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Wall Street's Solution to Puerto Rico Debt Crisis? Shutter Schools, Fire Workers


Wall Street's Solution to Puerto Rico Debt Crisis? Shutter Schools, Fire Workers

Sarah Lazare, staff writer

Hedge fund managers and bondholders are pressing the government of Puerto Rico to drive through a series of punishing austerity measures, including dramatic cuts to public education and workers' rights protections, to "solve" the crisis of debt and poverty gripping the Caribbean island.


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Once upon a time government taxed the rich instead of borrowing from them.


This is similar to turning the entire nation into one big debtor’s prison.


At a macro-economic level, austerity is counter-productive. Sometimes, it can work at a household level, but not at the level of a whole US state or commonwealth. Maybe federal government should investigate those running the vulture fund demanding that austerity be imposed on Puerto Rico. It would be a good idea to punish any wrong doing uncovered with prison sentences and such massive fines as to confiscate over 90% of the Puerto Rico bonds held in that vulture fund.


Its awesome to see people that make more money than children who are in need being pushed to the side. The better news is that only the rich will be educated in that country, kinda like how 'Merica is now.


Well you’re in good company, JFK famously said something very similar to what you just wrote, “Those who make peaceful revolution impossible will make violent revolution inevitable…” And he was NOT “promoting violence”!


All we get in the “mainstream” is “Voodoo economics”…


Shutter Schools, Fire Workers, Pay Vultures - That’s textbook Shock Doctrine. We have to find a way to require better behavior. We need to enact better values. The “beggar your neighbor” narrative is going to take us down if we don’t get a handle on it.


Wall Street is a cancer. Look what they did to Greece. They put it in debt that it could not support and they knew it. It was done as a form of conquering it. It was an act of war using a contrived "financial instrument’ and it only works if we fall for it and behave as the children they demand we are. WE must reject rule by divine right to control money.


Wall st. did and still are doing the same here in USA. They always win, if they gamble and lose, gov’t pays them and bills the poor.


I don’t know who Grep Palast is, but I feel there really needs to be a restructuring of that debt including forgiving enough of it for the stupid vulture fund to barely break even if that.


Voodoo economics sounds like witchcraft. Is it? Our too big to fail high finance vultures really need their wings clipped.