Detroit, Belle Isle and the Libertarians!
Some years ago I suggested that Greece should try to solve its problems by selling some of its islands ( If Greece wants my money then I want their islands !). The idea was picked up some German parliamentarians but otherwise (not surprisingly) sank rather quickly. Now, in another part of the world of debtors facing ruin, a similar island-idea has been launched. The trouble spot I am referring to this time is the city of Detroit. This old gem at the border between USA and Canada, once called Motown (after its huge motor industry) by cognoscenti and Rock City by the rock group Kiss filed for bankruptcy some weeks ago. This was the largest bankruptcy of a US municipality ever. What is the promising idea I am talking about? Well, a group of billionaires, with Rodney Lockwood at the lead, is proposing Detroit to sell off Detroit's downtown island ”Belle Isle” to them. In return, they would promise to turn the island into a private city-state! This private bastion of free market capita...