The truth begins to leak out: the Financial Control Board will “not fix anything” in Puerto Rico


Book - 12-10

For nearly a year Republicans, hedge funds, and Wall Street lobbyists called for a Financial Control Board (FCB) to “fix” Puerto Rico’s economy.

Now the US media are slowly admitting that the FCB will not really fix anything, other than ensure that bondholders and hedge funds will receive their expected earnings.

The Financial Control Board arrives in Puerto Rico

This “shocking” admission was issued by Reuters this week, under the headline Puerto Rico Fix Unlikely to Resemble Detroit’s.

Plainly and boldly, the article states that:

  • the seven members chosen for the FCB are “short on expertise in economic development”
  • the Puerto Rican economy requires fundamental changes, but it is “unclear whether the board can facilitate such change”
  • the seven chosen members are “technocrats” who will treat the entire process as a “corporate re-structuring,” and will not “politicize” the process with concerns about pensions, job losses, or minimum wage…

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3 thoughts on “The truth begins to leak out: the Financial Control Board will “not fix anything” in Puerto Rico

    • what is really scarey is that Flint, Michigan is not a colony.(i was pouting in my own little pity party when this truth’hit’ me. talk about a harsh reality check on future prospects!)


      • I know. It’s so…weird…to watch all this stuff shapeshift, as it were, from “i thought this was OK” to “OMG. NOT WORKING AT ALL”. And,really? Flint is more like a prototype. Times like this I’m glad we’re on a well! and given our Gujurati weather, not too much worry about pesticide/fertilizer runoff into the aquifer in this particular spot. Always a bright side, eh?


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