A Promise For Puerto Rico – PROMESA

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As a resident of this beautiful Caribbean country called Puerto Rico… an Expat as many call me, and others just call me a Gringo, I am deeply concerned with the recent initiative by the United States Government to help bring this island out of the deep financial mess it is in.

Puerto Rico Oversight, Management, and Economic Stability Act

It is shortened to PROMESA which means promise in Spanish. But, what is the promise?

I have followed a great writer by the name of Nelson Denis. Nelson wrote a best selling book called War Against All Puerto Ricans. Nelson has also followed my books. My latest, The Rape of Puerto Rico has been gaining huge attention.

Nelson has blogged about this PROMESA Board, and I feel I need to add to it. See his article here.

And I now ask, are the Puerto Rican people about to get raped again?

Yes, something does need to be done about the economic problem here in Puerto Rico, but when we look into the bill that President Obama signed, it is quite easy to question the ulterior motives of the United States and the people who will be running this control board.

Some of the questionable parts of the PROMESA bill

Before I move further into this, I recommend that you take a look at the bill that became a law on June 30th of 2016.

You can read it here.

Some of the parts that create a cause for concern are:

  • The PROMESA board has the right to “accept, use, and dispose of gifts, bequests, or devises of services and real and personal property.” This gives the impression that can legally take bribes. So, if a certain creditor says that they will give a percentage of it to the board, will the board cut pensions or something else that is needed?

  • The PROMESA board has the right to restructure the government any way it sees fit. While I agree that many of these government workers are not needed, shouldn't the Puerto Rican legislature have some say?

  • They have the ability to cut pensions, health plans, leases, and much more.

  • It is stated that anyone who obstructs the board will be guilty of criminal misdemeanor. So, if the Puerto Rican people protest any decisions this board makes, it could result in some animosity.

  • Everyone that is from the ages of 20 to 24 will have their minimum wage set at $4.25 per hour. It seems to me that this is defeating what Puerto Rico needs. Do they want this age group leaving for the States? The economy is hurting now because of the amount of people leaving.

That is just a small amount of the questionable material in this bill. It is no wonder that many of the people here are concerned.

What the other side says

In all fairness, I am going to jump across the fence.

Someone said that they picture the PROMESA board to a life raft on board a sinking ship. The ship is going down, do you question how the raft was made or if it will actually hold 4 people like it says it will? I doubt you will question it at all, you will just jump in and pray.

Puerto Rico is a sinking boat and the PROMESA board seems to be the life raft. We can only hope and pray that they are fair and reliable.

Just to be clear, as a Gringo that loves this island and its people, I will be watching closely and reporting any PROMESA board discrepancies. I also worry not about a criminal misdemeanor… I have been charged with worse.

In order: Orr, Pataki, Ravitch
In order: Orr, Pataki, Ravitch

So who are the possibilities of being on the PROMESA Board?

Thus far, there are 3 people that seem to have good odds of being on this board. They are:

Kevyn Orr

Kevyn helped to bring the city of Detroit out of its financial nightmare. Kevyn was once a partner with the well-known Jones Day law firm, and he was the Emergency Manager of Detroit from March of 2013 until December of 2014.

George Pataki

The former New York governor and lawyer has a residence here in Puerto Rico. He understands the culture and may be a good choice.

Richard Ravitch

Richard was once the Lieutenant Governor of New York, and he has been offering his help to Puerto Rico and its economic troubles even before this PROMESA became a law. He has been helping pro-bono.

Some feel there is an ulterior motive with Ravitch, and that he is trying to help BAM (Build America Mutual) which is an insurer of mutual bonds.

Ravitch denies this, and he did help Detroit also. It seems to be in his heart to help. Hopefully, I am right.

Conclusion

We are praying that the economy of Puerto Rico is turned around it a good way. We hope that the citizens who have worked hard are not the ones who have to suffer.

We also hope that any of the politicians who misappropriated and Puerto Rico funds are promptly punished.

Please post your comments about this below.

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© 2016 Greg Boudonck

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Comments 2 comments

MsDora profile image

MsDora 2 months ago from The Caribbean

Listening on Caribbean radio to the financial plight of Puerto Rico raises many questions. Like you, I pray for a reasonable recovery without any burden to the citizens. Thanks for an inside look and best to you on your publications.


Froggy213 profile image

Froggy213 2 months ago from On A Mountain In Puerto Rico Author

Thank you and the best to you too, Ms Dora.

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