Puerto Rico’s Economic “Death Spiral” is Tied to Legacy of Colonialism

[polly7]

http://democracynow.org - The White House rejects a bailout package for Puerto Rico days after the U.S. territory failed to pay a small portion of the massive $72 billion it owes to bondholders. It was the biggest municipal bond default in U.S. history. Unlike U.S. states and municipalities, Puerto Rico cannot declare bankruptcy. Juan González discusses how the roots of the crisis are deeply tied to Puerto Rico’s colonial status.

Puerto Rico’s Economic “Death Spiral” is Tied to Legacy of Colonialism

By Juan Gonzalez
Source: Democracy Now
November 27, 2015

"Could Puerto Rico become America’s Greece? That’s a question many are asking as the island faces a devastating financial crisis and a rapidly crumbling healthcare system. Puerto Rico owes $72 billion in debt. $355 million in debt payments are due December 1, but it increasingly looks like the U.S. territory may default on at least some of the debt. Congress has so far failed to act on an Obama administration proposal that includes extending bankruptcy protection to Puerto Rico and allocating more equitable Medicaid and Medicare funding for the island. Meanwhile, Puerto Rican leaders in the United States are planning a massive lobbying day in Washington in early December to spur congressional action. In a holiday special, we feature a major speech by Democracy Now! co-host Juan González on “Puerto Rico’s Debt Crisis: Economic Collapse in America’s Biggest Colony and What Can Be Done About It.”

https://zcomm.org/zvideo/980736/

[Bacchus4.0]

1. Puerto Rico could remedy its colonial situation by voting for independence

The statehood vote that won in 2012 doesn't appear to have gone anywhere so independence should be the way forward.

Leaving aside that PR would be the poorest Latin America country without the US or that more than half of Puerto Ricans live in the US nevertheless PR should make the move themselves toward independence.

[Judi Lynn]

2. We need to know more about this. Of course so much has been done in the dark

to exploit this little country.

It's going to be straightened out one day. Too many honest Puerto Ricans have died in the effort already.

Thanks for sharing this information.

[Bacchus4.0]

3. How about the US just give Puerto Rico its independence? Or do you prefer a federal bailout

using US taxpayer dollars?

[Judi Lynn]

4. Thanks again for linking to Juan González. What has happened to Puerto Rico at the hands of Congress

is abhorrent. Only the crooks and scumbags who've been doing business with US-connected agencies and corporations have profited, and, as Juan González mentioned, the population is paying a horrendous price for their success.

What a filthy shame. Poor Puerto Rico. Damn the parasites, exploiters, rapists, thugs who've bled them dry.

Thanks for the great comments.

[Bacchus4.0]

5. Congress should set PR free since they won't vote for independence

74,895 (5.55%) chose independence.[3][4]

https://en.wikipedia.org/wiki/Puerto_Rican_status_referendum,_2012