When the electricity grids shuts down and you’re unable to withdraw money from your ATMs, cash will be scarce and you’ll starve to death, unless someone parachutes food and supplies into your shithole neighborhood.
The entire island of Puerto Rico is dealing with this now, as 90% of the island remain bereft of electricity and half without clean water. There is an endless supply of filthy water, however.
Enter the NY Fed and their plane filled with cash, via Bloomberg.
William Dudley, the New York Fed president, put the word out within minutes, and ultimately a jet loaded with an undisclosed amount of cash landed on the stricken island, according to Richard Carrion, the Popular Inc. executive chairman who made the call. He and Chief Executive Officer Ignacio Alvarez reflected on the chaotic early days of the crisis in an interview Friday at their office in San Juan’s Hato Rey financial district.
“We thought the cash was going to be a problem,” said Carrion, 64, whose bank is the biggest in Puerto Rico by deposits. “The magnitude of this is something we haven’t experienced.” Suzanne Elio, a New York Fed spokeswoman, declined to comment on the money shipment.
Apparently, corporations needed hundreds of thousands of dollars to meet payroll, none of which was available in Puerto Rico’s shitty banks, especially Banco Popular. One day after the storm, the Fed was ferrying large amounts of cash to the island, in an effort to avoid a deflationary vortex.
How bad was the storm? It’s estimated that over 100,000 buildings were leveled, completely destroyed. The banks are now gearing up for a construction renaissance, rebuilding the island to be one of extreme grandeur. Meanwhile, Puerto Ricans continue to flee the island, resettling in the mainland. There are more Puerto Ricans in mainland American than in Puerto Rico. They do not need a visa to travel here. All they need is a plane ticket and a place to call home.
Expect many of the 3.4 million Puerto Ricans to jettison the island for good, perhaps changing the demographics for Florida, tipping the advantage to democrats.
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Never fear. They were all “dying”. To turn Florida into a shithole.
“They do not need a visa to travel here. All they need a plane ticket and a place to call home.” – Why should they? They are American citizens.
That alternate place called “home” is the Bronx. I’m not sure if they’ll even know what to do with cash. They’ll have better luck dropping food stamps like confetti over the island.
Dope
This is probably a case of limousine liberalism. I doubt you know any Puerto Rican’s. They have immense national pride and consider themselves Puerto Rican’s, not Americans.
A bit like Texas then.
I know a single Puerto Rican family. Guy is a close friend of mine for over a decade. They have as much pride in PR as a native New Yorker, but consider themselves Americans first.
Dope
Stop it. You just said you knew 1 family. Kill yourself.
Lol. Gerrymander THAT, Gop…
What? Bitcoin did not save the day in PR? They needed physical cash? Why? I thought bitcoin is like gold; or at least better than stupid coupons with numbers on them that the usual synagogue suspects conjure from thin air. That’s what I keep hearing and reading. What happened? I am shocked, shocked I tell ya.
This is all Columbus. That fucker brought the wheel and hence air conditioning. All Italians must be given blankets full of AIDS. From California.
In the nineteenth century these United States of America saw fit to kick out all European Powers from the Western Hemisphere and establish itself as the dominant super power. It fought a war with Spain. In winning that war it acquired all Spanish possessions including the then naval military strategic Island of Puerto Rico. In its effort to further fuck Spain it granted American citizenship to all inhabitants of Puerto Rico (i.e. The Jones Act). Spain then still had and supported slavery. Now in the Twenty First Century, Puerto Rico is not strategic and is a political and economic burden to the USA. Then it seems to me that we are witnessing nothing more than a time to pay the Piper!
So, just like California?
California was acquired by winning the Mexican-American War.
So same shit, different war.
If you Google “Do residents of PR pay federal taxes?”, there is an array of answers, of which most are BS lies. I’m pretty sure 40% of residents, if not more are on welfare and contribute a NET ZERO to the mainland. Actually it’s a NET NEGATIVE. Then, the poor bastards that live in NY get to fund the families that got sick of living with 3.5 million people on a land destitute to get rocked by Mother Nature. The Holland, Lincoln, GW, Throggs Neck, White Stone, Mid-Town, Verrz all there to subsidize your tired, your poor… Just sad.
That would put them above average. 45% of all Americans pay zero Federal income tax.