Do not panic. That foul odor wafting through the air today was not the result of an explosion at a hog rendering plant. You did not smell a rat. Well, actually you did – a rat named Paul Ryan. The little Speaker who couldn’t finally got some traction with his first signature legislation in the House. He, under orders from Jacob Lew and the international monied powers, crafted a “bipartisan deal” to bail out..er..restructure Puerto Rico’s $70 Billion debts.
A bipartisan action is generally applauded as it is seen as cooperation between the Bloods and Crips of Congress. What it really means, most of the time, is that a royal screwing is coming.
The Commonwealth of Puerto Rico is an unincorporated U.S. Territory. The people there have been granted near statehood, with a governor, a general assembly and some other criminal offices. The locals have petitioned for full statehood. Oddly, the United Nations considers P.R. a separate and sovereign nation. Whatever one calls the Island, the voters there and their elected clowns are adults. They should act like adults. Make a debt, pay a debt. Or not. Just don’t expect someone else to pick up the tab. Speaker Ryan has other ideas.
I warned about this coming theft several weeks ago:
Puerto Rico is not about to default on its debt payments, but is defaulting (has [past tense] defaulted) on them. All things being equal this would not concern me much. What got my attention in the Wall Street Journal’s article last night was the smug arrogance of the Empire’s chief henchman, Jack Lew. He’s the creep who is kicking Old Hickory off the Twenty. Well, he’s been chosen to make that suggestion to the Fed puppet-masters.
In a letter to Congress, Treasury Secretary Jacob Lew warned on Monday that a U.S. “taxpayer-funded bailout may become the only legislative course available” if the proposed restructuring legislation isn’t approved.
The island’s debt is held by mutual funds, hedge funds, bond insurers and individual investors, who were attracted in part by tax benefits and high yields. The default Monday casts serious doubt on the commonwealth’s ability to make other future payments, which “means that other defaults are very likely on other Puerto Rico credits,” said Paul Mansour…
-WSJ, May 2, 2016.
Well, of course. Let one government and its supporters screw up and the other government and all its supporters (willing or no) will foot the bill. It’s the only course available. Letting nature take its course is not an option – that would be bad for the hedge funds, banks, and insurance companies. They pay a lot of money for their (their, like the own it and it belongs to them) government. They have to get their money’s worth. The bulk of the people remain blissfully unaware.
You may be blissful about this garbage but you’re no longer unaware. The Hill and the WSJ have notified you and I’ve told you twice now.
A people and their crooked “leaders” make mistakes. It happens to the best of us. A default would be bad for P.R. but it wouldn’t be the end of the world. Things might actually get better – financial correction they call it. But then the big boys would lose on their investments and they NEVER lose. At least not while they have your taxes to loot.
Mike Thompson, Detroit Free Press
The local spendthrifts will keep on spending, the Wall Street cabal will remain neck-deep in caviar, and the GOP establishment claims a victory. Yes, those “conservatives” everyone loves (and their “liberal” friends like Nanny Nancy Pelosi) think robbing the people to pay satanic hucksters is a victory. By the way, the only real opposition to this scheme in Congress has come from “socialist” Bernie Sanders:
The Puerto Rico legislation still hasn’t been scheduled on the House floor. Bishop will mark up the bill in his committee on Wednesday, leaving the full chamber just one day to take it up before lawmakers leave town Thursday for the Memorial Day recess.
Some lawmakers want a quick vote on Puerto Rico this week. The longer it hangs out there, the thinking goes, the more time political foes will have to try to stir up opposition. On the left, Sen. Bernie Sanders (I-Vt.), a Democratic presidential candidate, urged his Senate colleagues Monday to oppose the legislation, ripping the oversight board as “undemocratic” because it’s comprised of “unelected” appointees.
The bailout will happen; consider it a done deal. Really $2 Billion or the whole $70 Billion is but a barely noticeable drop in the fed’s ocean of economic woe. Things like this add up though. When the whole system comes crashing down don’t count on the banksters to be found let alone lend a hand. They’re gathering the last of the cash (yours and mine) and preparing to flee. However, come hell or high water, the politicians will be easier to find. They’ll still expect to be re-elected. Remember this story and all the others. Hold them accountable or rinse and repeat with similar results.