Yesterday House Speaker Paul Ryan pushed through a Puerto Rico Rescue bill called PROMESA. The details of the bill are fundamentally challenging to understand in scope, however, the key aspect to remember is the underlying benefactor(s) – Wall Street.
While Ryan is severely adverse to PROMESA being called a bailout, that’s exactly what it is – only worse. The plan structurally changes the dynamics of how State debt is repaid, and the considerations for bondholders under the 5th amendment (seizure of private property w/out compensation); which will lead to a guaranteed bondholder bailout.
However, beyond the ‘bailout’ aspect there is a framework to override state legislative authority and use un-elected “control board” appointed by congress to subvert citizen voices and make independent decisions.
As you read this press release from David Brat consider the how such legislative usurpation could possibly be considered “conservative“.
DAVID BRAT: Yesterday members of Congress voted in favor of PROMESA, a bill that imposes a control board on Puerto Rico. I opposed this bill, and in an op-ed in the Washington Examiner, I explained why.
“The PROMESA Act creates an un-elected, unaccountable ‘control board’ imposed by Congress to manage Puerto Rico’s spending and tax policies for at least five years. Control boards and five-year plans, channeling Stalin: what could go wrong?
“PROMESA deprives the Puerto Rican people of their right to self-governance and establishes a seven-person board that can overrule the Commonwealth’s elected leaders on almost any law. Members of the control board will be personally chosen by President Obama to manage the territory’s spending and tax policies.
“….members of the House of Representatives [voted] to impose a system for ‘bankruptcy’ without a referendum asking the people of Puerto Rico whether they want this. Their right to democracy [was] not only infringed by this bill, it [was] entirely usurped.
“This makes the bill truly Orwellian — it remove[d] the consent of the Puerto Rican people and creates a fiefdom for un-elected officials chosen by President Obama.
“As economist Thomas Sowell said, ‘The fatal attraction of government is that it allows busybodies to impose decisions on others without paying any price themselves.’ Congress can’t even get its own fiscal house in order, but [passed] a bill to solve Puerto Rico’s problems.
“This bill should [have been] subject to ratification by the Puerto Rican legislature or a vote from the Puerto Rican people. As it stands, I [opposed] PROMESA because it turns free citizens into subjects.” (link)
Hopefully, with sunlight, the American voter will wake up to the fundamental paradigm shift many voices continue to outline: this approach is not conservative, it’s deadly globalist authoritarianism.
After spending 18 years in Washington DC Paul Ryan is now showing everyone how he has abandoned the principles of “self-determination”, the cornerstone of historic “conservatism”, and now applies a big government ideology of un-elected, bureaucratic, and federally dictated control.
This seismic ideological shift in ‘conservative principle’ is indicative of the disconnect between the Republican Party, which has evolved into corporatist/globalist authoritarianism, and the America-first independent principle carried by Donald Trump.
Understand this dynamic and you understand the opposition to Donald Trump’s candidacy.
The Ryan Coalition are “Rat Finks”…
Wall Street R.A.T Members: Paul Ryan, Kevin McCarthy, Mitt Romney, Mitch McConnell, Lindsey Graham, Ben Sasse, Scott Ringel, Reid Wibble, and the list goes on….
There are trillions of dollars at stake.