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Municipalities are Collapsing in Europe – Detroit is not Alone

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The debt crisis is being felt at the state and local levels. This entire structure of promising pensions on the assumption that they can just always raise taxes is destroying society on a grand scale precisely for the same reasons Rome fell – unfunded liabilities caused by promised pensions for state workers. Detroit is not alone. The same crisis is brewing everywhere, including in Germany. The Ruhr Oberhausen is the most indebted city in Germany.