With Puerto Rico on the brink of a fiscal collapse, Al Jazeera TV devoted an entire show to the causes and consequences of this crisis.
INSIDE STORY reached out to Nelson Denis and Angelo Falcón, to present the case for Puerto Rico. Here is the video of that show:
As founder and president of the National Institute for Latino Policy, Falcón provided a historical context for the “public debt” of Puerto Rico. Denis focused on the Jones Act of 1920, and its 96-year impact on the island’s economy. Cate Long, a partner in Puerto Rico Clearinghouse, presented the bondholders’ point of view.
The interview was conducted by veteran journalist Ray Suarez from Washington, D.C.
The government of Puerto Rico predicts that it may run out of funds (ie, go bankrupt) by June 2016. The US congress is preparing a “Financial Control Board” to manage the entire Puerto Rican economy.
For these reasons, we must fully understand how this “public debt” of $72 billion came to exist.
For a history of the War Against All Puerto Ricans, read the book…
Si prefiere ver la página web en español por favor visite: http://www.guerracontratodoslospuertorriquenos.com
La prinsipal razon para la quiebra de Puerto Rico fue el robo de nuestros recursos por el PNP y Pedro Rosello y hay que recordales al pueblo la candidata popular le advirtuo al pueblo que si botaban por el Puerto Rico iva derecho a la quiebra y lo que isieron fue rediculisarla con la frase de que ella no podia poro el candidato PNP si podia y todos sabemos quien gano las eleciones y por eso es que estamos como estamos.
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This is odious debt. Will be forg7ven. Just like Bolivia. Or was ir Ecuador?
When a people are not sovereigns of their destiny, forces outside of their sphere of control usually take advantage. The Puerto Rican People have been the victims of colonialism since Boriquen was conquered by The Spaniards. Being property of Spain after the Spanish American War, Boriquen was part of the booty taken from Spain!! It continued as a colony there after serving the needs of The United States without consequence. The colony was granted citizenship in 1917 as a means for justifying drafting Puerto Ricans into the armed forces and creating more income for American flag ships delivering cargo to Puerto Rico.The Puerto Rican People and Puerto Rico itself prospered when Franklin Delano Roosevelt became president due to funds being allocated to the development of Puerto Rican infrastructure under Operation Bootstrap!! The social programs in the island as well as the mainland have suffered Until the Civil Rights era under John F. Kennedy and Lyndon B.Johnson. Since then ,due to conservative agendas that create wealth for the billionaires at the expense of Middle Class Americans, policies in Washington D.C. were enacted by Congress to the detriment of Puerto Rico. Loss of ability to invoke bankruptcy protection, reduction of investment incentives to companies doing business in Puerto Rico, are two of the main contributors to present crisis. To exacerbate this problem, corruption in government is so rampant, that the FBI has arrested top officials. Since the present Congress is controlled by billionaires who favor the vulture capitalists, The Natural Resources Committee of The house of Representatives, is denying restructuring under a chapter 9 bankruptcy and seeks to favor continuing to leech whatever it can for the benefit of the creditors. The crisis presents a great opportunity to cannibalize what is left of the Puerto Rican Economy by exerting its colonial authority over the Island.
In the meantime, Puerto Rican Leaders with a few exceptions, like Pierluisi and Luis Gutierrez, are vying with one another to become governor and commissioner to US House of Representatives as if Puerto Rico had reason to celebrate!!These false prophets are parasites who actually like Trump promise a chicken in every pot !!
No one has stood up to rally unity recognizing that we are slaves who desperately need to break the chains of COLONIALISM!!
All this talk of what the debt crisis is going to do to the politics and industries of the island but no one mentions what direct impact it will have on the islanders.
We need to stop complaining and start producing. Puerto Rico needs products to export and import so that we can succeed. Our Government puts a block on real businesses by adding laws, raising taxes, etc. We need to open our markets more in order to do business with other countries.
Reblogged this on It Is What It Is and commented:
This “public debt” has many, many causes & reasons. It’s not a new thing ….. Got in motion many years ago; many had a hand in it!!