Puerto Rico’s Governor Says Island’s Debts Are ‘Not Payable’

Started by jimmy olsen, June 29, 2015, 02:17:00 AM

Previous topic - Next topic
Print
Go Down Pages 1 2 3 4 5 6 7 8 ... 11
User actions

The Minsky Moment

#45
July 30, 2015, 11:39:13 AM
Quote from: Monoriu on July 29, 2015, 03:47:52 AM
Who owns Puerto Rico's debt anyway?  Is there a possibility that some of the debt is held by local residents?  In that case, defaulting on the loans means locals take a cut in their savings and investments as well.

A lot of it is owned by bond funds and hedge funds; barring some rather extreme allocations the effect on those funds should not be too severe.

A good chunk is owned by PR residents - they will clearly suffer is there is a haircut or default, but that would be a welfare problem not a systemic financial problem. 

Greece is not a useful comparison. 
The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.
--Joan Robinson

Malthus

#46
July 30, 2015, 01:21:35 PM
1. Reintroduce slavery
2. Sell Ricans to the highest bidder
3. Profit! Or at least, debts paid.

:)
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane—Marcus Aurelius

Savonarola

#47
July 30, 2015, 01:32:02 PM
Quote from: Malthus on July 30, 2015, 01:21:35 PM
1. Reintroduce slavery
2. Sell Ricans to the highest bidder
3. Profit! Or at least, debts paid.

:)

Then require each of the slave buyers to take place in a real life game of Puerto Rico and turn that into a reality show.  We'll pay off the US National Debt as well.
In Italy, for thirty years under the Borgias, they had warfare, terror, murder and bloodshed, but they produced Michelangelo, Leonardo da Vinci and the Renaissance. In Switzerland, they had brotherly love, they had five hundred years of democracy and peace—and what did that produce? The cuckoo clock

lustindarkness

#48
July 30, 2015, 01:51:32 PM
Rican slaves? Do you know how lazy we are? Now sex slaves is a different matter.
Grand Duke of Lurkdom

Malthus

#49
July 30, 2015, 01:58:31 PM
Quote from: lustindarkness on July 30, 2015, 01:51:32 PM
Rican slaves? Do you know how lazy we are? Now sex slaves is a different matter.

The plan can be adapted.  :hmm:
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane—Marcus Aurelius

The Brain

#50
July 30, 2015, 02:55:27 PM
Quote from: lustindarkness on July 30, 2015, 01:51:32 PM
Rican slaves? Do you know how lazy we are? Now sex slaves is a different matter.

Lazy, selfish lovers are awesome. :rolleyes:
Women want me. Men want to be with me.

Siege

#51
July 31, 2015, 02:15:49 PM
How about applying free market principles to fix their economy?

Oh no, we cannot have that.


"All men are created equal, then some become infantry."

"Those who beat their swords into plowshares will plow for those who don't."

"Laissez faire et laissez passer, le monde va de lui même!"

jimmy olsen

#52
July 31, 2015, 07:11:18 PM
Quote from: Siege on July 31, 2015, 02:15:49 PM
How about applying free market principles to fix their economy?

Oh no, we cannot have that.
Elaborate.
It is far better for the truth to tear my flesh to pieces, then for my soul to wander through darkness in eternal damnation.

Jet: So what kind of woman is she? What's Julia like?
Faye: Ordinary. The kind of beautiful, dangerous ordinary that you just can't leave alone.
Jet: I see.
Faye: Like an angel from the underworld. Or a devil from Paradise.
--------------------------------------------
1 Karma Chameleon point

The Minsky Moment

#53
July 31, 2015, 07:48:36 PM
The free market principle was to kill the phara subsidy, which tanked the PR economy and accelerated the brutal brain drain problem.
The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.
--Joan Robinson

Admiral Yi

#54
August 02, 2015, 11:54:24 AM
The rest of the free market principle would be to eliminate the too-high minimum wage and cut the overgenerous welfare payments.

Ancient Demon

#55
August 02, 2015, 11:56:11 AM
Quote from: Admiral Yi on August 02, 2015, 11:54:24 AM
The rest of the free market principle would be to eliminate the too-high minimum wage and cut the overgenerous welfare payments.

Austerity! :mad:
Ancient Demon, formerly known as Zagys.

Admiral Yi

#56
August 02, 2015, 11:57:22 AM
Quote from: Ancient Demon on August 02, 2015, 11:56:11 AM
Austerity! :mad:

Strictly speaking, the minimum wage would be "structural reform" and not austerity per se. :nerd:

jimmy olsen

#57
August 02, 2015, 04:44:45 PM Last Edit: August 02, 2015, 10:28:22 PM by jimmy olsen
Quote from: Admiral Yi on August 02, 2015, 11:54:24 AM
The rest of the free market principle would be to eliminate the too-high minimum wage.

Even if that was correct, that's not something Puerto Rico can do it, it's covered by the Federal minimum isn't it?
It is far better for the truth to tear my flesh to pieces, then for my soul to wander through darkness in eternal damnation.

Jet: So what kind of woman is she? What's Julia like?
Faye: Ordinary. The kind of beautiful, dangerous ordinary that you just can't leave alone.
Jet: I see.
Faye: Like an angel from the underworld. Or a devil from Paradise.
--------------------------------------------
1 Karma Chameleon point

Eddie Teach

#59
August 02, 2015, 09:06:13 PM
Quote from: Admiral Yi on August 02, 2015, 07:56:00 PM
Not responding without a hard return.
Good policy.
To sleep, perchance to dream. But in that sleep of death, what dreams may come?
Print
Go Up Pages 1 2 3 4 5 6 7 8 ... 11
User actions