Cervantes

Hoy es el día más hermoso de nuestra vida, querido Sancho; los obstáculos más grandes, nuestras propias indecisiones; nuestro enemigo más fuerte, el miedo al poderoso y a nosotros mismos; la cosa más fácil, equivocarnos; la más destructiva, la mentira y el egoísmo; la peor derrota, el desaliento; los defectos más peligrosos, la soberbia y el rencor; las sensaciones más gratas, la buena conciencia, el esfuerzo para ser mejores sin ser perfectos, y sobretodo, la disposición para hacer el bien y combatir la injusticia dondequiera que esté.

MIGUEL DE CERVANTES
Don Quijote de la Mancha.

7 de abril de 2016

Puerto Rico Deals Horrendous Blow to Wall Street — Suspends All Payments On Public Debt

puerto_rico_wall_streetBy Matt Agorist
In a devastating blow to its megabank creditors, Puerto Rico’s Legislature approved a bill on Wednesday that suspended the US territory’s debt payments until at least January 2017.
Since 2000, Wall Street has conned the Puerto Rican government into a massive black hole of debt. After Puerto Rico handed them control of their federal bond sales, Wall Street executives tacked on hundreds of millions in fees for their “services,” greasing the skids for the island’s financial dismay.
Along with suspending debt payments, the legislation suspended payment on all general obligation bonds which happen to be guaranteed by the island’s constitution. As Bloomberg previously reported:
Unlike the bonds of most states and municipalities, Puerto Rico’s are exempt from local, state and federal taxes everywhere in the U.S. As a result, they are held by about half of open-end muni funds. The competitive advantage made it easy for Puerto Rico to double its debt in 10 years by selling bonds to plug annual budget deficits and pay for operating expenses — the same combination that brought New York City to the brink of bankruptcy in the 1970s.
As a result of the predatory lending tactics of Wall Street, coupled with the irresponsible nature of the state, Puerto Rico’s national bank is now prepped for receivership if necessary, according to the measure.
The Federal Reserve of New York has a long-standing relationship with Puerto Rico which has undoubtedly led to the territory’s fiscal woes. In 2014, the Fed issued a warning to the Puerto Rican government telling them to grow the economy (i.e. take on more Fed debt) or watch their economy crumble. According to the Federal Reserve’s report:
The Island appears to face two alternatives: either manage its own economic adjustment and put the Commonwealth on a secure fiscal basis, or wait for outmigration and the discipline of the market to force an even more painful adjustment, particularly for those unable or unwilling to leave the Island. Thus, the demanding choices Puerto Rico makes today will affect its long-run economic prospects and the future livelihood of its residents. A better future for Puerto Rico requires decisive leadership today.
It seems that refusing to take on more debt has created a terminal condition for Puerto Rico’s economy as the GDP remains stagnant, interest rates on their debt skyrocket, and citizens are fleeing the island at record rates.
As the Legislature met to discuss restructuring a $5 billion portion of the island’s debt, the Government Development Bank balked at the deal, noting that Wall Street has gotten them to where they are today.
“It is exactly the type of ‘Wall Street’ solution that led us to the precipice we are now looking over,” they said.
According to the Pew Research Center, 84,000 people left for the mainland U.S. last year. The unpayable mountain of debt and the resultant chaos in Puerto Rico is but the canary in the coal mine for the fiscal situation soon to be faced by other states who have long practiced the same heavily irresponsible borrowing practices.
In the short time that it will take most people to read this article, the US national debt will increase by $3,000,000. As it stands currently, the United States national debt is approaching $20,000,000,000,000 — a number now symbolic of the mathematical certainty that is the West’s financial collapse.

Matt Agorist is the co-founder of TheFreeThoughtProject.com, where this article first appeared. He is an honorably discharged veteran of the USMC and former intelligence operator directly tasked by the NSA. This prior experience gives him unique insight into the world of government corruption and the American police state. Agorist has been an independent journalist for over a decade and has been featured on mainstream networks around the world. Follow @MattAgorist

Alerta Venezuela

No dejen de ver este conmovedor video

LatinoAmérica Calle 13

Así preparan la cocaína: un cocktel de venenos.

The American Dream

Facebook, Israel y la CIA


La Revolucion de la Clase Media

Descontento en el corazon del capitalismo: el Reino Unido

Descontento en el corazon del capitalismo: el Reino Unido

La Ola se extiende por todo el mundo arabe : Bahrein

La Caida de un Mercenario

La Revolucion no sera transmitida (I)

(II) La revolucion so sera transmitida

(III) La Revolucion no sera transmitida

(IV) La Revolucion no sera transmitida

(V) La Revolucion no sera transmitida

(VI) La Revolucion no sera transmitida

(VII) La revolucion no sera transmitida

(VIII) La Revolucion no sera transmitida

Narcotrafico SA

La otra cara del capitalismo...

Manuel Rosales mantenia a la oposicion con el presupuesto de la Gobernacion del Zulia...

El petroleo como arma segun Soros

Lastima que se agacho...

El terrorismo del imperio

Promocional DMG

Uribe y DMG