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We must let Puerto Rico default– AgainstCronyCapitalism.org

May 2, 2016

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It will be hard for some but we must let Puerto Rico default with no bailouts. The Same goes for Illinois and other states..  Bail them out, and the world will blow up! Financial dysfunction will catch like wildfire.

Source: It will be hard for some but we must let Puerto Rico default, no bailout. Same goes for Illinois, other states – AgainstCronyCapitalism.org

I agree.  No bailouts at the city, county, state or federal level.  No more indenturing future generations with the financial sins of the past.

Economists call bailouts a “moral hazard”.  Governments will spend with abandon once they know others will pay the cost.  The long term risk from a bailout far exceeds the short term risk from default.  RM

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