Detroit Obliterates Retirement Funds: 80% Cuts to Pensioners: “This Is Going to Affect Everyone”

Mac Slavo shtfplan.com Though a decade ago civil servants and union members would never have believed it could happen, the stark reality of the situation came to pass this morning. Image: Detroit (Wikimedia Commons). We now know the answer to the question: What happens when a government makes promises it can’t keep and borrows so much money it can never be repaid? This morning a judge overseeing the City of Detroit’s fiscal sustainability ruled that the City can be afforded bankruptcy protection, meaning that all 100,000 of its creditors now stand to lose a significant portion of monies owed to them. The most notable victims are the tens of thousands of retirees living off of pensions – many of whom will see an 80% obliteration of the retirement funds they believed they’d receive until they died. to read more click here: shtfplan.com