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Puerto Rico's economic & natural-disaster collapse looks more & more engineered...

Discussion in 'General Discussions and Lounge' started by leashedForLife, May 3, 2018.

  1. leashedForLife

    leashedForLife Well-Known Member Registered

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    to me. :skep:

    I'm watching a documentary on PBS ["Blackout in Puerto Rico"] - the PR govt had been taking out loans & selling govt bonds for years, to finance the running of the govt; in 2014, mainland-US bankers essentially set-up an exit to save themselves & reduce the fiscal risk to their firms, raising $3.5-M as a bond issue. // Over 40% of the "loan" actually paid-out the banks' outstanding investment, & they departed.

    THE BOND-HOLDERS were left holding the bag; one man recounted how his banker had offered him a $1-M loan, to "buy more PR bonds" - he had a solid $350K saved as retirement funds, & he told the man that $1-M was too much. // He took a $500K loan instead, on the banker's insistence, & invested it all in PR govt bonds.
    A few months later, his U.B.S. banker phoned him, & said he "needed the money back". -- What?!?! - I don't have a half-million! ... He was given ONE WEEK to repay the loan, & meanwhile as PR bonds plummeted in value, he lost most of his retirement savings.
    :( He has since sued UBS.
    Morgan-Stanley, Santander, UBS, & a 4th firm were deeply invested, & all 4 helped to craft the 2014 bail-out; none have been charged with financial "irregularities", AKA crimes.
    IOW, they got away with it - again.

    Per the suffering of the ppl on the ground, the speed of relief efforts was a bad joke; 30 days after storms hit Houston & Florida, FOUR TIMES as many relief workers were on the ground in TX & FL, re the numbers in P.R.
    30-days after Maria wiped-out the power grid, & destroyed 80% of the island's homes, & 90% of the infrastructure - bridges, roads, stormwater systems, sewage, pumping stations, pipes to carry potable water, everything destroyed -- FEMA had distributed only 1/4th of the supplies they'd given out in TX, & 1/2 of what they'd provided in FL.

    Then FEMA hired inexperienced contractors to deliver essentials - blue tarps for covering damaged roofs & saving buildings from further damage, emergency drinking water, RTE meals... they even hired a novice contractor to REPAIR the electrical grid - which in reality, would be REBUILDING the electrical grid, neglected for decades & in many parts, rusted into uselessness. // Everything from power-generating plants to transformer banks, including SIXTY THOUSAND power-poles broken or split by the storm!, needed to be replaced - & they hire someone who's never done it B4?!

    The U-S has always used Puerto Rico as a cheap strategic military outpost, a frost-free naval harbor, & a handy winter resort for domestic tourism; it's never been a "state" & its citizens are not given full rights as U-S residents.
    They can serve in the U-S armed forces, but they can't vote for POTUS; neither fish nor fowl, they are seen as unfit to govern themselves, but we don't want to admit that P.R. is a colony, either.

    Who is going to take over the island? - Who's going to ultimately benefit from the island's catastrophic collapse, & make a massive profit?
    I'll be watching with interest, but also deep cynicism. // Somebody, IMO, set the island's Govt & its people up for a fall; the decades of underfunding, neglect, & fiscal starvation were not accidental.

    - terry

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