Demand a Halt to the Payment of Debt-Service to the Banks! Build United Mass Actions to Render Emergency Management Ungovernable!
Attend the Moratorium NOW! Coalition Meeting Every Monday at 7:00pm
Location: 5920 Second Ave. at Antoinette near Wayne State University
Contact: 313-680-5508 or 671-3715
Gov. Rick Snyder’s announcement on March 1 that the City of Detroit is facing a financial emergency said nothing about the economic and political forces which are behind this economic crisis. Although Snyder mentioned that the alleged $14 billion that Detroit supposedly owes in debt and other obligations was unsustainable, he never mentioned that the residents of the city and the government have been strangled by predatory lending through subprime mortgages and municipal loan fraud.
Snyder along with the corporate media is blaming the people of Detroit for their current plight, yet the situation in existence in the city is a direct result of racist and exploitative practices of the financial institutions and the corporations. Over the last decade more than 237,000 people were forced out of the city due to home foreclosures, utility shut-offs and the loss of jobs.
This decline in population has taken hundreds of millions in tax revenue out of the city. It has devastated the school system and contributed to the flight of small businesses and social organizations.
Piled on top of this massive loss of employment and fraudulent mortgage lending, the city government was forced into Credit Default Swaps (CDS) and other questionable municipal loans which have rendered the people to indebtedness that can never be paid off. In addition, the bond rating agencies such as Moody’s, Standard & Poor and Fitch have continued to lower the creditworthiness of the city and therefore driving up interest and penalties where the banks can now claim all tax revenues that should be utilized to pay for municipal services and education.
The imposition of the so-called Financial Stability Agreement (FSA) by the Snyder administration last April 4 was an illegal act designed to set the stage for emergency management. Less than one year after five members of the City Council and the Mayor’s office acquiesced to this form of extortion, Snyder and State Treasurer Dillon are back again saying that what they demanded in April was not adequate.
All of these demands by Snyder, who is working on behalf of the banks and corporations, should be categorically rejected by the people of Detroit and the state of Michigan. It is time for us to mobilize and organize to render their plans for the city null and void.
The Moratorium NOW! Coalition to Stop Foreclosures, Evictions and Utility Shut-offs is calling for united mass action to demand an immediate halt to all debt-service payments to the banks which would immediately provide enough revenue to operate the city. The banks must then be held accountable for their robbery and consequent destruction of Detroit.
Our organization has filed a Freedom of Information Act (FOIA) lawsuit demanding the release of all the documents related to the fraudulent loans and bond issues that placed the city in financial enslavement. We want to open up these files to expose to the residents of Detroit and the nation the crimes that have been perpetuated against city’s population and institutions.
We are saying in this immediate period that we need:
–Mass demonstrations, rallies, press conferences to protest and denounce the actions of Snyder and his collaborators;
–To expose the criminal nature of the banks and the corporations who are at the root of the financial crisis in Detroit and throughout the state of Michigan;
–We must also link the struggle in Detroit with the plight of other cities throughout Michigan including Benton Harbor, Flint, Highland Park, Inkster, Ecorse, Muskegon and others who are also being negatively impacted;
–The economic crisis is not just limited to Detroit, dozens of cities in California, Pennsylvania, Alabama, Rhode Island and other states are facing a similar crisis;
–The current “Sequester” in the U.S. Congress is not about the budget deficit but is designed to obscure the depth of the economic crisis inside the country where the banks and corporations are demanding that the government impose austerity on the working class and peoples of color;
–The emergency management law in Michigan deprives the right of almost half of the state’s African American population to choose its own political leadership; it is a new form of apartheid and Jim Crow and should be exposed and condemned and such.
–It will only be the mass actions of the people that can reverse the current situation; therefore we are reaching out to all concerned groups and individuals to join this struggle against fascism and re-enslavement.