Economic Strategist Offers $18.5 Billion for Detroit and Plan to Make it a Top 10 Global City
Posted in : Opinion:
- On : Jul 24, 2013
For immediate release.
(Boston) Economic advisor Bruce Fenton, President and founder of investment company Atlantic Financial Inc. is offering to arrange financing for the full $18.5 billion in debt that Detroit faces.
Detroit was once one of the leading business and manufacturing centers on earth and recently has been plagued by an exodus of people and failed economy. The city now has over 78,000 vacant buildings and cannot afford to keep on its street lights. Police enforcement has stopped in certain areas due to budget constraints.
“We know full well, the politicians will be unable to accept this offer. Detroit’s woes are caused in large part due to a system of rules, laws and taxation followed by more rules, laws and taxation. This experiment failed miserably and has destroyed a once great city and cost many jobs. Freedom and free markets can reverse this and make Detroit one of the greatest cities on earth in five years. We can make Detroit an American version of Dubai, an amazing success story all of America can be proud of.” said Fenton, who has focused on free markets and emerging economies such as the Middle East for 20 years.
“Right now we have not only Dubai but we’ve seen the miracles of growth in Singapore, we see opportunity in India, stunning construction and business growth in China, six new cities in Saudi Arabia, new wealth creation in Russia. All over the earth when I travel, the skyline is covered with construction cranes. Why not in America? It’s because we’ve forgotten the ideals of freedom and opportunity which once made us and Detroit great. We can very simply reverse this and make change by doing what once made us successful and doing what is working now globally.” said Fenton.
Fenton is confident he can raise the $18.5 billion provided a few conditions are met:
1). Ability to close Detroit off from the rest of America. In order to grow and make Detroit a success story the plan would call for outside investment and would create an economic free zone. This means having the city exempt from normal US import / export and visa, immigration regulations restrictions and limits on foreign investment and ownership. American citizens would be free to come and go easily and visitors would be unable to leave the city limits without following standard US immigration procedure.
2). Within the city limits, the financiers would have the ability to scrap existing local laws and receive exemptions from state and Federal laws and start from scratch, using the Constitution as the only required law as a base.
3). In exchange for the debt, financiers would get ownership of city owned properties and the same tax and fee rights the city has now.
Fenton says Detroit can be turned into one of the greatest cities on earth in five years. “We could give freedom and free markets a chance. If the project fails the taxpayers still get the $18.5 billion and statist critics can forever have an example to show that free markets don’t work. If it works we save a city, provide jobs and learn something.” said Fenton. “I know that this is extremely unlikely to be accepted. I want to make the offer so that those who love freedom more than big government will have the opportunity to avoid corporatism and perks and gain more than $18.5 billion and a plan for success. The old system has not worked. The people can say yes and change the world for the better starting by making Detroit a top ten global city.”