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Puerto Rico Defaults OH NO!!!!





coolclay
Well in case you haven't heard Puerto Rico has officially defaulted on it's own people. Which is really sad because it's those people that probably actually need the money, not the filthy rich investors. Either way my brother in law recently bought a house there. Not sure if it was the best of ideas, with everyone moving out of the country because of lack of jobs. At least making a a great wage for an America company while living in PR probably means the cost of living will be very low for him I hope. The question is will his home still have any value left in the next few years!
Possum
It could be a great time to buy a house there soon...


Maybe the people need to get rid of that of that Government.

Mind you this seems to be a world wide phenomenon. ie Greece.

A few minutes ago I paid my credit card dept $200. My question is if I can why can the very smart people in Government do the same... I smell a rat...
deanhills
Possum wrote:
A few minutes ago I paid my credit card dept $200. My question is if I can why can the very smart people in Government do the same... I smell a rat...
So do I. I recently read about the people in Cyprus waking up in the morning after a Government bail-in of the Banks. Instead of getting tax payers to bail out the banks who had been in trouble to the European Union, they got the investors to bail out the banks, so all investments over the minimum guaranteed bank amount were taken and investors got bank stock in return. Those shares of course dropped right to the bottom as a consequence and all of their savings were basically wiped out. There's also another way the Governments do it. Fiddling with the value of currencies.

I really think having a debt-free property is much better than cash in the bank. As the banks and Governments cannot be trusted to look after your cash in the bank. They only seem to be looking after your really big tycoons. It is rumoured that in the month leading up to the Cyprus bail-in some of the really wealthy banking investors got tipped off about the bail-in and millions left the country. When the bail-in happened the amounts people could take out were immediately capped. Corruption on top of everything as well.
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