• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Detroit's Demise In One Chart

Tyler Durden's picture


Presented with little comment aside to note that no matter how much free money is mis-allocated to a problem, the can-kicking eventually runs out of road and reality bites.



Via @EconomistNiraj - Detroit became the largest U.S. city to file for bankruptcy, with debts of about $18 billion.  

The population, which peaked at 1.85 million in 1950, has declined to about 700,000, according to U.S. Census data.

Manufacturing jobs have fallen from about 296,000 in 1950 to fewer than 27,000 in 2011.

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