We are quite used to hearing of the awful financial straits that exist in European countries such as Greece and Spain but capitalism's crisis is world wide and it even affects the USA. "Stockton filed for Chapter 9 protection on Thursday, making it the largest American city by population ever to declare bankruptcy. The filing comes after officials were unable to reach a deal with the city's creditors to restructure hundreds of millions of dollars of debt under a state law designed to help municipalities avoid bankruptcy. Stockton, a river port of 290,000, is the first California city to file for bankruptcy since Vallejo, which did so in 2008." (New York Times, 28 June) Capitalism is a world wide system when it enters recession it effects even formerly prosperous California. RD
The Glasgow & Edinburgh Branches Blog. Towards a better understanding of the world, in order to change it.
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