Puerto Rico files for biggest ever U.S. local government bankruptcy

Re:Puerto Rico files for biggest ever U.S. local government ... by cgio on Wednesday May 03, 2017 @08:30PM (#14261487)

Why would you tie an economy's capacity with the limited supply of a good? These trillions of debt (could) have created equivalent value in infrastructure, education, military power etc. The fact that the gold equivalent of what amounts to a whole economy does not exist is not an indication that the value is not there in the economy.

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Re:Puerto Rico files for biggest ever U.S. local government ... by Consultant32452 on Wednesday May 03, 2017 @08:39PM (#14261534)

I didn't make any value statements on whether or not I think an asset backed currency is preferable. I just pointed out that the US defaulted on its debt when we told the world we weren't going to pay them back what we promised.

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Re:Puerto Rico files for biggest ever U.S. local government ... by hueving on Friday May 05, 2017 @10:06AM (#14273498)

"we"? The US abandoned the gold standard in the 1930s. The "we" that promised anything is long dead and has nothing to do with the "we" (US citizens) now.

A citizen today is no more accountable for actions taken that long ago than for actions taken 4000 years ago.

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Re:Puerto Rico files for biggest ever U.S. local government ... by Consultant32452 on Saturday May 06, 2017 @10:36PM (#14283544)

Nixon was the one that put the nail in the coffin of the gold standard and defaulted on our debt. I don't see how it makes a difference how old our debt is if we're still paying the interest on it.

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