Puerto Rico’s Governor Says Island’s Debts Are ‘Not Payable’

NYTimes ^ | 6-28-2015 | MICHAEL CORKERY and MARY WILLIAMS WALSH

[blueunicorn6]

High-Speed Rail.

There’s the answer. If it’s good for California, then it’s good for Puerto Rico.

[RetiredTexasVet]

Hey, it worked really well for Argentina, Greece and Venezuela, etc. ... what could possibly go wrong with replacing old debt that couldn’t be repaid with new debt that won’t be repaid?

[The Antiyuppie]

The _only_ way that the debt would become manageable is through spectacular inflation/devaluation. Or, “something else”. As an example, I believe that I have some unused 200 billion mark stamps from 1920’s Germany, that a kindly older neighbor stamp collector gave me when when I was a boy. I remember thinking back then in the 60’s, I could have probably bought a fairly good chunk of West Germany with that kind of money...had it been any good.

[kabar]

Puerto Ricans are U.S. Citizens.

[PressurePoint]

Let me put on my liberal thinking cap and brainstorm. How about these ideas:

• Nationalize all private property worth more than $1M. Then sell it to the highest bidder. Repeat.
• Open the island to immigration from all countries. Immigration always brings prosperity even if you already have high unemployment.
• Price controls. I have no idea what that would do. But every tinhorn socialist in Latin American has tried it, so it must be good for something.
• Increase unemployment benefits ten-fold. Per Pelosi, that will stimulate the economy. Then raise taxes on unemployment benefits.

[rikkir]

The good news is property is cheap. Wait for the economy to collapse, go down and buy a nice place on the beach.
Harder for Obozo’s stormtroopers to get to you down there.

[kearnyirish2]

It has run out; nothing gets fixed, and the urban welfare hives start laying off cops & teachers...

They want casinos in Newark NJ now so they can move up to the status of Atlantic City (which is a dump).

[kearnyirish2]

We’ve lost a lot of bank jobs to southern states, and recently lost the Mercedes headquarters to Atlanta. None of those lost jobs are being replaced; I’m sure most of them are resulting in foreclosures in some very pricey areas...

There are “For Sale” signs everywhere here; rural Sussex County (bordering NY and PA in the northwest) had been a haven for those seeking relief from the crushing taxes now is bleeding population as well.

[BobL]

“uh, no. they are US citizens already”

You won’t think that if you go to New York City.