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Puerto Rico—like Greece—Will Default on its Debts, as the U.S. has Ignored the Island’s Financial Problems for Decades


#1

Puerto Rico—like Greece—Will Default on its Debts, as the U.S. has Ignored the Island’s Financial Problems for Decades

Juan Gonzalez

Obama to Puerto Rico: Drop Dead.

That was the message from the White House this week to 3.5 million U.S. citizens of Puerto Rico — our own version of Greece.

No one is even considering a bailout for Puerto Rico, White House spokesman Josh Earnest said. This was after Puerto Rico Gov. Alejandro García Padilla stunned the financial world by announcing his government will default on $1 billion in debt service payments due Wednesday.

There isn’t enough money to pay that tab, plus another $72 billion owed to bondholders, García Padilla said.


#2

Note John Paulson also has billions invested in Greece.

Now we are told these "billionaire investors" are the brightest of the bright yet Mr Pauslon invested in bonds that could not possibly be repaid and had a high rish of deafult. Why would a "smart person" do such?

It would seem obvious to me that he knows something we do not , that being his "investment" not at risk because he has friends in high places in the Government that will bail HIM out just as they bailed out failing banks in 2008 so as to ensure those investors did not suffer losses.

He will end up owning great chunks of Puerto Rico no doubt and the people there will be allowed to work on his plantations as he sips at a Mint Julep on the patio, served to him by a servant, and rants about the work ethic of the poor.


#3

Yeah, it's an old story. George Washington cheated the revolutionary troops by buying the "worthless" land chits they were paid with. The system was such that the troops had to pay the taxes to get their land, but they were all broke from winning freedom (just like Puerto Ricans and Philippinos after winning independence from Spain).

So good ol' George Washington bought up the land chits and then the law changed and he got the soldiers land.

The US has been a backroom cheater since the beginning.


#4

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