Detroit v US Debt
At the recent LBMA conference a speaker gave this very simple but effective pictorial metaphor of the scary fact that the Detroit debt per head was about half the debt per head of the US before it defaulted. The US is now only 8 days from deciding on whether it will default too. The problem is Detroit couldn’t print money to defer it’s demise like the US can. He went on to say however that the money printing will soon lead to hyperinflation as happened in Weimar Germany in 1920.
Detroit today and Rome today….