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Puerto Rico Says It Cannot Pay Its Debt Setting Off Potential Crisis In The U.S.


Business  (tags: Puerto Rico, markets, bonds, financial crisis, higher borrowing, USA )

Sheryl
- 1363 days ago - washingtonpost.com
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 govts across the USA.



   

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Comments

David C (80)
Monday June 29, 2015, 7:17 am
thanks, just heard this an hour ago on NPR........

I do hope for a world where those with a lot can learn to share better with those who don't......so that all are better..........


by the way, for the conservatives in the US I believe this would fit not as socialist or communist doctrine, but as Christian policy............see 2 Corinthians chapter 8 v 15.
 

Ben O (135)
Monday June 29, 2015, 7:18 am
Maybe not in place, but I share this useless info anyway;
I've been twice to San Juan, Puerto Rico... : ~ )
 

Animae C (507)
Monday June 29, 2015, 7:29 am

Thanx Dandelion
 

Past Member (0)
Monday June 29, 2015, 8:18 am
Just heard of this early this morning---not good at all especially given it isn't exactly swimming in few resources+has always been poor. thx Dandelion
 

Past Member (0)
Monday June 29, 2015, 8:40 am
Also heard about this.
Not good.
Thank you Dandelion
 

Sheryl G (359)
Tuesday June 30, 2015, 4:43 am
I see we have a lot of on top of it C2 members......

In any case there were economist that were predicting such things because our so called "leaders" never fixed it from the last economic meltdown. All they did was bail out the criminals who made the economic mess and added austerity onto those who didn't create the mess to begin with. Basically placing the burden onto the poor and the least able to absorb it while the wealthy, through Wall St. and the banksters and such got more magical money printed for them to go do it all over again.

We got a weak Dodd-Frank bill passed that the Banksters have been wanting to chip away at, it is nothing like the Glass-Steagall Bill which we need back. Nothing was done to punish the criminals, heck they got bonuses from the poor and middle classes wallets. So with nothing to prevent them from gambling with our monies and doing their same dastardly deeds, or fix the system, it just went on business as usual. As no accountability or responsibility for their actions was demanded, in fact they are doing better now than ever before, why should they change, it works - for them. Not so for the poor States, the poor communities, the poor people, we are all being drained of every last drop.
 

Justin Vale (13)
Tuesday June 30, 2015, 8:25 am
D. check out the pensions doled out by the puerto rican government. everybody has a pension but very little money was put into the pension fund. this is going to become gordian knot. how can a country as small as P.R. have so many pensioners? how can they assume uncle sam will pay for that.---------------check this D. google houses for rent in puerto rico. google house for sale there too. and get a load of the prices. i was renting out a two story, two bathroom, wrap around balcony, solar hot water, and i built a little power plant by using a small river that passes thru my land. and i was renting it for 500. but they left for a better deal. what? it's been a few years now, like three or four that i have not been able to find a tenant. it's in the barrion, fondo del saco in patillas, p.r. , paradise. but i can't rent it. gogle real estate there and you will see how much that island has slipped.
 

Sheryl G (359)
Tuesday June 30, 2015, 10:18 am
Sounds wonderful for the price. I did google, seems there are extremes in renting, saw prices that only the well to do could afford and the prices around what you mention. Seems to be little in between. You know more than I on pensions and PR. Is it because people retire there or not enough people in PR working all on pensions. I am not sure what you are driving at.
 

Angelika R (143)
Tuesday June 30, 2015, 11:01 am
I see you got your own Greek crisis... hm, sounds troubling, perhaps Sr Padilla ought to have a tèta a tète with Mr Varoufakis, he could learn from him.
I wish him luck, and a long breath, no question!
Thx Sheryl.
 

Birgit W (160)
Tuesday June 30, 2015, 1:28 pm
It reminds me about Greek. Thanks for sharing Dandelion.
 

Janet B (0)
Tuesday June 30, 2015, 2:32 pm
Thanks
 

(0)
Tuesday June 30, 2015, 2:45 pm
Greece is in a mess. Just hope there is not a global meltdown of the world’s financial markets or we all will be in long lines at the food pantry line! However, a global meltdown is forecast in world’s prophecies of various cultures towards the beginning of sorrows.
 

Sheryl G (359)
Tuesday June 30, 2015, 3:00 pm
This is true about prophecy and it's also true that some economists had warned us this was going to take place.

Is a shame that so many have to suffer needless as none of this had to happen, all man created poverty and poor decisions.
 

Ken O (55)
Tuesday June 30, 2015, 3:30 pm
Uh oh.... Looks like a very serious domino effect in the offing.
 

Justin Vale (13)
Tuesday June 30, 2015, 7:04 pm
what i am driving at D. is that i am set if this continues. the worse puerto rico becomes the richer i'll be there. i've got 22 acres of paradise and i'm trying to buy a small mountain that's about 600 acres. well, a big hill. and i'm setting up more small power plants. i'll be able to hire workers cheaply. the more puerto rico slips the more bums like me can buy up property. i'm set. i hope.
 

Sheryl G (359)
Tuesday June 30, 2015, 7:33 pm
Lucky for you, sucks for a lot of people. Seems like a typical capitalist approach, most lose a few win. I'm tired of the imbalance.
 

Joanne Dixon (37)
Wednesday July 1, 2015, 12:33 pm
Way past time for a Biblical Jubilee. Nationally and internationally.
 

Maryann S (112)
Wednesday July 1, 2015, 4:57 pm
Thanks, Dandelion.
 

Past Member (0)
Wednesday July 1, 2015, 11:15 pm
Might it be a created, domino-effect issue---worldwide, to escalate the process of the 1-2% in power, being able to grab properties & other assets at a very cheap price? Might it be helpful to big business as well---able to hire the struggling at a cheaper wage---and might it be a catalyst for even more refugees to come to countries like the US, seeking any work for any price? Might it increase pestilence and death, thus diminishing the population of the poor, disabled and elderly---leaving more of Earth's rapidly vanishing resources for the elite only---to buy them more time? Just a granny's first thoughts. Noted with thanks Dandelion.
 

Colleen L (3)
Wednesday July 1, 2015, 11:54 pm
Sad what's going on. Thanks Dandelion
 

Catrin Schuetz-Kroehler (48)
Thursday July 2, 2015, 1:20 am
This will send ripples all over the US economy.
 

Arild Gone for now (174)
Thursday July 2, 2015, 4:38 am
"Breaking News:

Puerto Rico paid all the $1.9B in debts due today
 

Darlene W (289)
Thursday July 2, 2015, 6:47 am
Thank you Dandelion--sad for so many that suffer at the expense of those running things.
 

Sheryl G (359)
Thursday July 2, 2015, 1:54 pm
The link you left Arild didn't go to the story but I found a story. I guess they bought themselves some time and are going to figure something out better. I know one of the things they did was raise taxes. The article I saw also said
Puerto Rico has temporarily avoided catastrophe, but uncertainty reigns for the island's creditors, including bond funds, an expert said.

Well dodged a bullet this time.
 

Patrick Donovan (344)
Thursday July 2, 2015, 3:50 pm
There is lot of history to this problem (30 to 40 years ago or more) and, unsurprisingly, it goes back to big pharma & investment bankers looking for tax breaks. They got their tax breaks but the people of PR did not get their expected tax revenue. One more bait and switch by the rich on the poor.
 

Sheryl G (359)
Friday July 3, 2015, 12:26 pm
You got it Patrick.
 

Freya H (345)
Friday July 3, 2015, 4:47 pm
Let us hope that this blows over. Still, a storm is coming--
 

BackSoon Fowler (33)
Tuesday July 7, 2015, 2:57 am
Thanks Dandelion for your insightful philosophizing!

It seems like the world over has money issues, those who have it don't really want to share, and continue to take away from those who are barely hanging on, poverty is sweeping into most countries, children are not getting the food, education, health care and a healthy living environment. The rich get tax cuts, and the poor get the welfare cuts.

Our planets resources are being pillaged, and our planet is being crippled. We fight everyday for the sake of our planet and the people, and creatures that live on it. Time will tell, what is to come.
 

Leanne B (46)
Monday July 27, 2015, 12:12 pm
Thanks Dandelion.
 

Gina Caracci (219)
Tuesday August 4, 2015, 6:01 pm
*sigh*
 

Darren Woolsey (218)
Saturday December 26, 2015, 12:17 pm
I just love the egocentric selfish view of the world, that some people have. . . . arrogance.
 
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