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So This Is What Happens With Government Disaster Relief?
So This Is What Happens With Government Disaster Relief? There is no possibility of eliminating corruption in government. The idea of having government assist after a natural disaster sounds great. It makes us feel good. Houston floods? Send millions. New Orleans floods? Send hundreds of millions. Puerto Rico? The place is a mess and needs […]
Museletter #305: Puerto Rico is our Future
Museletter #305: Puerto Rico is our Future Download printable PDF version here (PDF, 93KB) My hometown of Santa Rosa, California, and surrounding communities were decimated by wildfires during the week of October 9, with entire neighborhoods completely erased. If you want a sense of how bad the fires were, watch this 11-minute video clip put […]
Disaster Capitalists Take Big Step Toward Privatizing Puerto Rico’s Electric Grid
Photo: Xavier Garcia/Bloomberg News/Getty Images DISASTER CAPITALISTS TAKE BIG STEP TOWARD PRIVATIZING PUERTO RICO’S ELECTRIC GRID THE BOARD THAT oversees Puerto Rico’s finances has taken its most conspicuous step toward privatizing the island’s power grid, a long sought-after prize that has been put on a plate by Hurricane Maria. The federally appointed control board announced […]
Number Of Puerto Rico Residents Without Clean Water And Electricity Keeps Rising
Number Of Puerto Rico Residents Without Clean Water And Electricity Keeps Rising A lone car provides the only source of light in the devastated Puerto Rico city of Utuado. In the wake of Hurricane Maria’s wrath, Puerto Rico remains devastated. Newest reports from the island territory now show that the number of residents without clean […]
In a Cashless World, You’d Better Pray the Power Never Goes Out
In a Cashless World, You’d Better Pray the Power Never Goes Out When Hurricane Maria knocked out power in Puerto Rico, residents there realized they were going to need physical cash — and a lot of it. Bloomberg reported yesterday that the Fed was forced to fly a planeload of cash to the Island to help avert disaster: […]
Kyle Bass Sounds Off On “Worthless” Puerto Rican Debt, The Crypto “Gold Rush”, And Guns
Kyle Bass Sounds Off On “Worthless” Puerto Rican Debt, The Crypto “Gold Rush”, And Guns With the dollar’s recent post-Fed bout of appreciation providing some much-needed relief for Haymarket Capital’s P&L, its founder Kyle Bass sat for an interview on Friday with Bloomberg’s Erik Schatzker. During the 20 minute discussion, Bass expounded on the importance […]
The Spiraling Crisis of Puerto Rico
The Spiraling Crisis of Puerto Rico Puerto Rico’s infrastructure, which already faced severe pressures because of the U.S. territory’s huge debt and demands from its creditor, has now been devastated by Hurricane Maria, as Dennis J Bernstein reports. Though President Trump bragged about the relatively low death toll from Hurricane Maria — 16 at the […]
Puerto Rico is on Track for Historic Debt Forgiveness–Unless Wall Street Gets Its Way
Photo: Joe Raedle/Getty Images PUERTO RICO IS ON TRACK FOR HISTORIC DEBT FORGIVENESS — UNLESS WALL STREET GETS ITS WAY FOR BONDHOLDERS SITTING on Puerto Rican debt, Hurricane Maria may have come just when they needed it, just as a yearslong battle over the fate of the island’s financial future was beginning to turn against […]
In Maria’s Wake, Could Puerto Rico Go Totally Green?
In Maria’s Wake, Could Puerto Rico Go Totally Green? The ecological and humanitarian destruction of Puerto Rico has left the world aghast. But there is a hopeful green-powered opportunity in this disaster that could vastly improve the island’s future while offering the world a critical showcase for a sane energy future. By all accounts Hurricane […]
Puerto Rico: When the electricity stops
Puerto Rico: When the electricity stops When the electricity stops in modern civilization, pretty much everything else stops. Not even gasoline-powered vehicles can get far before they are obliged to seek a fill-up—which they cannot get because gas pumps rely on electricity to operate. When I wrote “The storms are only going to get worse” […]
Catalonia and other Disasters
Catalonia and other Disasters I’ve seen a lot of videos and photos of the Catalonia attempt to hold a referendum today (Tyler has a “nice” series of them), and what struck me most of all, apart from the senseless violence police forces were seen to engage in, is the lack of violence on the side […]
“What Are We Going To Do?” Puerto Rico In Chaos As Cash Runs Out
“What Are We Going To Do?” Puerto Rico In Chaos As Cash Runs Out Most Puerto Ricans haven’t had access to electricity, cell service or financial services for nearly two weeks now. And as we reported yesterday, residents who didn’t stockpile enough cash have been struggling after Hurricane Maria essentially knocked the island’s economy into […]
Puerto Rico is our Future
Puerto Rico is our Future News reports tell of the devastation left by a direct hit from Category 4 Hurricane Maria. Puerto Ricans already coping with damage from Hurricane Irma, which grazed the island just days before, were slammed with an even stronger storm on September 20, bringing more than a foot of rain and […]
Puerto Rico Debt Holders Respond to Catastrophic Hurricane by Offering Puerto Rico More Debt
Photo: Joe Raedle/Getty Images PUERTO RICAN DEBT HOLDERS RESPOND TO CATASTROPHIC HURRICANE BY OFFERING PUERTO RICO MORE DEBT PUERTO RICO, FACING absolute devastation after Hurricane Maria barreled through last week, desperately needs immediate funding to restore critical infrastructure, particularly its hobbled electric grid. The entire island — home to over 3.5 million American citizens, roughly […]