A Tale Of Two Cities is a book written by Charles Dickens set before and during the French Revolution. It is a book that ranks in the top of all literary achievements. It depicts the plight of the French peasantry prior to the Revolution and the retribution inflicted upon the aristocracy by the peasants once the Revolution took hold.
To some extent, we saw an extraordinary ‘tale of two cities’ last week in the United States. The first event took place in Detroit when the inevitable bankruptcy of the once great city became a reality. Despite challenges to the filing, it appears that there is no other option. Creditors, retirees and bond holders will be among the many who will be severely impacted.