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Kenny posted an update 8 years, 11 months ago
This has been a public embarrassment to all the folks living here and I have mixed thoughts about this. On the one hand we lost 250,000 jobs to Mr. Global, that don’t seem much but for an island of 3 million people it was huge. On the other hand the Government didn’t adjust to this new reality and started getting in debt. Many of the loans that were taken are simply impossible to pay, we are talking 700 % interests rates.
This changes everything because now we are being paraded as fiscally irresponsible. The Governor wanted to renegotiate the debt without filing for bankruptcy but it was impossible. The Government is going to courts with Wall Street and I think we got no chance. This is major leagues they will have to deal with the top lawyers on the planet.
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I do not know how to put this but to say it plainly: Puerto Rico should declare its independence and tell Wall Street and Washington to get stuffed.
Highly unlikely this has been a US, territory for 118 years. Families and cultural bonds have been formed. Independence by the vote from folks here not happening. But to be honest what could happen is that after the public assets get sold for the repayment of the debt, maybe the Deep State in Washington decides to give PR the boot.
Political Status aside we are living a complex situation for both government and bond holders. They can put this neo-liberal, neo-con package in place, raise taxes but that would initiate what they call in economy a death-spiral. Already happening if you read this article, we are loosing a lot of people.
I am taking the time to write about this, specially for folks in the States. This debacle can happen in any other state. In fact it will, if things continue to opperate business as usual in Washington. We can’t simply figure out a way to create the jobs that were lost and compete with Chinese and Asian markets.
https://www.forbes.com/sites/timworstall/2017/05/04/creditors-of-puerto-rico-have-a-problem-the-population-can-go-and-leave-the-debts-behind/#634041285e5e
Well said. Mine is a view from France, and I have never understood the relationship between Puerto Rico and the States. I thank you for writing about this difficult time for the people of Puerto Rico.
Don’t worry sometimes I don’t even understanded myself hehe. I got some French family members. My uncle is French Blondet is his last name. This is an Island basically that by accident of nature of its location had some commercial and strategic value.
We got our French heritage also thrown in the mix. https://en.wikipedia.org/wiki/French_immigration_to_Puerto_Rico