Last month, Michigan appointed an emergency manager to take over the finances of Detroit and resurrect the city from its slumber.
Something most of us did not predict or even know was feasible is the possibility that an American city can go bankrupt. The governor of Michigan announced the appointment of Kevin Orr, an emergency manager for the once prosperous city of Detroit. Municipal bankruptcies are rare.
In 1415, amid the turmoil of the Great Western Schism and a decade into his tenure, Pope Gregory XII resigned.