>What’s the endgame? Cities default on their Muni bonds? Then what? Giving up pension obligations? First what'll happen is that they cut back on maintenance of

>What’s the endgame? Cities default on their Muni bonds? Then what? Giving up pension obligations? First what'll happen is that they cut back on maintenance of infrastructure like roads. Then the bond defaults will happen, followed by bankruptcy and haircuts to pensions. Detroit is a better example to look at than rural Japan because it actually went through bankruptcy.