Thursday, May 4, 2017

Puerto Rico declarres BK

As promised in these pages for some time now, Puerto Rico has finally had to makes its long standing bankruptcy status official.  The stupid liberal NYT says in its article that "Any relief could eventually help the island return to solvency."  What a bunch of MORONS!  PR will have to default on everyone before the bleeding stops.  It will default on pensions as well as bonds.  That is game over in a debt Ponzi!  The confidence in PR govt is completely gonezo.  Gone.  Kaput. 

Those who lost money in that junk  bond paradise will never trust that government again and many who loaned them money will get fired for their decision to do so.  So there will be no more of the loans that provided the fancy lifestyle and big government that PR enjoyed during the Ponzi growth years.  The NYT acts like simply dismissing debts is the road to recovery without remembering that much of the past growth there was bought with debt.  But taking on new debt is now next to impossible for PR.  So this action is not the end of anything; it is the beginning of the real pain that PR is going to feel over the next 15 years.  As the services and lifestyle collapse, so will the tax base for corrupt bloated government parasitic thieves. This is not over until the entire PR government eventually collapses.

PR is the canary in the coal mine.  It's financial collapse will be seen in several of the mainland states before any real bottom can be claimed.  Bernanke didn't "save" or "fix" anything.  Trump can't make 'merica great again because Peak Liberalism is upon us and that means that more and more of the things he wants to do using new debt simply will not happen.

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