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The Pain of Puerto Ricans: A Profit Source for Creditors


#1

The Pain of Puerto Ricans: A Profit Source for Creditors

Lara Merling

Puerto Rico was already in trouble after suffering a “lost decade” without economic growth after 2005, leading to a default on its public debt and mass migration from the island. That was before it got hit with one of the most powerful storms in history, Hurricane Maria, on September 20, 2017, followed by criminally inadequate relief and reconstruction funds. Now some of those funds might actually end up with its creditors, compounding the outrage that the remaining residents must suffer.


#2

Overall, a really excellent article that shows disaster capitalism ripping the mask from its father: neoliberalism.

However, its conclusion is misdirected:

This is too much. The US Congress and the Federal government cannot continue to destroy what is left of Puerto Rico’s economy, and drive more of the population from the island (over 10 percent have already left over the past decade). The federal authorities must arrange for debt cancellation and sufficient reconstruction ― not austerity ― so that Puerto Rico can survive and return to economic growth.

The neo-con/neo-lib Duopoly that the oligarchs, plutocrats and corporations employ to run the U.S. empire cannot be expected to do anything that runs counter to their employers’ interests.


#3

It should be patently obvious where Government priorities lie and this in turn demonstrates clearly that the USA an Oligarchy.

Scenario

1>There 10000 people either hungry and without shelter and it will cost 10,000,000$$ to provide adequate shelter and food so as to get them back on their feet.

2>There one investor that stands to lose his 10,000,000$$ million dollar investment.

There only 10 million dollars available and the Government decides that 1 investor is the priority.


#4

Meanwhile, as our fellow citizens in Puerto Rico suffer, The Wall Street Journal has named Puerto Rican bonds the investment of the year. Bond prices ticked up after news of the projected surplus reached creditors, some of whom were vulture funds who bought the bonds at a steep discount, hoping to cash in at full value.

This is why I believe there has to be a hell in a universe with ideas of justice. For these low-lifes to do this and get away with it, never being punished, either here or in the next life, would be reprehensible.