Stockton, California, recently became the largest American city in history to declare bankruptcy, having incurred a debt as high as $1 billion. Since 2010, seven U.S. cities, towns, or counties have filed for bankruptcy, while many more teeter on the brink of insolvency. Not since the Great Depression has America witnessed such grand-scale municipal bankruptcies. The Global Debt Crisis looks at this growing crisis and its implications for governance and federalism, both domestically and internationally.