70% of Greek mortgages aren’t being paid

The economy in Greece is so bad that Greeks have stopped paying their personal and consumer debts and are raising cash by selling family heirlooms, according to an astonishing article in the Financial Times. Continue reading

The Detroitification of America

A 2010 article that couldn’t be more relevant today:

 

Like a forgotten downtown billboard, Detroit proclaims a warning about the rest of America for any who will stop and look.



If ever an American city was a warning for the nation, it is Detroit. Its crumbling mansions, overgrown boulevards and abandoned factories drive a message home to those who will pay attention. We cannot afford to ignore this once-great city. Why? What killed Detroit is killing America.

Detroit used to be synonymous with wealth and prosperity. It was a city humming with big-finned cars and Motown rhythms. Factories churned out products that ended up on store shelves around the world. Full employment empowered high salaries, flourishing schools and manicured storefronts, with flashy neon lights lining the boulevards. Multiple generations of families shared the same streets and barbecues.

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