Tag Archives: Bankruptcy

American city Detroit files bankruptcy

Detroit files for bankruptcy protection

City losing residents as tax base shrinks

By The Associated Press

Once the very symbol of American industrial might, Detroit became the biggest U.S. city to file for bankruptcy Thursday, its finances ravaged and its neighbourhoods hollowed out by a long, slow decline in population and auto manufacturing.

The filing, which had been feared for months, put the city on an uncertain course that could mean laying off municipal employees, selling off assets, raising fees and scaling back basic services such as trash collection and snow plowing, which have already been slashed.

“Only one feasible path offers a way out,” Gov. Rick Snyder said in a letter approving the move.

Read more » CBC
http://www.cbc.ca/news/business/story/2013/07/18/detroit-bankruptcy.html

Past present: Why Sufism? By Mubarak Ali

To counter the emergence of fundamentalism in Pakistan, the ruling classes as well as intellectuals are advocating the revival of sufism. However, it is evident that ideas and the system cannot be revived because fundamentalism is a product of a certain time and space and fulfills the needs of that age.

Secondly, the very idea of revivalism indicates intellectual bankruptcy and lethargy of our intellectuals who are either not ready or do not have the capacity to understand the very phenomenon of religious extremism and its advent as a result of social, economic and political changes in society. A number of myths are associated with sufis. One of the arguments being that they converted non-Muslims and are responsible for the spread of Islam through the subcontinent. To portray them as missionaries discredits them as an impartial community. To convert someone means that they initially did not believe in the truthfulness of other religions. If this view is correct, it does not explain how they could create goodwill among people belonging to different religions.

Continue reading Past present: Why Sufism? By Mubarak Ali