama immediately. The President's duty is to promote the General Welfare, and not turn the nation over to Wall Street loan sharks to loot and beat up. The problem is that we do not have a President in this country. What a real President would do is to immediately demand the Federal Reserve to provide interest free credit to the city of Detroit, where by all essential obligations to pensioners and city services could be met first, while then work to rebuild the city's infrastructure would employ people immediately which would expand the city's tax base and its private economy. This of course must be done in a nationwide effort, which is the very struggle for our nation's survival against the cancer treatment that will kill Detroit and America which is represented by Wall Street's dictating that they get paid first, that Wall Street come before the interests of the people, the general welfare. There are certainly a number of factors that contributed to the de-industrialization of Detroit. What is important is that we solve the current crisis with the power we have now as a nation first. Getting caught into union versus management dichotomies, amongst others will serve to further divide Americans away from the vital course of opposition to the problem at hand: the nation against Wall Street. Of course it will be then important to address such structural problems as free trade, to protect our native industrial potential, where Detroit has a potential to lead a renaissance for the benefit of workers and the inventive entrepenerial spirit that Henry Ford demonstrated can once again flourish. For such a rebuilding to happen the national will must demand that we create the conditions for such things to be nurtured starting with the issuance of sovereign credit to foster the growth of the productive economy, not the speculative one. The nurturing the productive economy, not the speculative one is the issue today. Wall Street zombie banks, with their quadrillions in unpayable derivative contracts, are the deserved target bankruptcy reorganization. This is what the Glass-Steagall standard, recently reintroduced in a bill from Sens. Warren, King, McCain and Cantwell, is really about. Glass-Steagall does not just prevent a future crisis, it forces the current system through a reorganization that exposes its inherent bankruptcy. We must first shred Wall Street’s liens on the American people, then contain their speculation in a zone removed from savings and normal investment activity. Unfortunately since Glass-Steagall was undone in the late 1990s, speculation has spiraled out of control, the system is bankrupt, and now Wall Street is trying to force Main Street to pay. Wall Street is inherently bankrupt. Not just because so many of their contracts are irredemable or fraudulent, but because gambling does not represent legitimate investments that would contribute to improvements of worth to society. Wall Street’s profits float atop vast pools of money that are recycled endlessly in ever greater bets in a Ponzi scheme that the U.S. Government, against its charter, has enabled, while cities like Detroit die. Rather than kill Detroit and its people, we must save Detroit and start to save this nation by demanding that the real bankrupt entities that are destroying the nation be stopped.
- See more at: http://againstausterity.org/article/detroit-bankruptcy-stopping-wall-streets-murderous-intent#sthash.XcVT5brl.dpuf