Puerto Rico is making Greeky noises about not being able to pay off a massive debt. I think $72 billion was mentioned. They ought to just default, stiff all their creditors, like Detroit did. Those gullible creditors deserve to loose the money because lending to places like Puerto Rico, or Greece is just plain stupid. Let's burn 'em good, maybe they will wise up.
The purpose of the whole financial system is to raise money for economic development, factories, oil wells, power plants, railroads, startups, launching FedEx, stuff that will make enough money to pay off the loan. Lending to governments of any sort is not economic development. It's just a scam that allows governments to avoid tax hikes which their citizens hate. It's not going to make money to pay off the loan. I have no sympathy for those "investors". Actually they aren't investors, they are gamblers. Watching gamblers get burned doesn't bother me a bit.
No comments:
Post a Comment