PROMESA will begin the “fiscal stabilization and eventual rebound” for Puerto Rico’s economy, says Somos El Futuro


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The PROMESA bill and its Financial Control Board are widely opposed in Puerto Rico. Over fifty organizations – including union leaders, university professors, community and environmental activists, artists, students and lawyers – formed an island-wide coalition against it.

Yet according to the Somos El Futuro conference, PROMESA is “the first step on the road to fiscal stabilization and eventual rebound for the island’s struggling economy.”


These exact words appear in the description of its closing day panel on November 13, 2016. The Somos El Futuro panel also promises to “present some of the best thinking on where our collective efforts can be directed.”

But what “thinking” can be expected, if Somos El Futuro has already decided that PROMESA offers “the road to fiscal stabilization and economic rebound” in Puerto Rico? What “collective efforts” can be directed, if the planning process has already been tainted in favor PROMESA?

As Judge Juan Torruella eloquently stated to the Colegio de Abogados (the Puerto Rican Bar Association), the Financial Control Board (FCB) is a collection agency for bondholders and Wall Street interests. Its mission has nothing to do with the “rebound” of Puerto Rico.

When Somos El Futuro positions the FCB as an agent “economic development,” then Somos begins to lose its own credibility with people on the island, and with the fifty organizations that view the FCB as a collection agent.


If PROMESA were about “economic development” then it would have included a Jones Act exemption for Puerto Rico, which would have immediately created thousands of shipping jobs on the island (instead of Jacksonville, FL).

If it wanted to “re-vitalize” the economy of Puerto Ricans, it would not advocate for a $4.25 minimum wage.

If it wanted to “promote” industrial growth, it would have included tax incentives for small businesses owned by Puerto Ricans…not just 20-year tax give-aways to US billionaires like John Paulson and Nicholas Prouty.

Instead of any of these measures, the PROMESA Financial Control Board, in a short 30-minute meeting on September 30, declared its jurisdiction over the entire Puerto Rican economy.

Here is a partial list of the sectors which are now under FCB control:

  1. The Commonwealth government
  2. The pension & retirement systems of all public workers and the judiciary
  3. Teacher’s retirement system
  4. University of Puerto Rico
  5. All public corporations, including:           

(a) electricity and power (PREPA)

(b) water and aqueducts (PRASA)

(c) highway and transportation

(d) public housing

(e) port authority

(f) convention center

(g) public finance

(h) housing finance

(i)   municipal finance

(j) Economic Development Bank

(k) Government Development Bank (GDB)

(l) Industrial Development Company

(m) Tourism Company

(n) Public Finance Corporation

(o) State Insurance Corporation

(p) Children’s Trust Fund

(q) Sales Tax Authority (COFINA)

(r) Public Private Partnership Authority

This is not an “economic development” model. It is a model for economic take-over and domination.

Nearly one hundred years ago, a writer declared that Puerto Rico had become “a factory worked by peons, fought over by lawyers, bossed by absent industrialists, and clerked by politicians.”

Now in 2016, nothing much has changed. Through its PROMESA legislation, and an alleged “debt” of $72 billion, the US is doing the exact same thing…all over again.

To call it “Promesa” is an insult to the intelligence.

To call it “the first step on the road to fiscal stabilization and eventual rebound,” as the Somos El Futuro conference did, is another insult to the intelligence.

It is also a betrayal.

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

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6 Comments on “PROMESA will begin the “fiscal stabilization and eventual rebound” for Puerto Rico’s economy, says Somos El Futuro

  1. Those bastasrds are just going to take everything portorricans work so hard to earn .Instead of Puerto Rico going inti the 21st century ..glorious we are going back in time to when they invade us .way to go .


  2. So I have to say is don’t vote for anyone in political parties if the Gov’t of the United States will have full control of the Island Economy and that would mean also that Puerto Rico has been Invaded again By the United States Congress. Their will be only a Puppet form of Gov’t in Puerto Rico to do as I say and Don’t do as we in Congress does. What kind of country does that and not keeping the Promise they Made in 1952 That Puerto Rico will have a form of Government for the people of Puerto Rico of their Own choosing. So I say Don’t Vote in the coming Elections for anybody in any Gov’t Platform.. “Say” we will not Take it Any More when the people have no control of self Gov’t in the Island..


  3. How interesting all this is!!##
    Congress!!!, the very same, that put Puerto Rico in this situation in the first place by eliminating bankruptcy protection law, controlling and limiting shipping in the Island…etc….basically tie the Puerto Rican hands behind their back, are now coming to solve our problems. This is like giving the keys to your home to the thief!
    They really takes us for “Unos buenos BoBos!


  4. Shame on the supposedly DEMOCRACY of the WORLD, and yet MONEY TALKS. They can’t invest $ from the taxpayers, yet they don’t know how for the past 118 years the US drained our resources. Now they treat us like third class citizens. I hope the let is FREE once and for all, if they don’t want to deal with us anymore. After all, THEY INVADES US.


  5. The Financial Control Board is just another mob controlled wolves dressed in sheep clothing ready to devour the island again. Some people will always comment to me to forget the past and go forward, but how can anyone forget the past if they ( U.S. Government ) keeps pouncing on the island and stripping it of its economy ( Jones act still in effect ). Forward means to progress, build for a better future so our Puerto Rican people can be proud and show our children to do positive work and live in harmony with the world. 118 years have gone by and still Puerto Rico is being suppressed by the U.S. Government. Round and round we go looking for a better future for Puerto Rico but the island is constantly being pushed back by the power in charge….. U.S. Shenanigans still hasn’t stopped. Puerto Rico needs to clean house of all these wolves in sheep clothing. The indigenous people of the island MUST DEMAND ( Not hope ) from the United States government to pack up your suits and brief cases, and your lap dogs PNP & PPD and get the hell out…. Puerto Rico can not go forward unless you get the hell out.




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