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What are the odds?

Twice now, U.S. Bankruptcy Court Judge Stephen Rhodes has rejected proposed settlements that would enable the city of Detroit to extricate itself from terribly costly obligations known as “interest rate swaps.” These swaps were essentially a huge gamble, with the city betting that interest rates would rise over time when it borrowed more than $1.4 billion back in 2005-06 to shore up its two pension funds. I ...

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Naming the enemy

A spectre is haunting the American people — the spectre of destruction by capitalism. In its limitless quest for profits, capitalism has defiled our human relationships by turning them into money relationships. It has transformed work from a precious human activity into jobs, which are done only for a paycheck and which have become increasingly meaningless and increasingly scarce as the profits from our lab ...

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Plans of adjustment

Plans to adjust Detroit are underway. Soon, the confidential bankruptcy plan, forged behind closed doors, will be made public. The adjustments to move through bankruptcy sought by Emergency Manager Kevyn Orr should be carefully studied. Orr has repeatedly shown he does not value the people of the city. He would rather protect the profits of the banks. Now, we are depending on his belated efforts to hold ban ...

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