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Puerto Rico DEFAULTS – What Will It Mean? Mike Maloney

Get updates on the Puerto Rican crisis here: Puerto Rico’s default yesterday is a result of well meaning politicians promising more “free” stuff to voters than the taxpayers were willing or able to pay for. Now the Federal government is being called upon to find a solution and that means taxes are going up, which will further shrink the economy. Unfortunately, what most people don’t realize is that a similar fate awaits the whole of the U.S. If you enjoyed watching this video, be sure to check out the Hidden Secrets of Money website at . It’s a world-leading educational series by Mike Maloney, the bestselling author of the Guide to Investing in Gold & Silver. As Mike explains in the series and his book, we live in an economic system that is made complicated by design. Basically, it’s set up so most people don’t even try to understand it. In Mike’s videos, he breaks down these concepts using easy-to-follow analogies, real pages from history, and animations that tie it all together.
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47 Comments on Puerto Rico DEFAULTS – What Will It Mean? Mike Maloney

  1. Tax breaks for businesses. Substandard wages for workers. And we wonder why
    people depend on government handouts to survive. Let them default on their
    debt. It’s about time the needs of the people came first.

    • +bjlyon615 Before government became everyone’s “god” and authority, there
      was this thing called Churches. Both Churches and just plain old individual
      people helped other people. It was much more face to face. There’s no
      voluntary in government confiscation (tax). Poor people used to elicit
      compassion. Now they stir up resentment because of tax theft and also
      because of the disconnect from fellow man that this system inevitably
      causes. It’s easy to love a human face to face. It’s not easy to love a
      system.

    • +Rainboworafish So, rather than paying employees a livable wage, employers
      pass on the needs of such workers to charitable organizations rather than
      the government? I still prefer that employees be paid a livable wage.

    • +bjlyon615 I agree on that part, in fact I think businesses that don’t pay
      a living wage AND consumers that buy foreign made goods to save $ should
      pay more taxes since they are the causes of the need for social programs. I
      am an employer who pays standard industry wage + profit sharing. Those who
      work for me make double what the industry pays. I make 1/3 as much as other
      owners, but enough is as good as a feast. I’ve been on the other end of the
      stick.

    • +bjlyon615 I agree on that part, in fact I think businesses that don’t pay
      a living wage AND consumers that buy foreign made goods to save $ should
      pay more taxes since they are the causes of the need for social programs. I
      am an employer who pays standard industry wage + profit sharing. Those who
      work for me make double what the industry pays. I make 1/3 as much as other
      owners, but enough is as good as a feast. I’ve been on the other end of the
      stick.

    • +Rainboworafish I think you and I are on the same page. I applaud your
      ethics as an employer. And I agree that those whose actions or non actions
      result in the need for the creation of government programs to address
      whatever damage has been done ought to pay for those programs – either
      through fines or taxation.

    • +Underground Sounds Or Israel? (194 ‘UN’ Roman ‘Crown’ vassal countries and
      territories, and counting…) NOW where is the UN going to send the
      ‘laundered’ US tax slave ‘petro dollars?’ Cypress? Switzerland?? the ‘city
      of’ London??? Brussels???? How’ bout DIRECTLY to the HOLY SEE banksters, in
      ROME????? ;-)))

    • No. We tried countless of times and the majority of the island is in favor
      but congress declines it all the time we passed the votes in favor of
      statehood. They don’t want us, they just want our land.

    • +hag12100 … You are right!! These Bonds were super toxic over three
      years ago. investors had ample warning Yet MOST continued to buy knowing
      dm well that US Federal law made it illegal for the PR Govt filling for
      Bankruptcy. They elected to continue buyin and holding the high yield
      Junk bonds with the assumption the Feds would come to the rescue!! As one
      born in PR, I say….. Let them default, NO BAILOUT .By the way, there
      is plenty of blame to go around this fiasco The US Congress for one, who
      has complete oversight for the Island and saw this coming long ago, also
      greedy investors and a very immature ignorant group in Sa Juan government.

    • +psiclonus Wrong, it’s on the credit of Puerto Rico. Just check out Peter
      Schiff’s videos on this and you’ll learn.

  2. hey Mike — are you Peter Schiff’s new neighbor? We might be joining you
    guys soon… any room on your block (err, fenced-in compound) ?

  3. There is no such thing as a well intended politician. This entire collapse
    has been planned for many years.

  4. Thanks for the info on Puerto Rico, Mike. I knew a guy who grew up on PR
    and he said that there was a lot of crime down there. Hopefully you can
    continue to steer clear of it. Maybe all those people leaving weekly are
    making the island safer for you! Anyhow, take care. Say ‘Hi’ to Peter
    Schiff for me!

  5. Government bonds are stupid investments. Always have been, always will be.
    Bond revenue is used to subsidize deficit spending, which means the
    government is insolvent. Why lend cash to any insolvent entity? If they
    can’t pay their bills now, what makes you think they will pay you more than
    what you lend to them?

  6. I am going to wait to see how long it takes you to wake up and see Puerto
    Rico is no “haven” of ANY sorts. All you have to do is to live in a Puerto
    Rican enclave in some of our larger cities and see the crime element,
    gangbanging, drug selling, etc. “What the Heck was I thinkin’!” ……

  7. Mike, a friend that works for a Big BAnk was in a big meeting and told
    interest rates are going up soon and sharply..
    What will that mean to real estate, the dollar, and metals?
    Thank you.

    • +Walter Strong Don’t denigrate the hard-working burger flipper, he adds to
      the economy, on the other hand (increasing) military funding is a drain on
      the economy (and the burger flipper is paying for it).

  8. I totally disagree about min wage. If a business NEEDS a job done, they
    should pay at least a living wage to get it done. If you want to have a
    special training wage for, say, under-18 students working less than 20
    hours per week, and being claimed as a dependent on someone else’s taxes –
    fine. But if it’s an adult who has to pay their own SS and income tax, they
    should get paid a living wage.

  9. 5:44 “Well intentioned politicians”? I think it’s about time to just admit
    they’re corrupt.

  10. They have no central bank otherwise they could be like us and print
    trillions & trillions to paper over their paper problems.

    • +todd dyer Although no announcement has ever been heard. Obama stated he
      hadn’t visited all of the 57 States back about 7 years ago. In fact Puerto
      Rico is an un-declared State and has been for some time. The Internal
      Revenue Service collects taxes and they are sent to a Clearing
      International Bank in SanJuan. For the World Bank, Our Default is Next &
      thats why Obama was in the News today. Making everyone one feel WARM &
      FUZZY just before the Collapse.

    • +Mac Clark All the Territories have been pretty much screwed from what I
      ever seen. You tend to have large percentage of Vets in those places than
      any one of the states. They get screwed out of those benefits. If all the
      territories just became states, you would over night alter the politics of
      this country you would if you guys stuck together you would have like some
      major sway in the senate.

  11. It is impossible that so many puertorricans didn’t know PR is a US
    territory. We have US citizenship, use US Passport, use US currency, serve
    in the US armed forces. STILL we ARE NOT a US state nor an independent
    country. And this are facts.

    • +Orlando Aviles-Santiago Mike was referencing the folks in the mainland
      (shutting off bank accounts/utilities etc). – Admin

    • +Mike Maloney, I understood the sentence as Orlando Avilès, because he said
      first that he moved to Puerto Rico and he asked the people.

  12. I want to thank you for your report and bringing it out to the public. I
    loved, subbed and will share. Again thank you.

Comments are closed.