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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
Wall Street seeks neoliberal ‘solution’ for Puerto Rico
Puerto Rico’s Payday Loans: The Shocking Story Behind Wall Street’s Role in Debt Crisis
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?
