Anything other than total state socialism is described as “austerity”, a terrible thing!
Let them sell off their waterfront property to pay off their debt.
‘The fault, dear Puerto Ricans, is not in your stars, but in yourselves.’
Massive debt + that will never be repaid + no way to default = deeper depression
Can I get my Nobel Prize for economics?
The government of Puerto Rico has been running a Ponzi Scheme for years.
A Ponzi Scheme can’t run without willing investors at the start.
They know it’s a Ponzi Scheme, but they also know that the first ones in to a Ponzi Scheme are going to be richly rewarded. They are the Shills.
It’s the last investors in the Ponzi Scheme who get hurt.
Find the early investors (politicians) and confiscate everything they have.
They’re only hope and one they are pursuing is statehood which would make (they think) economic benefits available. GOOD LUCK WITH THAT...
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Stiglitz said the 10-year fiscal plan approved last month by a federal control board created by U.S. Congress is based on the wrong principles and erroneously puts creditors first. […]
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Why, we all know the banks the social parasites (but I repeat myself) of welfare should be at the head of the line.
I mean, look how well that worked out for GM and the 2008 fiasco...Wait /s
Were we to expect them to get better? They haven’t done anything yet, have they?