Puerto Rico is the US in miniature.
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Puerto Rico is the bubble in the Caribbean that muni-bond holders are just now discovering in their portfolios.
These are government numbers for government purposes and have no semblance to reality.
In its candid assessment of the failure of the IMF and its partners to rescue Greece from its own foolishness, the IMF staff fails to mention the main lesson: free people left to their own devices can solve problems better than governments ever could.
Gosh, what a surprise!
There are moments of clarity, when things all of a sudden come into focus. This is one of them.
This should surprise no one: the Marshall Plan isn’t what establishment historians and public school textbooks say it was.
One thing about totalitarians: at least they are consistent. If something doesn’t work, they keep trying to make it work. Choosing a free market alternative isn’t even part of their universe because it involves freedom, which means freedom from government, which is antithetical to them.
Hollande has soap for brains. A committed socialist, he isn’t interested in what works. He’s interested in what promotes his ideology. In normal times what he is proposing would be called insanity. But we live in an insane world where sanity is the new insanity…
A honest socialist is an oxymoron. But Grimsson, while a socialist, is also a realist and a patriot. I can live with that. He tells the truth, a rare commodity these days.