Puerto Rico’s Default: Back To The 1930s?

We were told, for years, the outrageous lie that Greece’s debt crisis was “caused” by the Euro… Even by supposedly left wing economists of the USA (Paul Krugman, etc.), and their European parrots. I exposed this as a cover-up of the outrageous state of banking under a thick layer of Europhobia, even more than four years ago. Now Puerto Rico exhibits an increasing unwillingness to pay interest on its debt. Now what?

Puerto Rico’s Default Has Got To Be Europe’s Fault:

It’s only a matter of time before the plutocratic press, or, if you want, the Main Stream Media, make the Euro and Greece the reason for Puerto Rico’s failure. (For such a devious reasoning, see below.)

After 2008, the economy turned bad, and governments borrowed heavily to keep the society going. As the prospects got dimmer, https://patriceayme.wordpress.com/2014/06/21/new-york-vulture-justice/, bought Puerto Rican debt. Vultures hate education, as education makes for rebels, and they are in position to reduce educational spending, in Greece or Puerto Rico. When Vulture Funds had their fill, of Puerto Rican debt, they sprang the trap: mistaking Porto Rico for Greece, they required the Porto Rican government to reduce spending in education… So that Porto Rico could pay them the extravagant interest payments.

Is Puerto Rico The Object Of A (Financial Engineered) Genocide?

Is Puerto Rico The Object Of A (Financial Engineered) Genocide?

Debating Puerto Rican debt appears to be about finance, state debt, schools, hedge funds. Yet, ultimately, it’s about who owns Puerto Rico.

The Guardian, and magazine such as Slate, bought the hedge fund propaganda, bait, hook, line, sinker, if not the boat itself. Jordan Weissmann in Slate, a famous electronic magazine, blared: Hedge Funds Think Puerto Rico Should Shut Down Schools to Pay Its Debts. Is That So Wrong?

No, of course, it’s right. Hedge Funds should have all rights you can possibly imagine. They already buy and sell entire countries.


The Truth About Porto-Rico: Tax Haven, Millionaires’ Haven:

The total tax receipt in Puerto Rico is 10%, a small fraction of what it is in advanced countries (at least 23%). Taxes on the rich are small, full of loopholes. Moreover, the USA treats Puerto Rico like an exploited colony, so full reimbursements and compensations available to full citizens of the USA are not available in Puerto Rico.

Another truth is that educational spending is exploding in the USA, because health spending (Obamacare”) does not control costs (contrarily to what propaganda says). So plutocrats from hedge funds profit from an inflation which fellow plutocrats in health care engineered, thanks to an arguably too Machiavellian by half White House.

Porto Rico is a weird island, a territory of the USA which is neither destined to independence, nor a state. In the 1950s, four Puerto Ricans went to the Congress of the USA, and shot 30 rounds onto the Representatives, to ask for independence.

Krugman says Puerto Rico is not Greece: indeed, Puerto Ricans flee massively to the USA. Greeks no doubt ought to do the same and contribute free, or menial labor, to the splendor of the economy as celebrate by Krugman. People who are in the know stridently contradicted Paul Krugman’s positions and exposed them for what they are: the term “neo-colonialism” is too good. Pursued to the end, Puerto Rico would just vanish, except as a tax haven (just as the Virgin Islands next door).


Mussolini Fustigated What He Called “Demoplutocracies”:

Hitler joined the Italian dictator in complaining about the “plutocrats”… whom he knew all too well (top Nazis commiserated with him for having to dine with “plutocrats”, and make small talk to “plutocrats“, etc.)  

Does that mean that those who complain about “plutocracy” a lot, such as yours truly, are also fascist?

No. Of course not. First it shows that Mussolini and Hitler called their dinner guests “plutocrats” because that’s what they, all often, were. It also reveals that, in the 1930s, it was a common political truth, worldwide, that plutocrats had caused the financial and economic crisis… As they had, since they were in command (the bubble of the 1920s was deliberately engineered by Lord Montague and his American alter ego, to mitigate British debt from World War One by inflation and over-activity).


President Roosevelt, Knight Of The Dark Side:

People often ask me what the Dark Side is. Neither “Evil“, nor “Star Wars” do justice to the notion. That force is strong, but its strength varies. The politician who acted the best, for his own country, when faced with that plutocratic crisis, was President Franklin D. Roosevelt. Roosevelt devalued the dollar, shackled Wall Street and the banks, created a Command and Control economy (headed by a young Canadian!). Roosevelt, himself a plutocrat, behaved in an extremely progressive, socialist way. Because he had to. Sometimes, the Dark Side is all about doing what is necessary (I see Obama chuckling in the distance with his drones). Embracing many of the solutions of the hard left, was the price Roosevelt paid to save plutocracy.

Maybe to compensate, for his own exuberant socialism, Roosevelt was abusive with the French (who still adore him), and exploitative with the British. He also helped making sure that Stalin, Hitler and Mussolini could devastate Europe… To the great profit of the USA. In 1939, or early 1940, Roosevelt could have declared war to Hitler. That would have probably made him win re-election in November 1940 in a landslide.

Roosevelt ran for an unprecedented Third Term. President Washington had refused to do so; Roosevelt was not obligated to run for an unprecedented third term. But he was morally, civilizationally, and strategically obligated to declare war to Nazism. FDR never did: Hitler declared war TO him. So why did not he?

Because Roosevelt was a master of the Dark Side: he let Nazism being used as a blunt instruments to destroy the competition in Europe, the other representative democracies (France, UK, Netherlands, Belgium, Norway… and their allies: Czechoslovakia, Poland, etc.) In the USA, this makes him a great man, an immense patriot, the founder of the “American Century”. The judgment of history, is another matter, entirely, let’s hope I contribute to it with my own point of view (“theory“).

In any case, President Roosevelt was a master plutocrat, whereas Hitler and Mussolini depended upon plutocrats. The case of Stalin is different: the Dark Side was so strong with him, he was able to surf over lots of plutocrats, as if they were waves, one after the other. Early on plutocrats of the USA (such as the Harriman Brothers) financed him (say to develop Baku oil fields). Engel in his theoretical book had said to do away with marriage, and embrace, free, secxual love. So Stalin’s satanic approach was pragmatic. Allied to German fascists, from 1916, until savagely attacked by his colleague Hitler, Stalin dictated his conditions to a weakened Roosevelt who was all too happy to give him half of Europe to chew on.

The Pragmatic Approach Can Be Opposed to the Principled One:

The USA stays highly pragmatic, never having ratified the Kyoto Protocol. Obama presented a plan to lead from behind technological progress (it affects energy production, about 30% of the CO2 production, but not transportation, another third, or industry). The solution, of course is to take out all subsidies for fossil fuels, starting with the richest countries, and doing so progressively. If Europe and the USA decided this, they could impose it, worldwide, through a carbon tax.

A conference in Paris is supposed to make desperate efforts to stop the rush through the two degrees Celsius, but the largest sub-arctic zone, Russia, has already barreled right through.

As long as hedge funds feel they can order the world around why should it be any different? What else?

Plutocrats say: all the problems arise from French-like socialism, and the European Unification related to it. Thus, they have got to say that so it is, with Puerto Rico’s debt crisis.

Puerto Rico’s debt crisis has to be related to the hydra of European unifying socialism, sneakily propelled by the French.  How could that not be? Contagion, what plutocrats fear the most, this what Greece and France brought: contagion of rebellion. Destroying direct democracy is why Persia financed the war of Sparta against Athens. Plutocrats have profited of this Persian investment, ever since.

The Greeks did not want to pay for their banks’ errors, and the state debt resulting from it. So the Greeks started a mood, a mood where those who owe resist their lords, the lenders. Hence the Puerto Rican legislature sudden decision to resist its masters, the hedge fund managers. So, you see, European leftists are not innocuous, they are already attacking on U.S. soil.

And the climate crisis? Purely a French invention. Proof? The climate conference is to be held in Paris in four months.

Nowadays, thanks in part to the Multiverse fanatics, no proofs are really necessary, screaming insanities is sufficient, to qualify for respect (as long as you have a big gun, or pocketbook, or aura given by those with guns, or pocketbooks). Everybody knows this, by now: the tedium of the medium is the message, and the massage.

Patrice Ayme’


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9 Responses to “Puerto Rico’s Default: Back To The 1930s?”

  1. Chris Snuggs Says:

    A) Nobody forced Puerto Rico or Greece to borrow. Like the Germans, I am sick of countries borrowing moronically so that they can temporarily live beyond their means.

    B) Greece entered the euro on a pack of lies endorsed by the EU elite. The euro is a disaster and the EU a venal and corrupt bureaucratic nightmare that has betrayed Europe. The evidence for this is overwhelming.


    • Patrice Ayme Says:

      A) Plutocrats forced Puerto RTico and Greece to borrow. Rich and influential people who like not to pay much taxes, love to conspire with banks, and consider elected officials and so-called “leaders” as pawns who mechanically repeat and do what they have been programmed to say and do.

      You ought to be sick of such robotic leaders doing what their masters want them to do.

      B) Greece entered on a pack of lies organized by GOLDMAN SACHS, a financial conspiracy American BANK. There is no way Eurostat and say, Germany, did not know. In any case, as I keep on demonstrating, the Euro is not the cause of the Greek debt crisis. Greece is much better off having this crisis within the Eurozone, than out.

      The Euro is a great success, I see this everyday when I travel here and there between Italy and France. The frontier is ten miles away, as the Gypaete flies…

    • gmax Says:

      Dear Chris: you seem to be suffering from reading comprehension failure: Patrice explained that rich folks perverted Greece, as they did for Porto Rico. In both cases politicians were captured to serve the rich, causing the debt

  2. gmax Says:

    Nice. So finally the rebellion against debt you called for seems to be taking hold

  3. John Rogers Says:

    I have noticed that arguments of the sort Chris puts forth here always seem to sound in some sort of moral failing on the part of the victims. It’s similar to American conservatives denouncing poor blacks (heirs to slavery, a hundred years of segregation, denied access to capital, etc.) that they are lawless and don’t want to work and that’s why they’re poor. It couldn’t be the system and the parasites (plutocrats) who manipulate the system, because unfettered capitalism (neo-feudalism with dollars) is God’s will.

    • Patrice Ayme Says:

      Indeed. Chris always repeats the same slogans, and does not get down to the level of the arguments I use. For example Puerto Rico has 10% tax relative to GDP, whereas advanced countries have 23%. Krugman did not talk about that (yet). Instead he talks about the poor location of PR, etc

      So Chris says his stuff. The exact same stuff, again. Krugman is careful not to upset the plutocrats about Greece or Puerto Rico.

      Europeans, the real ones, use Euros, and it works. The debt crisis has NOTHING to do with the principle of a common currency. NOTHING. But academics such as Krugman, who constitute a real propaganda machine in the USA, a veritable industry, have vomited lies about the common currency for decades now. They always forget the Thaler/Tollar, which lasted longer than the USA has existed. (The U.S. dollar dates from the Secession War.)

      Accusing people, other people, of moral failure, establishes a logic justifying aggression against them. It’s the first step of aggression.

      Nothing wrong with it, IF justified. Everything wrong with it, when one uses it as a closed loop, hermetically impervious to any new data. In the PR essay I used data I never mentioned before, whereas Chris is saying exactly what he was saying already 5 years ago (and which has been undermined by counter-arguments thoroughly).

  4. Puerto Rico just defaulted for the first time | Douglas J. Pascual Says:

    […] Related Article: Puerto Rico’s Default: Back To The 1930s? […]

  5. dominique deux Says:

    Hedge funds are basically a good idea: take risks, do it intelligently, get paid for it. So when they whine about their losses they should be reminded sharply that it is part and parcel of their business model. As Chris should quip, nobody forced them to invest.

    It’s the same kind of unchallenged and shameless posturing as the plutophiles lecturing about the supremely ethical nature of plutocracy: those who take the risks are entitled to the profits. Except that plutocrats have learned from the ’29 crash, which had them jumping from their top floor windows in droves: engineering the passing on of all risk to the huddled masses is Business 101 in good schools. A takes the risk, gets it wrong, B loses her livelihood. Neat. When was the last time you saw a so-called “investor” crashing through the poverty line? Even with a net worth of MINUS a few million bucks, they just go on splurging! Try and do that after you default on our mortgage.

    • Patrice Ayme Says:

      Trump was fully bankrupt twice. Now he is leading the Republican candidacy for president. Plutocrat Bernard Henri Levy, wassaved from bankruptcy just once… But all of France had to work on it. Banks of the USA saved Trump, while their European colleagues watched uncomprehendingly. BHL was saved by Mitterrand, and all socialists, and, when that was not enough, by fellow plutocrat Pinault (one of the world’s richest men), who called president Chirac, who then had a BHL saving law of some sort passed.

      Long live plutocracy.

      Hedge funding, and financial derivatives in general, ought to be cracked down on. Can’t highly leverage the probability that your neighbor’s house will burn, so…???

      And how did BHL and Pinault become billionaires? By ravaging African forests.

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