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Robocop's City files for Bankruptcy

I have heard of banks and companies going into Bankruptcy, but a whole city?

http://t.nbcnews.com/business/detroit-becomes-largest-us-city-file-bankruptcy-6C10678946

Detroit is filing for Bankruptcy with debts of $18 Billion. Crazy stuff.
Robocop

The only sci-fi film that didn't need pre-constructed sets for scenes of future social and economic decay.

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