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Found this buried in lamestream media

Discussion in 'Financial Cents' started by NotSoSneaky, Jun 29, 2015.

  1. NotSoSneaky

    NotSoSneaky former supporter

    "The governor of Puerto Rico has decided that the island cannot pay back more than $70 billion in debt, setting up an unprecedented financial crisis that could rock the municipal bond market and lead to higher borrowing costs for governments across the United States.

    Puerto Rico’s move could roil financial markets already dealing with the turmoil of the renewed debt crisis in Greece. It also raises questions about the once-staid municipal bond market, which states and cities count on to pay upfront costs for public improvements such as roads, parks and hospitals."


    Greece is teetering on the edge and everybody's talking about the rest of Europe.
    Looks to me like we might actually be next. [OO]
  2. sarawolf

    sarawolf Monkey++

    To many went with spend, spend , spend and we will see if we can pay the bills later. Idjits!
  3. Motomom34

    Motomom34 Moderator Moderator Site Supporter++

    :rolleyes: I don't even know how to respond to that.
  4. ghrit

    ghrit Ambulatory anachronism Administrator Founding Member

    With all due respect, it takes no math to see that if income is less than outgo, the precipice approaches. Math is useful when it comes time to quantify the height of the cliff.
  5. VHestin

    VHestin Farm Chick

    This is one advantage to being 'poor'. Depressions/recessions, nothing new to me. It's all about prioritizing and resourcefulness/ingenuity.
    Legion489, Ganado, BTPost and 3 others like this.
  6. Motomom34

    Motomom34 Moderator Moderator Site Supporter++

    It is typical politician BS. It is not assuming responsibility. I would have respect for the guy if he came out and said, we screwed up, we drove this country to the edge. But no instead it is a math issue not a we are irresponsible and unable to make the tough cuts.
  7. kellory

    kellory An unemployed Jester, is nobody's fool. Banned

    Math tells you where the bullet will land
    Sorry, moto, but that is not quite what he said, or implied.
    “This is not about politics,” said Puerto Rico’s governor, Alejandro Garcia Padilla. “It’s about math.”
    He is saying, we are not playing games here, but the math doesn't lie. The numbers are going downhill, and gathering speed, and he can't stop the slide as things are. He is asking for the slope to level out to get the slide under control. (He is not entitled to it, but that is what he is asking of creditors).
    He believes everyone should help stop the slide, passengers and crew. but he said “sacrifices should be shared,” adding that he welcomed “creditors who want to cooperate.”
    He is asking the passengers to hop off the bus, and help stop the roll.
  8. Ganado

    Ganado Monkey+++

    and then the derivative trading kicks in.... so back to preps
    pearlselby likes this.
  9. Brokor

    Brokor Live Free or Cry Moderator Site Supporter+++ Founding Member

    Here's some pertinent history of Puerto Rico:

    As for the debt, it's not by accident and certainly wasn't solely due to poor economic management, either. The devil is in the details. The fact remains, Puerto Rico is a US Territory, and per the Constitution, the Congress can do with it as it likes (and it has). The people of Puerto Rico fall into a different category of citizenry, and they cannot vote in U.S. elections. It's no wonder why the privately owned IRS is based here, too. In order to learn the trick behind Admiralty Law and "Citizen" labeling, one should look at the deceit behind incorporating the War Powers. It is true that those of us born within the continental U.S. are "citizens of the state of '_X_'", but those born in Puerto Rico are "Citizens", and this label has also been assigned to the rest of us, for taxation and regulation under the declared emergency.


    I told you the devil was in the details. Here's the punchline:

    Puerto Rico, investors look to ex-IMF officials for help -WSJ| Reuters

    Legion489 and NotSoSneaky like this.
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