This Guy Didn’t Wait for the Govt. to Restore Power in Puerto Rico. He Bought a Truck Learned to Do It Himself

By Daisy Luther – Re-Blogged From Freedom Outpost

While everyone else was waiting for the government to restore power to Puerto Rico, Oscar Carrion and his friends went in together to buy a bucket truck and taught themselves how to repair wiring.

Thousands of people in Puerto Rico remain in the dark eight months after Hurricane Maria wiped out the island’s already degraded electrical grid. The infrastructure was in such bad condition, some people predicted it could take a year or more to restore the electricity.

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Chicago Pawns A Crown Jewel

By John Rubino – Re-Blogged From Dollar Collapse

A new bond issue from Chicago is rated AAA. That’s great because it means the city’s finances are on the mend, right?

Nope, just the opposite. Here’s the story:

Bondholders fret as alchemy turns Chicago’s junk to gold

(Bloomberg) — Chicago’s public pension debt is $36 billion and growing, it’s facing $550 million in budget deficits over the next three years and this summer the state had to bail out a school system that was flirting with insolvency.

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Puerto Rico Faces Not Just Debt, But Depopulation

By Megan McArdle – Re-Blogged From Newsmax

“They owe a lot of money to your friends on Wall Street,” Donald Trump told Geraldo Rivera. “We’re going to have to wipe that out. That’s going to have to be — you know, you can say goodbye to that. I don’t know if it’s Goldman Sachs but whoever it is, you can wave goodbye to that.”

Bond markets didn’t appreciate the verbal wave. The territory’s bonds, already weak from the pounding of Hurricane Maria, fell another 31 percent. White House budget director Mick Mulvaney hastened to say the president didn’t mean what he said. “I wouldn’t take it word for word with that,” he said demurely. Nor should you; as debt expert Cate Long told CNN Money, “Trump does not have the ability to wave a magic wand and wipe out the debt.”

Image: Puerto Rico Faces Not Just Debt, But Depopulation

Why Puerto Rico Defaulted And Greece Did Not

By Michael Pento – Re-Blogged From http://www.Gold-Eagle.com

The Caribbean island of Puerto Rico is in the throes of a debt crisis that recently reached a breaking point when it missed a $422 million bond payment due May 2nd. When asked in a subsequent interview about the likelihood of making future payments on the remaining $72 billion of debt, Puerto Rican Governor Alejandro Garcia Padilla noted that the U.S. territory “does not anticipate having the money.”

Even a cursory review of Puerto Rico’s finances confirms Padilla’s claim of insolvency. The government is expecting deficits to grow from $14-$16 billion over the next five years, and for revenue to fall by $1.7 billion over that same five-year period. To makes matters worse the U.S. territory’s unemployment rate is a lofty 12.2 percent.

The problem is simple:  Puerto Rico’s debt burden is equal to over 100% of its GDP when including the $43 billion worth of unfunded pension liabilities. This situation is exacerbated by falling population growth and perpetually shrinking GDP.

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US at War With Puerto Rico

cropped-bob-shapiro.jpg   By Bob Shapiro

The US is causing high unemployment, high and growing public debt, and an increasing reliance on handouts among the citizens of Puerto Rico. US federal laws are killing what could be a Free Market success in this territorial “possession.” Peter Schiff discusses below, the particulars of US stupidity on the island, making Puerto Rico another Greece waiting to happen, and he outlines easy solutions to the US caused socialistic destruction.

By Peter Schiff – Re-Blogged From http://www.Gold-Eagle.com

While Greece is now dominating the debt default stage, the real tragedy is playing out much closer to home, with the downward spiral of Puerto Rico. As in Greece, the Puerto Rican economy has been destroyed by its participation in an unrealistic monetary system that it does not control and the failure of domestic politicians to confront their own insolvency.

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Global Debt Time Bomb Ticks: Puerto Rico Is Next

By Mark O’Byrne – Re-Blogged From http://www.Gold-Eagle.com

– Puerto Rico Governor says island cannot pay its $72 billion debt
– Puerto Rico debt 15 times per capita median debt of the 50 U.S. states
– Complicated arrangements misled bond investors to believe their funds were secure
– Share price of bond insurer exposed to Puerto Rican debt plummeting, possibly on inside information

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