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If You Want Puerto Rico To Recover, Cancel Its Debt


#1

If You Want Puerto Rico To Recover, Cancel Its Debt

Mark Weisbrot

Once the island has recovered from the hurricane, it needs to wipe away its debt and end its broken political status within the US


#2

The logical first step, that’s certain.
Will our dollar-diseased politicians try to make this happen?
With Don “Pure Evil” at the helm?


#3

Puerto Rico’s debt represents money paid to corrupt bankers and others from the financial criminal class.

That is the exact argument used by the US to deny responsibility for Puerto Rican and Cuban debts to Spain after the US short circuited their freedoms gained from Spain.

One can see similar corruption in Massachusetts and other US states. Scarce budget money is spent by the tens of millions for electronic highway signs messaging bureaucratic inanities. More tens of millions go into highway markers every .2 miles.

Corruption by governments is often buried in unneeded purchases made with public money at a fat cat donor’s business.


#4

So you are implying that Puerto Rico should declare independence and cancel its debt. At the very least it will receive attention from the DoD and the military will have to get the electricity and water up and running so that it can function properly.


#5

One man is at the root of Zimbabwe, Argentina and Puerto Rico.
Paul Singer.
Still no mention of him here.


#6

Sometimes when capitalists make investments, they make bad bets and lose money. That is a cost of doing business. Cancel Puerto Rico’s debt. Let Puerto Rico have a chance to recover. And a few vulture capitalists can eat their losses and they will be fine.


#7

Cancel it’s debt, give them their independence (so they are not dependent on the U. S. for aid), give them a huge chunk of change as a parting gift, and grant them Most-Favored-Nation trade status as a newly independent nation. They will probably be far better off than they are now.