Progressive Gazette
April 29, 2014
Today, the city’s fiscal woes are exactly equal to the interest payments owed to financiers. Consider the following findings of a January 2013 audit, reported by Crain’s Detroit:
Read the report at http://bit.ly/QS4BDX
We find that:
1) The city’s deficit is growing by $700k/yr
This is money owed to the school district, county, municipal employees, subcontractors, etc.
2) Meanwhile, The City Owes exactly $700k/yr
in Debt Service (interest payments) to pay for $14m in upgrades to its water treatment plant made in 2011
Read that again!
The so-called financial mismanagement of Benton Harbor is an exact measure of the burden of usury.
Benton Harbor’s 10,000+ black residents committed the crime of investing in clean drinking water. Now Wall Street wants its pound of flesh – by cutting public employee jobs and benefits, by privatizing public schools, and by giving away land, public property and tax abatements to corporations.
This is the very essence of fascism – Wall Street created the disaster, now it has instituted dictatorial rule, forced Benton Harbor into usury, and is asset-stripping the rightful owners (the public) of their property!
The United Front Against Austerity supports Rev. Edward Pinkney, and demands long-term, interest-free debt refinancing by the U.S. Federal Reserve.
The Fed bailed out Wall Street speculators in their hour of need. Now it’s time they bail out the American people!
Benton Harbor must demand a moratorium (freeze) on its debts until the Federal Reserve agrees to refinance its municipal debts at 0% interest, and a decades-long maturity.
To understand how to make this work, read more about nationalizing the Fed at: http://againstausterity.org/fed
