Loading ...also, after what? 10-12 days in a row down, a long might be good risk/reward–this opening plunge just drives the RSI down deeper…
Puerto Rico Declares a Form of Bankruptcy
With its creditors at its heels and its coffers depleted, Puerto Rico sought what is essentially bankruptcy relief in federal court on Wednesday, the first time in history that an American state or territory had taken the extraordinary measure.
The action sent Puerto Rico, whose approximately $123 billion in debt and pension obligations far exceeds the $18 billion bankruptcy filed by Detroit in 2013, to uncharted ground.
While the court proceedings could eventually make the island solvent for the first time in decades, the more immediate repercussions will likely be grim: Government workers will forgo pension money, public health and infrastructure projects will go wanting, and the “brain drain” the island has been suffering as professionals move to the mainland could intensify.
Puerto Rico is “unable to provide its citizens effective services” because of the crushing weight of its debt, according to a filing on Wednesday by the federal board that has supervised the island’s financial affairs since last year.
The total includes about $74 billion in bond debt and $49 million in unfunded pension obligations.
While many of Puerto Rico’s circumstances are unique, its case is also a warning sign for many American states and municipalities — such as Illinois and Philadelphia — that are facing some of the same strains, including rising pension costs, crumbling infrastructure, departing taxpayers and credit downgrades that make it more expensive to raise money. Historically, Puerto Rico was barred from declaring bankruptcy. In the end, however, financial reality trumped the statutes, and Congress enacted a law last year allowing bankruptcy-like proceedings.
cont. https://www.nytimes.com/2017/05/03/business/dealbook/puerto-rico-debt.html?_r=0
I had a girlfriend who loved to pan for gold. We went panning every weekend. Also set up a sluice box and did pretty good; mostly flour gold but a few modest nuggets. Eventually she dumped me but kept the gold! LOLOL!!!
Glad to hear it! 
This latest round of beatings plus a nasty case of whatever the latest upper chest infection going around has had me down sick for six days running. I’m clearly off kilter emotionally – I guess even more than usual. 🙂
Just got to get my head cleared up before I lose it. Not going anywhere.
Best to all.
A gift from an uncle , a hard rock miner , that he gave me back in the early 1950’s . He was known in the family and among his peers as Big John MacLeod. He and his wife were like second parents to me , and I hope to see them again ‘on the other side’ when my number is up .
hi Maya,
My concern is what will the TPTB do to Bitcoin if/when it becomes a threat?
I wish I could get excited about all the new ether money, but a cashless society seems tailor made for fleecing the sheep.
In 500 years gold will still be gold. Bitcoin?
I watch out for your posts every day so you can’t leave. (Aren’t I selfish?) I can understand how you feel, though. It’s been a terrible time. I really believe that we’re going to come through this. Soon it will be all behind us.
stop confusing some digital shit with real money. My grandfather and dad didn’t raise me to believe in anything like this. So yes you can make lots of money on ANYTHING, but you are in love with a jump drive, so whatever
The city of gunfire owes him a shot.
Be nice to Richard640, geeze guys
We’re all a little bit steamed. The Milwaukee Road steamer lives!
http://www.railpictures.net/photo/614729/
bitcoin is crap, bitcoin is crap, bitcoin is crap
