Home | About | Donate

"Colonial Control Board" Poised to Have Hands on Puerto Rico's Finances


#1

"Colonial Control Board" Poised to Have Hands on Puerto Rico's Finances

Andrea Germanos, staff writer

Puerto Rico's finances are poised to be controlled by what critics dub "a colonial control board" after the U.S. Senate on Wednesday advanced the so-called PROMESA legislation.

The motion for cloture passed 68-32, which "makes final passage of the legislation a virtual certainty," The Hill reports.


#4

On its face, the amount of this debt is laughable!

Did you read the figure: 72 Billion dollars!

The population of Puerto Rico is 3.5 million people. Not 35 million, but 3 and 1/2 million.
Does it make sense to anyone that a small nation racks up this monster debt?

Yes, it reminds me of tiny Ireland, pop. 4 million, racking up its debt of 80 Billion euros.

She's got diamonds on the soles of her shoes? Isn't that how the Paul Simon song goes?


#5

Population USA around 300,000,000.

National debt 19 trillion. That around 60000 per capita.

Puerto Rico is around 20000 per capita. Now when compared to other States in the USA Puerto Rico has by far the highest debt Per Capita , but part of that is their hands tied because they are not State. The debt of Puerto Rico includes everything from Public Utility debt to that of Counties, Cities and the like wherein measured State debt excludes these amounts. If the same debt is included for US states it comes much closer to Puerto Rico levels.


#6

Thank you, Suspira; your answer is appreciated. Months ago a Commenter explained Ireland's exorbitant debt figure to me, yet I can't help but scoff at these debt amounts!

As with the debt of Ireland, matching Puerto Rico in population and debt amount, it appears to me to be insanely, artificially high/ exorbitant, and it begs the calculated step to, "Why, these profligate people need a 'Colonial Control Board' to get their finances under control."

How so few people rack up these debt amounts, then be placed under "Control Boards," is the story about control, and who owns whom.


#7

I wonder if the press is going to talk now about the Dictatorship in the Caribbean, because this colonial control board is just that. Seven unelected people appointed by the US congress (which puerto ricans do not vote for) have now more power than the elected government of Puerto Rico. I am tired of the mainstream media talking about the ''dictatorship'' in Venezuela, let's talk about the REAL dictatorship that is going on in Puerto Rico.