Hedge funds helped wreck Puerto Rico
Hedge funds helped wreck Puerto Rico by Aengus mac Og.
It’s another symptom of the way things are within this corrupt and untethered political and economic system.
Puerto Rico as we know is not one of the wealthiest places in the world and is slowly but surely going bankrupt. I hear today that US hedge fund managers have been their shining white knight providing funds on the basis of a 20% return. How generous of them. There is no way it’s going to be able to pay it back and Puerto Rico will soon have to declare itself bankrupt.
It is no surprise that hedge fund managers have cried foul and have spent millions on lawyers, lobbying government and paying politicians to stop Puerto Rico from taking this action. One wonders how they think Puerto Rico will ever pay the money back unless of course they’re playing a different game and would like to buy the territory for themselves. Perhaps they would be King on their new principality.
The hedge fund managers say this action would undermine the bond market, which is interesting because they are ones to undermine it. It’s a psycho thing. We’ve seen the same in Argentina. And the banks went on a feeding frenzy on the bond market in Europe after the financial crash.
It is astonishing that so many fail to see the flaws in 21st century capitalism. Here we see bankers trying to re-write a fundamental internationally understood social contract, for no other reason than their own personal gain. A few fund managers vs 3.6 million Puerto Ricans. We talk about the 1%, well there you are.
We wish Puerto Rico a Merry Christmas and peaceful future. We are thinking of you.