Puerto Rico isn’t a state, and it’s not a country. It’s been a territory of the United States since 1898, meaning although Puerto Ricans pay tax and are subject to American law, the don’t get to vote and their decisions are subject to the whim of our Congress. That whim has rarely swung in their favor. Currently, US Federal agencies control virtually every aspect of the island’s economy and government, and multinational conglomerates and the military control what’s left. They haven’t been doing a very good job.
Puerto Rico has been in the news recently because they’re about to default on $70 billion of debt. Despite the fact they control only a miniscule amount of their destiny, the debt part is apparently all their fault. Fortunately Congress, who actually created the problem, has a solution. The idea of a Financial Manager worked so well in Flint, Michigan, they’re imposing a Financial Control Authority (FCA) to restructure Puerto Rico’s debt and make sure the creditors get paid. What could possibly go wrong? Well, it depends. If you’re a creditor you’re more likely to get at least part of your money back although you still probably won’t see it all. On the other hand, if you’re a Puerto Rican, you’re very very likely to get shafted once again by a distant government and plundered by private companies. Is this enough to make you Furious? If you’re Puerto Rican, definitely. If not, read some of the details of a story being sanitized and spoon-fed to you by a complicit media and you’ll be well on your way…
If you read nothing else on this story, please read “No More Colonialism Disguised As Financial Assistance: The US Must Relinquish Puerto Rico” by Nelson Denis in Truthout (May 2016). It gives you all the backstory of Puerto Rico since the US liberated it from Spain in 1898. He covers the specifics of the FCA, the history and effects of over 100 years of colonialism, who’s going to benefit from the FCA, and who will pay the price. Extensively hyperlinked and passionately written, this one article will be enough to make you see the FCA deal in a whole new light.
If you want to dig deeper from there, we have many more sources for you to explore. If you get Furious after reading them, don’t say we didn’t warn you… we PROMISED!
BREAKING NEWS– As we were writing this, Congress did the absolutely expected… “House Committee Approves Puerto Rico Bill with Bipartisan Support”, Nick Timiraos in the Wall Street Journal, May 2016
It’s not proof that the FCA is a bad thing, but if Grover “Tax Pledge” Norquist is shilling on it you can be reasonably suspicious… “PROMESA Is the Way Forward for Puerto Rico”, Grover Norquist and Tom Schatz in National Review, May 2016
The Corporate Sludgepump has one side (and only one side) of the story, but the Puerto Ricans have their own side. “War Against All Puerto Ricans” is where you’ll find it. Here are some of their posts that jumped out at us…
Luis Fortuño…the chairman of Puerto Rico’s Financial Control Board?
The Gentrification of Puerto Rico
Puerto Rico must send a Financial Control Board to Washington, to manage the US economy
Fifty Organizations in Puerto Rico form a coalition against the US Financial Control Board
And there’s still more!
“A Fiscal Control Board For Puerto Rico”, Brannon and Albright in e21,
“Congress Agrees On Plan To Help Puerto Rico Restructure $70 Billion Debt”, Greg Allen on NPR, May 2016
“Puerto Rico Faces Prospect of Financial Control Board”, Klimasinska and Miller in Bloomberg Politics, Feb 2016
“How the United States Economically and Politically Strangled Puerto Rico” by Mark Karlin in Truthout, May 2015
