Fareed Zakaria Suggests a Cosmopolitan “Grand Bargain” of Discredited IMF Neoliberalism to “fix” Puerto Rico

by Scott Creighton

Why does CNN’s Fareed Zakaria hate Puerto Ricans?

Fareed Zakaria is a Yale educated neoliberal/globalist mouthpiece for the monied class of the masters of the universe. Much like Hillary Clinton, Tom Perez and Barack Obama, he’s a right-of-Reagan “centrist” in tattered “progressive” clothing who has long since given up on pretending to be anything else. And like many of his elitist colleagues, Fareed sees the world only through class-based eyes.

“The election of Donald Trump is really a kind of a class rebellion against people like us, educated professionals who live in cities, who have cosmopolitan views about a lot of things,” Zakaria said, according to The Hill.Newsweek

Fareed held this view until the president’s glorious generals launched an attack on a Syrian airfield (while Trump ate some “beautiful cake”) at which time he famously declared Trump “became president of the United States.” Needless too say, the election by the unwashed masses didn’t qualify him for that position, in Fareed’s “cosmopolitan view”

Yesterday, while flipping through the talking head shows, I caught Zakaria’s offering in terms of what he thinks should be done to “help” the people of Puerto Rico in the wake of the hurricane that hit them 3 weeks ago. Needless too say, his proposal is nothing short of brutal, economic austerity that would carry over the anguish of the current disaster to future generations for decades while making the glorious Business Class fabulously wealthy.

As you can see from this Google search (all I searched was “Puerto Rico”) his globalist friends over there know what stories to promote:

The federal government is dragging their feet in terms of helping them recover from the crisis. While President Trump jokes about them “busting” his federal budget and makes a game out of throwing paper towels at desperate people, his financial team made up exclusively of Goldman Sachs temps, deliberately allows the island’s population to suffer so as to make them feel the full measure of discomfort during the expanding crisis.

“Never let a good crisis go to waste. It’s an opportunity to do things you normally wouldn’t be able to do” said Rahm Israel Emanuel all those years ago. A lesson Fareed certainly learned. Maybe back at Yale.

It should be noted that Puerto Rico has been suffering from a “debt crisis” for years. The masters of the universe, the global financiers and hedge funders, want the politicians in the territory to give into the same economic structural reforms the neoliberals have been pushing on third world nations for decades but they have refused to do so. Up until now.

It should also be noted that when the horrible effects of the hurricane were first becoming known to the people of the US, President Trump immediately suggested forgiving the debt of Puerto Rico so recovery could begin sooner and go much smoother. The masters of the universe got their mouthpieces like Rachel Maddow and the Washington Post to immediately make up yet another “Russian collusion” myth and the threat of impeachment got Trump to get his mind right, right quick. He retracted that offer as his “advisors” from Goldman Sachs got his thinking in line for him.

Puerto Rico’s debt, prior to the disaster, was largely due to Goldman Sachs and the economic terrorism they launched on much of the Westernized world back during the debt crisis of 2008.

Goldman Sachs played an important role in causing Puerto Rico’s debt crisis by targeting the commonwealth with predatory financial deals. The bank helped underwrite $2.5 billion in capital appreciation bonds, the municipal bond market’s version of a payday loan, for which Puerto Rico will pay $18.8 billion in interest—an effective interest rate of 746 percent.

Furthermore, Goldman Sachs was lead underwriter on $224 million in auction rate securities for the commonwealth and the counterparty to related interest rate swaps. Auction rate securities are a form of variable-rate debt, similar to an adjustable-rate mortgage, and a swap is a financial instrument that borrowers sometimes purchase to protect themselves from unexpected spikes in interest rates on variable-rate debt. Both the auction rate securities and swap markets went haywire in 2008 as a result of the financial crisis caused by Wall Street’s reckless behavior. In These Times, April 2017

Bernie Sanders was even talking about the banks causing Puerto Rico’s debt crisis and profiting from it way back during the election… while he was sheepdogging for Killary.

Of course, by mentioning that, I run the risk of being considered part of Fareed’s “class rebellion” now don’t I?

Fareed’s neoliberal screed yesterday exposes the truer nature of the man like few other moments in his Mockingbird mouthpiece career.

First he want’s the government to put together a “loan” package that the people will be forced to pay back, which will make Trump’s Goldman Sachs leeches extremely happy.

Then he drudged up an old, discredited, “way forward” plan put together by the same kinds of technocrats who raped and pillaged other nations for the IMF and World Bank for years.

Here are a few of the economic reforms they suggest that Fareed wants imposed on the people of Puerto Rico in exchange for the “loans” that will do nothing more than make a few well-connected oligarchs extremely wealthy:

  • do away with federal minimum wage ($7.25) entirely or reduce it to $2.25
  • “relax” labor laws for “youth employees” (bring back child labor practices)
  • doing away with overtime restrictions
  • making it easier to fire or “lay off” employees without having to pay a penalty
  • fewer vacation days
  • extending probationary period (no benefits) from 3 months to 2 years
  • cutting welfare payments to force workers to accept jobs no matter what they pay
  • major income tax increase on working class
  • cut Medicaid benefits below what are paid here on the mainland
  • make students pay more for an education
  • greatly reduce the number of public education teachers
  • privatize state insurance funds
  • create an economic board of technocrats who would have veto authority over all aspects of Puerto Rico’s economy
  • remove restrictions that keep Big Business from setting up shop in Puerto Rico like tax laws, worker’s rights concerns, right to unionize, environmental concerns

If this Draconian plan Fareed is pimping on his show sounds an awful lot like the crippling economic measures pushed by the IMF and World Bank, that might be because it’s lead writer is formerly from the IMF and World Bank.

Another is CURRENTLY with the IMF.

The IMF and World Bank’s neoliberal economic ideology never helps the people of a targeted nation. You know how I know that? Because “conspiracy theorists” say so? Nope. Because economists say so, because history proves it and … because the IMF has admitted as much themselves.

“Asking if the International Monetary Fund supports economic neoliberalism is like asking if the Pope is Catholic — the answer is so obvious it seems silly to even raise the question. The IMF has been one of the principle endorsers of neoliberalism—an ideology that promotes free markets, free trade, and small government—for decades.

That is what makes it so shocking that the IMF recently released a paper titled “Neoliberalism: Oversold?” questioning the efficacy of a program that has been the basis of mainstream economic policy in most of the Western world since the end of the Cold War.

The paper — written by IMF Deputy Director Jonathan Ostry, Division Chief Prakash Loungani, and economist Davide Furceri — proposes that neoliberal economic policies have resulted in increased inequality and stunted economic growth.Fortune 2016

Neoliberal economic ideology is probably the closest thing we will ever see to a purely feudal system. It is definitely class-based and designed to make the poor even poorer and the rich fabulously wealthy.

It is a punishment of an economic ideology which inflicts long-term suffering on anyone it touches with a net worth of less than a million dollars.

For the vast majority of the people in a country or territory where it is imposed, it is a race to the bottom of the regional economic food chain and that is exactly why it’s a wealth creator for the monied class of the world’s financial masters.

It always fails (Asian Tigers anyone?) and while it fails it makes a few billionaires even richer while making millions of hard workers poorer and poorer.

It is barbaric. Feudalism reborn.

Of course, slavery made America a powerhouse back in the day and there are those who still yearn for a return to the good old days, before the Civil War, the emancipation proclamation and the New Deal.

You have to understand, neoliberalism isn’t designed to make things better for a country or it’s people. Remember, it’s a race to the bottom which can only end in outright slavery. After all, that is the system that provides the most profits for Big Business.

In a couple of years, as neoliberal structural reforms fail, the technocrats will suggest even more painful measures to be paid by the people, as they always do. And they will continue along that path till they reach Nirvana.

Which brings to mind one question:

Why does Fareed Zakaria hate Puerto Ricans so much?

Perhaps he doesn’t hate them specifically. Maybe, since it’s been a couple of years since the global financiers got their hands on a country to neoliberalize, Fareed simply understands they have to be fed someone, somewhere, before they start losing some glorious profits. After all, we failed to deliver in Syria and Venezuela… so someone has to be sacrificed to them and Puerto Ricans are predominantly brown and poor so… why not?

Of course, Puerto Ricans are Americans and citizens… and they are human beings caught up in something they have no control over. I guess Fareed is incapable of factoring those into his equation.

Exposing Fareed as a globalist apologist pushing a failed economic ideology on the people of Puerto Rico really isn’t what I would call “news”. He’s had his nose buried up the asses of the monied classes since his first freshmen orientation at Yale I’m sure.

What’s interesting is the way this draconian ideology just wont die and how it’s constantly being dusted off and offered up by fake liberals in the complicit media all the time. But now they are suggesting it for American citizens. Brown American citizens to be exact, but American citizens just the same.

And how it’s getting so little press from the so-called “opposition”

Yeah, here’s Fareed doing the bidding of Donald Trump’s staff right there on TV for everyone to see. Almost like they serve the same Goldman Sachs masters, ain’t it?

I feel for the people of Puerto Rico. Hit by economic terrorism, then a storm lays waste to their island… then ass-hats like Fareed move in for the anal rape of economic neoliberalism while they are still recovering from the storm.

Only in America could the move to return to slavery be considered “cosmopolitan”… and only by it’s elites.

Yeah. A class rebellions sounds pretty good right about now, doesn’t it?

Hey Puerto Rico: here’s some food for thought

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14 Responses

  1. And they will taste tough and sour…….. but with a little ketchup and lots of salt, maybe eatable. Use a rotisserie and turn them often….

  2. I don’t understand much of what I just read here, but I’m glad I am what I am—dumb, and poor.

    Hi, Scott.

  3. Puerto Rico will never be able to repay this debt at Goldman Sach’s usurious interest rate. Right? Goldman Sachs knows this. So what is the existing legal mechanism, whereby — I presume — all US taxpayers will begin to collectively pay Goldman Sachs? Like, is Goldman Sachs guaranteed by the US Gov that, if a US state/territory (e.g., Puerto Rico) can’t repay a loan, that they US Gov will step in and pay for them? How is Goldman Sachs going to get their money?

    • Don’t worry Tom. It’s the people who say they’re Jews but they’re not. They lie. They’re the synagogue of satan. Otherwise, I can’t make sense of what you’re saying.

    • they will restructure the loan obligations putting an even higher interest rate on them. And the people of Puerto Rico have been paying them back over the years but the usury rate prohibits them from doing so without wrecking the economy so they take more and more every year out of the budget for other things to pay the interest on the loans. That’s one reason they want to increase the tax rate for the working class… so they can LITERALLY make the workers pay Goldman Sachs back FASTER while allowing BIG BUSINESS to pay those workers less. Pretty sickening, huh?

      • What a mess. Island US territory. Residents have no US representation. Forced into austerity. They’re effectively a US penal colony.

        • Furthermore, Puerto Rico is completely isolated from the world. Evidently, the Jones Act prevents them from receiving assistance from other countries…

          Excerpt from: https://consortiumnews.com/2017/10/24/demonizing-venezuelas-revolution/

          Dennis Bernstein: You have compared and contrasted Venezuela and Puerto Rico. Could you talk about that?

          Daniel Kovalik: Puerto Ricans are citizens of the United States and what have we done for them? Eighty percent of the country still does not have electricity. It is a very dangerous situation. Meanwhile you have Trump saying we can’t be helping them forever! FEMA is still helping out in New York with the effects of Hurricane Sandy! This was like five years ago. FEMA people are still in New Orleans helping to clean up after Katrina. And now Trump is saying we may be done in Puerto Rico when we have barely even begun! And recall that, with the Jones Act, Puerto Rico cannot freely get assistance from other countries.

          Dennis Bernstein: If I’m not mistaken, Venezuela stepped forward to offer assistance after Katrina hit and the victims were being ignored by the federal government.

          Daniel Kovalik: And so did Cuba. Venezuela and Cuba do more for the world than any other countries. They have been the first responders to the cholera crisis in Haiti. With the help of Venezuela, Cuba has sent medical teams to 70 countries throughout the world. Even during their own difficult times they offer help to others.

      • Just had a comment eaten by WordPress. Could you please fish it out of the dumpster for me, Scott? Much appreciated.

  4. I thought that was a very good article. Yours truly doesn’t know much about economics. (Never cared much about money.) But the article gives a very clear picture of what is going on in Peuto Rica.

  5. I’m just thankful we have the internet. Imagine these poor people who never knew what really happened at the bath school bombing:

    https://en.m.wikipedia.org/wiki/Bath_School_disaster

    They determined that no one assisted this maniac who planted 1000’s of pounds of dynamite in his house and at the school. The janitor never noticed walls of dynamite, nor did any of the employees. Yet people saw him carrying equipment into the school basement at night, and said nothing.

    Keep speaking the truth brother

  6. I got a better economic plan for Puerto Rico. The Kosher Nostra mob, known as “The Company” lost Cuba to Fidel. Why not give them Puerto Rico in exchange for all the debt relief? After all Goldman-Sachs is pretty much the same group without the Tommy guns.

    Benefits>

    a) There would lots of jobs: entertainers, hookers, maids, janitors,,,
    b) Those not working would have a steady supply of dope to chill
    c) It would be a great place to launder money
    d) They could have sister city relationships with similar places around the globe
    e) Think of how fun it would be reliving the 40s and 50s!

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