Detroit Turns Bankruptcy Into Challenge of Banks - NYTimes.com

Detroit Turns Bankruptcy Into Challenge of Banks - NYTimes.com



The Swaps that Detroit refuses to pay back were based most likely on Detroit hedging inflation, when the banksters knew Greenspan and Bernanke had their backs because they could manipulate low interest rates by the massive amounts of swaps that existed.



This is like the banks being able to manipulate the price of houses when they offer so much credit by easy money that house prices soar.



The banks took the low and floating rate side of the bet and Detroit took the high fixed rate. When rates continued to go down, the banksters made a killing.



It was rigged, and the banksters should have to eat crow. 

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