[publius911]

Can you say in terms of what? Will this be the ‘crisis’ that will enable the Treasury to confiscate everyone’s retirement $$, or do you mean we can kiss 80% of the value good-bye?

The complete article at the link explains the problem in detail; Many retirement accounts are heavily into Bonds, traditionally the safest investment.
If Detroit succeeds in defaulting on all its bonds, they wont be worth squat. Both present and future.
Nationwide.

[Fee]

Looks like Wall Street is beating the drums of national collapse unless gov bails the cities (bondholders) out with taxpayers money again??!!!!! If anyone has been buying Detroit bonds they deserve to face default.

[MichaelCorleone]

Thanks for responding. I unfortunately could not access the link as I am not on my usual pc (just so you don’t get the impression I was simply being lazy)