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The sheriff's department adapted. "We have no patrol units. There is no one on the streets. We respond to only crimes in progress. We don't respond to property crimes," deputy sheriff Ron Fenton told Maclean's. The county once had a "very proactive" detective division in narcotics. Now, there is no detective division. "We are down to one evidence officer..."People are getting property stolen, their houses broken into, and there is no one investigating. We are basically just writing up a report for the insurance company."
The real problem is the municipal debt – the money owed by cities and towns. As Shawn Tully notes in Fortune magazine, these 'municipalities' get about a third of their revenue from the states that they're in. But if the states need to hold onto that money to patch up their own tattered budgets, then the cities and towns won't have enough to pay the interest bills on their own debt.
"The states will secure their own shortfalls, and leave the cities to fend for themselves," says Whitney. Effectively, the cities are the weakest link in the chain. They're the ones that will end up going bust if anyone does. And investors aren't prepared for that, she reckons. "I see a lack of transparency and an abundance of complacency on the part of investors and politicians, just as we saw before the banks imploded."
Scary stuff. And obviously this isn't great news if you live in one of these states. We're all fretting about 'the cuts' looming on the horizon in Britain. But some of these cities will have no public services left by the time they've dealt with their budget problems. Taxes will have to rise, all of which will drag on America's 'recovery'. And the threat of another property bust would just make the whole situation worse.
After the end of the World War, India emerged as the world's fourth largest industrial power and its increased political, economic and military influence paved the way for its independence from the United Kingdom in 1947.[5]