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Jun 29

Puerto Rican Governor admits that the Island’s $72 billion debt is “not payable.”

bankstercop

In the wake of the bankruptcy and default of the Greek government, and the forced closure of all Greek banks for a week, the New York Times is reporting statements by the Governor of Puerto Rico that the island can never repay its $72 billion debt.

Like Greece (and many or most modern Keynsian-economics-driven governments), Puerto Rico has been led by a politics that emphasizes redistributionist policies, welfare, ever-higher taxes, prisons, entitlements, government cops all over the streets and licensing of all industries and businesses.