The truth begins to leak out: the Financial Control Board will “not fix anything” in Puerto Rico

Book - 12-10

 

For nearly a year Republicans, hedge funds, and Wall Street lobbyists called for a Financial Control Board (FCB) to “fix” Puerto Rico’s economy.

Now the US media are slowly admitting that the FCB will not really fix anything, other than ensure that bondholders and hedge funds will receive their expected earnings.
 

The Financial Control Board arrives in Puerto Rico

 
This “shocking” admission was issued by Reuters this week, under the headline Puerto Rico Fix Unlikely to Resemble Detroit’s.

Plainly and boldly, the article states that:

  • the seven members chosen for the FCB are “short on expertise in economic development”
  • the Puerto Rican economy requires fundamental changes, but it is “unclear whether the board can facilitate such change”
  • the seven chosen members are “technocrats” who will treat the entire process as a “corporate re-structuring,” and will not “politicize” the process with concerns about pensions, job losses, or minimum wage levels.

The article also noted that Detroit’s control board “treated city pensions much better than its outstanding bonds,” which is unlikely to happen in Puerto Rico.

Finally, Detroit received a $137 million emergency loan package along with its Board.

But Puerto Rico is receiving nothing…and it must pay $370 million to “cover the Board’s expenses.”

THE OUTLOOK FOR PUERTO RICO

Over the next few months, the FCB will begin its ghoulish task: to cut jobs, eliminate pensions, lower the minimum wage, close more schools and hospitals, and force a series of “public-private partnerships” throughout the island.

These brutal measures will generate an “acceptable” level of profit, for the vulture funds that now control Puerto Rico’s debt.

They will turn the entire island, into a giant ATM for Wall Street.

But they will create no structural improvement in Puerto Rico’s economy.

They will not “fix” anything.

The Reuters article already admitted it.

 

For a history of the War Against All Puerto Ricans, read the book…

War Against All Puerto Ricans: Revolution and Terror in America’s ColonyBuy it Now

Si prefiere ver la página web en español por favor visite: http://www.guerracontratodoslospuertorriquenos.com

 

12 Comments on “The truth begins to leak out: the Financial Control Board will “not fix anything” in Puerto Rico

  1. A RESPONSE TO MICHAEL R’S RESPONSE ON:

    Michael Rodriguez
    September 9, 2016

    MIKE, WHAT DO YOU MEAN?: “The island has more per capita of every kind of people you could imagine. We measure a mere 35 miles by 100.” THE MEANING I WAS ATTEMPTING TO CONVEY, WAS THAT IT SEEMS QUITE PLAUSIBLE TO ME THAT THAT THERE ARE QUITE A NUMBER OF PR’S ( I GUESS I DIDN’T MAKE THAT CLEAR ) LIVING ON THE ISLAND, AS THEIR PRIMARY RESIDENCE, THAT ARE EITHER COMBAT VETERANS, OR CAREER COMBAT VET’S ( HAVING SERVED IN THE U.S. MILITARY AND RETIRED ) WHOSE SKILL SETS AND MINDSETS WOULD LEND THEMSELVES NICELY TO HELPING SOLVE THE DILEMMA THAT YOU POSTULATED ABOUT THE EXISTING PR ISLANDER MINDSET. We also lack the most of basic necessities when compared to states per capita. Pick and chose whichever statistic you want. The important issue here that you brought up is that we have plenty of veterans who have fought for a country that is unwilling to fight for us. I THINK YOU MISSED MY POINT ENTIRELY. THE POINT IS, IS THAT YOU’VE MADE THE CASE YOURSELF THAT THE U.S. FED GOV. AND THEIR ELITIST CORPORATE BUDDIES CONTINUE WITH THEIR CORRUPTED MANNER WHEN IT COMES TO ISLANDER WELFARE. I PROPOSED THAT THERE MIGHT BE HOPE WITHIN THE EXISTING ISLANDER POPULATION ( THE PR U.S. COMBAT VETS ) TO HELP LEAD THE PR ISLANDERS OUT OF THE CONUNDRUM AND ON TO A NEW AND DIGNIFIED PATH. WHAT DO YOU THINK THAT MIGHT BE CHARACTERIZED AS?? Where is the “help” when we need it the most. They have cultivated the seed of greed and ill-mannered behavior directly leading to the misuse of funds. Our first governors were assigned and of US origin, they were our first instructors. Things haven’t gotten any better since unless you count Mcdonald’s as economic progress. Don’t be fooled by marketing used to trick people into defending a country they believe has their back, instead, take a look at the recruitment centers right now as we speak. Now that people realize the truth of the colony we truly are, and the colonizers who have to come out of hiding and no have admit they never really gave a crap about us, they are not receiving their front line warriors as years passed. The abuse has to stop and the American public has to open their eyes. Until then, there will be no peace for the second class citizens who can’t vote for the congress that controls them. Open yours and get back to me. WELL, ALL I HAVE TO SAY ABOUT THE REST OF WHAT YOU’VE SAID IS THIS: YOU’VE GOT PEOPLE THAT WANT TO KNOW WHAT’S GOING ON ( SO THEY CAN REACT TO IT, HOPEFULLY IN A CONSTRUCTIVE MANNER ) IN ORDER TO BE IN AS MUCH IN CONTROL OF THEIR LIVES AS POSSIBLE SO THAT THEY CAN LIVE OUT THAT LIFE IN THE MANNER THAT THEY SEE FIT. ON THE OTHER HAND, YOU’VE GOT PEOPLE THAT JUST DON’T WANT TO KNOW ( EVEN THOUGH TO SOME DEGREE THEY KNOW SOMETHING’S NOT RIGHT. ); BECAUSE SOMETHING IS HOLDING THEM BACK FROM KNOWING. PERHAPS FEAR, INTIMIDATION, CONVENIENCE, AND SETTLING FOR THAT KIND OF EXISTENCE ARE THE CULPRITS. THAT’S CALLED: DENIAL. IN THE ISLANDER PR’S CASE, IT’S A CASE OF DENIAL WHERE IT’S NOT JUST THEIR COLLECTIVE HEADS ARE IN THE GROUND ( LIKE AN OSTRICH ). THIS CASE OF DENIAL IS SO BAD, THAT THEY’RE BURIED ALL THE WAY UP TO THEIR ANKLES, WHEREBY THE SOLES OF THEIR FEET HAVE GOT A PERMANENT CASE OF SEVERE SUNBURN.

    MIKE, THE CONDITION OF THE PR ISLANDERS IS NO REVELATION TO THE PR ISLANDERS. THE AWARENESS HAS BEEN THERE FOR OVER 100 YEARS. HERE’S THE PROBLEM: ALL THE ISLANDER PEOPLE DO IS, TALK ABOUT THEIR MALADY. TALK, TALK, TALK. THAT’S ALL IT’S REALLY EVER AMOUNTED TO. AND, THE TYPE OF PERSON THAT YOU DESCRIBE THE AVERAGE ISLANDER TO BE, I THINK IS TRUE. HENCE, ALL YOU’RE GOING TO GET FROM THIS KIND OF PERSON, IS TALK. THAT’S WHY I SUGGESTED THE PR, U.S. COMBAT VETS CURRENTLY RESIDING ON THE ISLAND; TO HELP “WAKE UP” THE OTHERS TO SEEING THINGS DIFFERENTLY AND POSSIBLY POTENTIATING THEIR POTENTIAL TO DO WHAT NEEDS TO BE DONE.. NOW, IF IT’S YOUR IDEA THAT EVEN THIS GROUP OF PEOPLE ( THE ISLANDER PR, U.S. COMBAT VETS ), ARE SIMILARLY AFFECTED IN THE WAY THAT YOU DESCRIBED THE MINDSETS OF THE ISLANDER’S; THEN, IT’S LIKELY THE ISLAND HAS NO HOPE, EITHER IN THE NEAR TERM OR EVEN DECADES OUT FROM NOW

    COULD YO BE SUGGESTING THAT THESE PR COMBAT VETS WERE “DAMAGED GOODS” OUT THE GATE, PRIOR TO JOINING THE U.S. MILITARY? MEANING, WERE THEIR MINDS ALREADY FUBAR’D WHILE BEING RAISED ON THE ISLAND? AND, THAT LIKE IN THE ORIGINAL MOVIE “ROBOCOP” WAS THERE WAS A “CHIP” INSTALLED IN ALL OF THOSE PR’S BRAINS THAT PREVENTS THEM FROM TURNING ON THEIR MASTER, EVEN THOUGH THAT MASTER WAS A REALLY BAD GUY? BACK TO YOU.

    Like

  2. Not really a fair comment Pepito. The island has more per capita of every kind of people you could imagine. We measure a mere 35 miles by 100. We also lack the most of basic necessities when compared to states per capita. Pick and chose whichever statistic you want. The important issue here that you brought up is that we have plenty of veterans who have fought for a country that is unwilling to fight for us. Where is the “help” when we need it the most. They have cultivated the seed of greed and ill-mannered behavior directly leading to the misuse of funds. Our first governors were assigned and of US origin, they were our first instructors. Things haven’t gotten any better since unless you count Mcdonald’s as economic progress. Don’t be fooled by marketing used to trick people into defending a country they believe has their back, instead, take a look at the recruitment centers right now as we speak. Now that people realize the truth of the colony we truly are, and the colonizers who have to come out of hiding and no have admit they never really gave a crap about us, they are not receiving their front line warriors as years passed. The abuse has to stop and the American public has to open their eyes. Until then, there will be no peace for the second class citizens who can’t vote for the congress that controls them. Open yours and get back to me.

    Like

  3. RESPONSE TO ANGEL:

    Angel
    September 7, 2016

    Ruthless thugs just ripping off the island in plain sight and no one is lifting a finger to prevent this. Sleep with the devil and this is what happens. PNP, PPD, american democrats and republicans all garbage. 370 million dollars extra to cover this crooked board? Puerto Rico is nothing but a slave state. How much more does the people of Puerto Rico have to pay to be set free, another 118 years? DAM IT!

    I AGREE. THE PR’S ON THE ISLAND HAVE. OVER TIME GOTTEN COMFORTABLE WITH THIS B.S. RELATIONSHIP. SO LONG AS THEY STILL HAVE A ROOF OVER THEIR HEADS, AND A FEW EXTRA TOSTONES ON THE SIDE..HEY, IT’S ALL GOOD. I THINK A BETTER CHARACTERIZATION OF THE ISLAND ( THE PEOPLE ON IT ) WOULD BE “A FRONT STATE,” RATHER THAN A “SLAVE STATE.” A SLAVE STATE WOULD BE JUST TO OBVIOUS OF AN ABUSE OF HUMANITY THIS DAY IN AGE, NOW WOULDN’T IT? IN MY VIEW, THE ISLANDER PR’S HAVE BEEN THE PROXY FOR THE U.S. FEDERAL GOVT. ( CONGRESS/PRES. ) AND MOSTLY THEIR, ELITE CORPORATE BEDFELLOWS ( WHOM MAY HAVE JUST LEFT CONGRESS…REVOLVING DOOR.. ), THAT USE THE PR ISLANDER’S STATUS ( WITH JUST ENOUGH U.S. CITIZENSHIP ) WHEREBY ALL KINDS OF “JUSTIFIED” CORPORATE DEALS CAN GO DOWN, WITH THE PR PEOPLE ( 2ND CLASS…AHHH, BUT STILL U.S. CITIZEN’S!!… AS THE INSURANCE POLICY IF THE VENTURE FAILS. MEANING, IT’S NOT REALLY THE ISLANDER PR’S THAT HAVE ENDED UP PICKING UP THE PIECES ( PAYING THESE BASTARDS OUT. ) IT’S PROBABLY BEEN THE MAINLAND U.S. CITIZEN, PAYING GAJILLIONS $$ IN FEDERAL TAXPAYER BAILOUT MONEY, TOTALLY UNBEKNOWNST TO THEM. “DARK” MAINLAND TAXPAYER FUNDS MAY HAVE BEEN USED TO SUBSIDIZE THESE ” YOU CAN’T LOSE, EITHER WAY VENTURES..” AGAIN, I DON’T THINK VERY MANY ON THE MAINLAND KNOWS THAT THIS HAS BEEN POTENTIALLY GOING ON. IF THEY DID, WOOOOOOWEEE! AND, I THINK IT’S BEEN LIKE THIS FOR A VERY, VERY LONG TIME.

    Like

  4. RESPONSE TO MICHAEL R’S COMMENT ON:

    Michael Rodriguez
    September 7, 2016

    OK, MIKE. LET’S SAY FOR ARGUMENT’S SAKE THAT MOST, IF NOT EVERYTHING YOU’VE BROUGHT UP IS TRUE. WELL, DOESN’T THE ISLAND HAVE A WEALTH OF COMBAT U.S. VETS WHOM EITHER SERVED SOME TIME OR RETIRED, CURRENTLY LIVING THERE? I’LL BET POUND FOR POUND, THERE MIGHT BE MORE U.S. MILITARY RETIREE’S PER CAPITA LIVING ON THE ISLAND, THAN THAT OF EACH OF THE STATES. IS IT NOT CURIOUS TO YOU ( AND ME TOO ), THAT NOT ENOUGH OF THESE VETS HAVE RECOGNIZED WHAT YOU HAVE ( YOUR COMMENT ) , AND GOTTEN UP OUT OF THEIR CHAIRS TO DO SOMETHING ABOUT IT? FOR STARTERS, PUTTING ON SYMPOSIUMS FOR ANY ISLANDER THAT MAY FEEL SO AFFECTED TO COME AND LEARN ABOUT SOMETHING CALLED: …EMPOWERMENT, COURAGE, PRIDE, LOVE OF NATION ( WHAT THAT REALLY MEANS..), SELF-SUFFICIENCY; SELF RELIANCE….. ALL THAT GOOD STUFF.

    Like

  5. So what arw you all going to do sit there and take it.Become independent ,this is bs .No state so they abuse will continue.

    Like

  6. The sad part is that we as a people are not savvy enough to change the situation we are in. We suffer from a condition known only to those who have been in hostage situations or kidnapped… this has been borrowed from the Journal of the Royal Society of Medicine.

    In general terms, the psychological impact of being taken hostage is similar to that of being exposed to other trauma, including terrorist incidents and disasters for adults and children.
    Typical adult reactions include:

    Cognitive: impaired memory and concentration; confusion and disorientation; intrusive thoughts (‘flashbacks’) and memories; denial (i.e. that the event has happened); hypervigilance and hyperarousal (a state of feeling too aroused, with a profound fear of another incident);

    Emotional: shock and numbness; fear and anxiety (but panic is not common); helplessness and hopelessness; dissociation (feeling numb and ‘switched off’ emotionally); anger (at anybody – perpetrators, themselves and the authorities); anhedonia (loss of pleasure in doing that which was previously pleasurable); depression (a reaction to loss); guilt (e.g. at having survived if others died, and for being taken hostage);

    Social: withdrawal; irritability; avoidance (of reminders of the event).

    Denial (i.e. a complete or partial failure to acknowledge what has really happened) has often been maligned as a response to extreme stress, but it has survival value (at least in the short term) by allowing the individual a delayed period during which he/she has time to adjust to a painful reality.

    Two extreme reactions have also been noted, namely, ‘frozen fright’ and ‘psychological infantilism’. The former refers to a paralysis of the normal emotional reactivity of the individual, and the latter reaction is characterized by regressed behaviour such as clinging and excessive dependence on the captors.

    Extended periods of captivity may also lead to ‘learned helplessness’ in which individuals come to believe that no matter what they do to improve their circumstances, nothing is effective. This is reminiscent of the automaton-like state reported by concentration camp victims (‘walking corpses’).

    WE ARE THE WALKING CORPSES.

    Like

  7. Ruthless thugs just ripping off the island in plain sight and no one is lifting a finger to prevent this. Sleep with the devil and this is what happens. PNP, PPD, american democrats and republicans all garbage. 370 million dollars extra to cover this crooked board? Puerto Rico is nothing but a slave state. How much more does the people of Puerto Rico have to pay to be set free, another 118 years? DAM IT!

    Like

  8. Pingback: The truth begins to leak out: the Financial Control Board will “not fix anything” in Puerto Rico | meaningfulpriorities

  9. There are protest in San Juan Puerto Rico against La Promesa.
    There are presently protest that have shut down Wal-Mart in Puerto Rico!
    Wal-Mart has not help the economy of Puerto Rico and neither will La Promesa.

    Like

  10. Reblogged this on It Is What It Is and commented:
    The “Financial Control Board” is nothing but a collection agency for the hedge fund people. Continued gouging of PR’s economy & it’s people! SMH ..

    Like

  11. BEEN SAYING IT ALL ALONG UNLESS THEY GET RID OF THE JONES ACT PUERTO RICO WILL BE RAPED BY AMERICA’S RACIST POLICIES

    Like

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