How Puerto Rico's Debt Created A Perfect Storm Before The Storm

[Dulcinea]

Before Hurricane Maria hit last September, Puerto Rico was battered by the forces of another storm — a financial storm.

The island's own government borrowed billions of dollars to pay its bills, a practice that Puerto Rico's current governor, Ricardo Rosselló, now calls "a big Ponzi scheme."

But it didn't fall into financial ruin all on its own: Wall Street kept pushing the Puerto Rican government's loans even as the island teetered on default, with a zeal that bank insiders are now describing with words like "unethical" and "immoral."

https://www.npr.org/2018/05/02/607032585/how-puerto-ricos-debt-created-a-perfect-storm-before-the-storm

[no_hypocrisy]

1. The Economic Hitman meets The Shock Doctrine

[Civic Justice]

2. Why did the U.S claim it as a Province,

if it did not want to promote industry there to ensure the Island State could sustain itself as a Island State?
When we look at the ethnicity and range in skin color.... then contrast that against "this nation" that loved Jim Crow up to 50+ yrs ago, and still today has many who aspire to the Jim Crow Ideology within our nation and within its governance.

We can say the same thing about our neighbor 'Mexico"... whom we ignored and shipped Industry over 8-9,000 miles away, then get upset because Mexicans want to cross the border. Many Mexican's have send back money to help create business in Mexico....

We ignored the fact that the Stronger Mexico is, the stronger the North American Continent is. Race and Ethnicity prejudice and bias... is always the culprit when it come to America's faults and failures.

When white people as a whole across this nation, get off the bias and prejudices and let go of the want of white privilege and stop lusting for the vile of the past to return.... all of such things can and will be fixed and made better. Racism is a vile that damages and destroys, by the presence of its existence.

This is why the Democratic Party is not only necessary, it needs to become even stronger.

General white society of the working class, have no concept to realize how their bias and prejudices is the root of their own predicaments and social and economic struggles. Wealthy white's do not care about the working class whites, any more than they care about the working class minorities. They care about "maintaining their wealth gap"....

It will take a great many racist and prejudice types to die out, before a new generation can take hold and move American forward in what is Democracy an its mandate of equality of person as individual.

[procon]

3. Big Money interests used the US govt to set up Puerto Rico to fail.

"Many of the bonds were specifically designed to be sold to Puerto Ricans, packaged into special funds that were less transparent than anything regulators would allow on the mainland. Regulations against things such as banks recommending their own bond deals to investors didn't apply on the island."

Legislators opened the door and let Big Money investors pillage the island's economy, then they slammed the door shut and refused to fix the mess they created. When the hurricane destroyed Puerto Rico the same US govt only provided a fraction of the aid what was generously given to other US citizens on the mainland.