The US Secretary of the Interior, Sally Jewell, has warned Puerto Rico that the island’s protected natural resources “could be targeted for private development.” Jewell blamed the “Republican” Financial Control Board legislation for this, and worried that “a future secretary” may transfer Puerto Rican land to private developers.
Jewel is correct. She is also a world-class hypocrite, along with the Obama administration that hired her.
Interior Secretary Jewell expresses her grave concern for Puerto Rico
For over a year, the White House has refused to activate the Treasury Department, or the Commerce Department, or expend any political capital on behalf of resolving Puerto Rico’s fiscal crisis. The entire Obama program has been to point a finger at congressional Republicans, and whine that “congress must allow for Chapter 9 bankruptcy re-structuring.”
But Obama knows this is nearly impossible: because the municipal bond market is $3.7 trillion annually, which is nearly 22% of the gross domestic product of the US. In other words, year after year, 22% of the US economy is filtering through the Wall Street municipal bond market.
If Puerto Rico suddenly qualified for Chapter 9 relief, then all 50 states in the US could immediately seek to re-negotiate their muni bond debt. This would implode the national muni bond market and severely destabilize the US economy. Neither Obama nor the US congress want to be held responsible for this.
And so as usual…Puerto Rico is hung out to dry…all by itself.
PROFESSIONAL FINGER POINTERS
With respect to Puerto Rico, virtually every US politician falls into one of two categories: those who openly screw the island, and those who point their finger and say “it’s not my fault, it’s the Republicans.”
Because of Obama’s failure to act, we now have congressional legislation that will “authorize the future Secretary of the Interior to open thousands of acres of Puerto Rican land to private developers.”
Because of Obama’s finger pointing, and empty political posturing, we now have an Obama cabinet member warning us about evil Republicans and their plan to “appropriate the land of Puerto Rico.”
But all this finger pointing is no different than the PPD and PNP…pointing fingers at each other for six decades, and robbing the whole island blind.
The entire Washington establishment – Democrats and Republicans – are equally to blame for the economic disaster in Puerto Rico. They have kept the Jones Act in place for 96 years. They have done nothing to develop the island’s indigenous shipping industry, or any other industry.
And after a century of doing nothing, they now wring their hands and point fingers at each other…while continuing to do nothing.
It is the height of hypocrisy, and nakedly transparent.
For a history of the War Against All Puerto Ricans, read the book…
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