To Avoid Puerto Rican Debt Fate America Needs Glass-Steagall…Call Congress to Pass Glass-Steagall NOW!
Will America Die of Puerto Rican Plague? –PontificationBlog
“According to the Constitution, no U.S. state or territory such as Puerto Rico can escape a $74 Billion debt – run up by liberal-spending, vote-buying local politicians – by declaring bankruptcy. But the U.S. Congress opened the door last year via PROMESA legislation to something like Puerto Rican bankruptcy, thereby setting a precedent for states such as Illinois – whose irresponsible politicians have put them into an economic ‘death spiral’ – to renege on their debts as well. Will states ‘Too Big To Fail’ get bailed out by a huge wealth transfer from taxpayers and unpaid bond holders in more conservative states? Is America about to suffer a potentially fatal epidemic of fast-spreading, fevered-spending, debt-ducking Puerto Rican economic plague? How did this island of only 3.5 million people run up $74 Billion in debt? As Craig R. Smith and I explained in our book We Have Seen The Future And It Looks like Baltimore: American Dream vs. Progressive Dream, this island ! the Spanish named ‘Rich Port’ has become America’s Greece, an economic basket case….If profligate politicians are bailed out, irresponsibility with rule. Many will stop investing or buying government bonds. The dollar will lose value as trillions more are printed to finance folly.” Full story