Detroit is being watched for clues on how a heavily indebted municipality can regain its financial footing, as it files for Chapter 9 bankruptcy

Isn’t this going to be the first of many cities and perhaps countries which have ignored for decades the increasing ‘never never’ burden of pension and health costs, often given in return for political support from Unions (partic in USA). There are plenty of cities/countries in Europe who should take this as a lesson in what’s coming their way eg France (bloated Automotive, protected and powerful Unions, high taxes – socialism a la Detroit).