Odious Debt. Is Puerto Rico Our Future?

Puerto Rico is a victim of Wall Street’s loan sharking operation. Its bond debt is now more than $72 billion dollars. This represents more than $20,000 per person, more than the median income, which is $19,520 per year. It’s what’s known as Odious Debt, that is to say debt that didn’t benefit the people of Puerto Rico. In America, we face a similar debt problem. The national debt is now over 20 trillion dollars. That’s larger than the size of the entire US economy. The Fed was established precisely for this reason—to create a never-ending spiral of debt. Donald Trump joined up with Chuck and Nancy to push for uncapping the congressionally set borrowing limit. Insane borrowing that will ultimately destroy the United States continues. The Senate Budget Committee says the 2018 federal budget will add an astounding $1.5 trillion to the debt. There’s no way to debt can be paid off and continuing to borrow and spend will make the situation far worse. There is only one solution: repudiation. You’re not responsible for the debt. It was signed off on behind your back, without your permission. The next time somebody tells you about your share of the national debt, demand to see the promissory notes proving that you co-signed the politicians’ loans.

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Show Notes

Puerto Rico is our Future

Wall Street seeks neoliberal ‘solution’ for Puerto Rico

Puerto Rico’s Payday Loans: The Shocking Story Behind Wall Street’s Role in Debt Crisis

Operation Bootstrap

The US Establishment of PROMESA Is a Case of a Crime Against Humanity

The Real Story Behind America's New $20 Trillion Debt

Democrats Dance With Donald Trump on Debt-Ceiling Repeal

Moody's will downgrade US credit rating if Treasury misses interest payments

Republican-Led Congress Overwhelmingly Approves the Trump-Democratic Debt Deal

What’s the worst that could happen? 7 debt-default doomsday scenarios

Debt Nightmare: Does Anyone Actually Care That Our Exploding National Debt Is Destroying Our Future?

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Comments

  1. janiece turner says:

    You are gifted.

  2. Gonzalez Juan says:

    Most of us are born into debt slavery

  3. They sure are making a mess of this country, and seem to not care one bit. These people are quite literally mentally ill. I wonder if our collapse will finally make people see what is going on. In case it doesn’t, prepare yourselves.

  4. Max Havelaar says:

    Like Bill Still said in: The Money Masters: no more national debt (no treasury bonds), just create money interest and debt free, like US constitution says.
    The national debt is an invention of the Megabanksters (Rothschilds & co) to controll nations financially with debt threats.

    A state can simply create money and spend it on public projects to create a Full employment economy, which suits the middle class (80%). Not the Billionaires. This public money will create goods & services, just like privately created money by Goldman Sachs.

    This simple truth is the monetary revolution to kill off the megabanksters and the illegal state-bond markets.

  5. Siusaidh Chaimbeul says:

    Would love you to do a parallel feature on Dominica (pop. under 80,000) in the eastern Caribbean showing what’s similar, what’s different, in an ‘independent’ country hit by Maria just before Puerto Rico.

  6. victor friese says:

    The low resolution version is high res. 500megs.

  7. Michael Naaden says:

    I still don’t get it when NewsBud characters use the “Neo-Liberal” term. Liberal in the European sense is different from the US sense. “Free Markets” is different in the Chicago School and the Austrian School. If you are a Hoppean, then the admission of a state rejects the notion of Free Markets, and introduces a compromised Market. “Neo-Liberal” sounds more like, fascist in the German sense, the way it is used.

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