331–340 of 481 posts
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The only investment a human can make is in their genetic future. Everything else (money, power) is in service of that.
You might as well say the only investment any human can make is in producing excess heat in the universe.
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> But if we make it our social norm that bankruptcy is nothing to be ashamed of and to be taken lightly I don't know about "taken lightly" but bankruptcy and defaulting on a debt should not be something to be "ashamed" of, for an individual, a company, or a government. Default is an option specifically written into every debt contract out there. There should be no more shame in choosing to default as there would be f…
> There should be no more shame in choosing to default as there would be for choosing to exercise a stock option that causes your counterparty lose all his money. Defaulting on a debt is not about shame. Governments don't feel shame. The ramifications are that future credit becomes much more expensive, as the next contract's debt provisions will be harsher. > No surprise that it's mainly bankers pushing the "it's imm…
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The problem is the the holders of the bonds are largely the people of PR themselves...
I'm really skeptical of this claim. Source?
There is an English transcript there and a lot of stats. The pension funds, for example, are effectively the people of PR.
A few months ago I discussed this with friends and suggested the government subsidize cheap flights to Puerto Rico, say $30 for a round trip flight from Atlanta, scaled up depending on domestic distance. This would cost taxpayer money but would drive a ton of tourism to Puerto Rico (albeit temporarily) and pump a bunch of money into their economy, defibrillator style. I've never been there but given a cheap round tri…
>The CDC has issued an alert for travel to areas where Zika virus is spreading, which now includes Miami-Dade County, Florida, Puerto Rico , American Samoa, and the US Virgin Islands. Travelers who are pregnant or considering pregnancy should consult a doctor.[0] Let's just send cash over instead of tourists. Less chance of unintended consequences. [0] https://www.cdc.gov/zika/
> Q: I was in a place with risk of Zika recently. How long do I need to wait after returning to get pregnant? > A: Men who have traveled to a place with a CDC Zika travel notice should wait at least 6 months after travel (or 6 months after symptoms started if they get sick) before trying to conceive with their partner. Women should wait at least 8 weeks after travel (or 8 weeks after symptoms started if they get sick) before trying to get pregnant.
For the Spanish speakers of HNs, NPR's Radio Ambulante has an excellent episode (called "deuda") that they did last year explaining the complexity of the situation. The short version is that a lot of the debt is held by the people of PR themselves in form of bonds that were sold when the economy was good. The reason it was artificially good is that for a long period it had great US tax benefits when compared with oth…
What percentage of the debt is held by private individuals and what percentage is bets by traders?
You want to read about law 936 and also understand that the bonds were sold to retirement funds and individuals. 22% of the debt is by local agencies. If you listen to the podcast (or read the transcript) it will make more sense.
I have lived all my life in Puerto Rico, and as you can imagine, this issue is quite controversial. We owe money to the creditors... and what you do with a debt is to you pay it off. Yet the amount is so staggering, that I wonder if it's actually possible. As is typical, decisions by politicians placed us in this situation. Decade after decade, 4-year term after 4-year term, the government has spent money it does not…
I left. I was born there too. It was my entire life. I agree, it is paradise.
But your line just makes me think of the #YoNoMeQuité or #YoNoMeQuito thing. Don't let it turn into it.
I had to leave my family. My mom just had to have surgery and I wasn't there. My grandparents are old and not doing great health wise. My sister is trying to finish graduate school. My friends. I had a job, was making good money (that's not the reason I left) and I now have a remote job and still I can't move back.
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For others, there is a big controversy with people saying (and shaming) others with the hashtags, #YoNoMeQuité (I didn't leave/quit) or YoNoMeQuito (I'm not leaving/quitting).
The reasons why people leave are theirs. It's not easy deciding to do it and it's not for us to comment on it.
I just hope this comment doesn't open the door to others who find the thread.
I have lived all my life in Puerto Rico, and as you can imagine, this issue is quite controversial. We owe money to the creditors... and what you do with a debt is to you pay it off. Yet the amount is so staggering, that I wonder if it's actually possible. As is typical, decisions by politicians placed us in this situation. Decade after decade, 4-year term after 4-year term, the government has spent money it does not…
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> But if we make it our social norm that bankruptcy is nothing to be ashamed of and to be taken lightly I don't know about "taken lightly" but bankruptcy and defaulting on a debt should not be something to be "ashamed" of, for an individual, a company, or a government. Default is an option specifically written into every debt contract out there. There should be no more shame in choosing to default as there would be f…
>>I don't know about "taken lightly" but bankruptcy and defaulting on a debt should not be something to be "ashamed" of, for an individual, a company, or a government. It totally depends. There is nothing shameful about declaring bankruptcy because you got into an accident and your insurance company refused to pay your six-figure hospital bill. But if you take out a big loan to build a new hotel and blow it all on ho…
I'm sure you would enjoy 18th century england and US. Debtors prison was once totally a thing. I like to think of it's dismissal as an evidence piece that a civilization evolves.
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Limited companies go bankrupt all the time. Do we consider it an "ethical failure" when some VC funded company folds, leaving a whole bunch of people they owe money to with nothing?
Those people are not stuck with the bankrupt startup for the rest of their lives. The same cannot be said about Puerto Ricans.