THE WRATH OF THE AWAKENED DEPLORABLE 6-14-2016

It is certainly symbolic that an armed attack, by a Berniebot, happened on Flag Day. After all, the Marxist drones loathe and despise the American Flag. They think so little of it they routinely burn it during their riot/demonstrations. It is also no surprise that after they stoked the fire of hatred towards normal Americans, something like this happens. It was said, by Mann I think, that a society that burns books, will soon burn people. He was speaking about the Nazis, but the hatred now applies to the Marxists. It is a short step from decapitating Trump’s head as “performance art,” to a Shakespeare play featuring the death of the POTUS, to a Berniebot opening fire on the “enemy;” namely, Republicans. Further, the brazen sedition causer, George Soros, is currently funding open rebellion against the duly elected POTUS, and now advocating the murder of political dissidents. I will tell you all plainly we are now on the edge of the abyss called Civil War Two. Incident after incident, from the FBI murder in Oregon of the Bundy supporter, to the vicious attacks on Trump supporters, the stand down orders given to police by their Marxist masters, clearly shows “they” hate our guts, view us as the enemy, and have moved beyond saying we should all be killed, to actually starting to do so.

Granted, the shooting today emphasizes two key points. The first is the Marxist left has made the mental adjustment from talking about killing POTUS, the deplorables and “Republicans” to actually pulling the trigger. The second thing, is well, to put it bluntly, they are incompetent. I am a military veteran, although I never saw combat. I trained on the M-16 rifle in basic and during permanent party in Germany. The last time I fired an M-16 was in 1974 at a rifle range. I did not fire any rifle until 1998 when I went shooting with a friend. Even though I had not fired any rifle, and not one round, in decades when I shot his bolt action Remington in the 30:06 round, my first shot was left of dead center on the border of the next ring. My second shot was right of dead center of the next ring. My third shot was dead center. Of course, he had a scope, but my point is I would have put three shots into the head of anybody I shot at, even after not firing a rifle for 23 years. The Berniebot who opened fire today was a truly horrible shot. He fired 50 shots and hit five people, from a fixed position, with no return fire and several minutes to do so, at least until he was shot to death. It is a truly ironic thing about the Marxist drones that they are equally enraged, equally ignorant, and totally incompetent at so many levels. I have long told my liberal neighbors up here in Portland that they must never truly piss people like me, and you, off. If they do, they will find out the 30 plus million military veterans have not forgotten their training, have dealt with all the psychological issues required to actually pull the trigger with a live human being at the other end of the barrel. After today, I think a lot of deplorables have also taken the next step, entered the next phase needed for Civil War Two. The thing the Marxists have never understood, with their continual baiting of us, their mocking, sneering, brutal contempt of our cultural values, personal ideologies is they are baiting the bear. The Marxists would be wise to remember the bumper sticker that says: “The reason you aren’t dead is because I haven’t killed you.” Do the Marxists really believe that we won’t unleash total blitzkrieg on them if they really do threaten us personally, our families, our friends and our society? If they do, then they are even more ignorant than I thought.

Today will be remembered as a decisive day in the history of the decayed American Republic. It will mark the first real shot in the looming civil war between the Marxist morons and the rest of us deplorable types. It truly is the shot heard round the country. Unfortunately for the Marxist thugs, the response will not be what they think it will be. Instead of instilling fear in us conservative types, it will instill a savage and deep rooted determination, and even rage, against these Marxist punks with delusions of being Rambo.

Doomer Doug, a.k.a. Doug McIntosh now has a blog at www.doomerdoug.wordpress.com
My end of the world e book “Day of the Dogs” will soon be available for sale at smashwords. The url is
https://www.smashwords.com/books/view/267340 It is also at the following url
http://www.amazon.com/-/e/B007BRLFYU

I will leave you with a poem from Kipling that the Marxists should not only read, but brand on their upturned noses. It is called “The Wrath of the Awakened Saxon.” It speaks for itself.

THE WRATH OF THE AWAKENED SAXON
by Rudyard Kipling

It was not part of their blood,
It came to them very late,
With long arrears to make good,
When the Saxon began to hate.

They were not easily moved,
They were icy — willing to wait
Till every count should be proved,
Ere the Saxon began to hate.

Their voices were even and low.
Their eyes were level and straight.
There was neither sign nor show
When the Saxon began to hate.

It was not preached to the crowd.
It was not taught by the state.
No man spoke it aloud
When the Saxon began to hate.

It was not suddently bred.
It will not swiftly abate.
Through the chilled years ahead,
When Time shall count from the date
That the Saxon began to hate.

 

HOLY FECAL MATERIAL, BATMAN COMEY JUST SQUASHED OBAMA’S AG LYNCH 6-8-2017

I have written about Comey before, where I called him a traitor, which he is. I have also written about Obama’s AG Lynch, calling her a crook and a prostitute, which she is. Obama, well I think my blog readers know what I think about Obama! Today’s hearings, with former FBI Director Comey, are the political version of what happens when an animal falls into a pool of water full of hungry piranha.

The link is here.

http://www.zerohedge.com/news/2017-06-08/comey-admits-ag-lynch-pressured-him-use-clinton-campaign-language-it-gave-me-queasy-

The main thing I get out of the testimony so far is Comey really is an amoral opportunist, a squalid little political cretin and willing to do anything to save his pathetic rear end. I am merely confirming my initial judgment in my previous essays, which are from July of 2016 I think. The fact that Comey just admitted that Lynch personally instructed the FBI to manipulate the Clinton E-mail investigation, for the political benefit of the Clinton Presidential Campaign, well it’s called a FELONY. Further, now that the NSA has admitted they have the audio recording of the so-called “Tarmac Conversation” between Bill Clinton and Lynch, although they refuse to release it for “national security reasons.” It is more likely national embarrassment reasons. The NSA must be charged with criminal obstruction of an investigation into the deal Lynch and Clinton made in the plane. AG Jeff Sessions must begin a criminal investigation into Lynch, Bill Clinton, the NSA for refusing to release the tapes, and finally, into both the Clinton Foundation, the so called “pay to play,” as well as into the Clinton e-mail server.

I view Comey’s testimony as a spineless, gutless, moral coward, desperately trying to avoid the total destruction of his “reputation,” besides any of the many criminal charges he may face. In particular, I have long felt that Obama’s whore of an AG, Loretta Lynch, was the key to nearly everything. Lynch knows where all the skeletons, right down to the last bone, are buried. It was Lynch who guaranteed Bill Clinton a free pass for all criminal acts done. It was Lynch who muzzled the FBI, the CIA, the NSA regarding any Clinton investigation. It was Lynch who carried the ball for the Obama administration on the unmasking, the spying, the FISA court is talking about.

Comey, well Comey has just unleashed the firestorm, not about Trump, or the Russian farce, or the weird sex dossier, or any of that mainstream “fake news” stuff. Comey has now said former AG Lynch pressured him, FOR POLITICAL REASONS, to slant the email server report. What needs to happen now is AG Sessions appoints a Special Prosecutor to investigate the Clinton Lynch tarmac meeting, besides beginning a criminal investigation in the NSA, National Security Administration, for obstructing justice by refusing to release the audio tape of the tarmac meeting. Oh yeah, “they” thought Comey was going to take Trump down, but he is going to, eventually, take Obama down.

I have been requested to write about the mobile, two-legged fecal materials now rioting at will in Portland, but I just can’t do it. I am so filled with hatred for them I can’t stand to even think about them, much less write about them. I also see this mobile fecal material on a daily basis, where I find myself filled with such a feeling of physical violence, as in beating them up, that it isn’t healthy. We are clearly going to have an explosion of violence this summer. It could happen on the June 10th anti-Sharia Law protests, or the Soros funded July 2nd ones, or on July 4th, or any time the domestic terrorists known as Black Lives Matter get the Soros go ahead.

Doomer Doug, a.k.a. Doug McIntosh now has a blog at www.doomerdoug.wordpress.com
My end of the world e book “Day of the Dogs” will soon be available for sale at smashwords. The url is
https://www.smashwords.com/books/view/267340 It is also at the following url
http://www.amazon.com/-/e/B007BRLFYU

COMEY IS ROYALLY SCREWED 5-18-2017

It is with great joy I can write that former FBI Director Comey is now hoisted upon his petard. The man who destroyed the rule of law in the USA by refusing to investigate clear corruption by Hellary the Shrew, her AG lapdog, Lynch and other examples of evil too numerous to mention, is now facing perjury charges. Of course, this assumes the spineless, gutless, RINOS have the cajones to truly go after him. Comey was fired by POTUS Trump for gross negligence and incompetence. Comey, using Deep State media shills, then leaked various memos saying that Trump told him to stand down on the Flynn investigation relating to Russia. Comey also implied that Trump told him to stand down on the investigation into Russian interference in the 2016 election. Obviously these charges by Comey are serious and potentially devastating to Trump if they are true. They are not true and reveal the hysteria and squalor of the Deep State, the Democrats, and Comey himself.

Comey testified before Congress on May 3rd, 2017. During that testimony, under oath and subject to perjury charges, Comey stated that Trump had not obstructed either the investigation into Flynn, or the Russia. The Deep State then got a Special Prosecutor appointed to investigate so-called Russian election hacking. Unfortunately for Comey, he can’t have it both ways. He can’t say on May 3rd Trump didn’t obstruct him, and now say, in his famous leaked memo, that he did. The link is here.

http://www.thegatewaypundit.com/2017/05/smoking-gun-comey-testified-oathtrump-never-pressured-fbi-halt-investigations/

SMOKING GUN=> Comey Under Oath: Trump NEVER Pressured FBI to Halt Investigations “It’s Not Happened”

Former FBI Director James Comey testified under oath May 3rd that the Trump administration had not pressured his agency to halt any investigation for political purposes.

The bottom line for the disgraced Comey is he has now openly committed perjury in his testimony before Congress. Comey can’t have it both ways. If Trump obstructed the FBI, then Comey should have said so on May 3rd. The fact Comey is now saying he did means he was negligent in not reporting it on May 3rd. The leaked memo sent to the Deep State media sources is clearly a lie designed to embarrass Donald Trump. As such, it is actionable under libel and slander laws. Further, it is actionable under laws relating to the release of secret information, much as Hellary was likely to be charged for her email server. At any rate, Comey is now totally subject to criminal prosecution for fraud, corruption and leaking of false information.

In other news, we see again why Trump’s immigration measures against terror are a great idea designed to keep American citizens safe. It was only a matter of time before the USA was hit with a vehicle terrorist act. The link is below.

http://www.thegatewaypundit.com/2017/05/photos-suspect-times-square-attack-12-injured-one-dead/

http://www.thegatewaypundit.com/2017/05/speeding-car-strikes-10-pedestrians-times-square-least-one-person-dead/

While the driver certainly appears, at least to me, to be dark skinned and possibly of Middle Eastern descent, the usual PC media rules apply. These are: if the person is a minority then you can wait hours for that fact to be announced by the media; however, if it is a white, preferably a deplorable wearing a MAGA hat, then that info is immediately released. The longer it is before this info is released will mean we are dealing with a terror attack. Again, it could be a drunken fool we are dealing with here.

The final blog comment relates to the endless games our neo-con warmongers, now infesting the Trump administration, play in Syria.  I guess Israel stating they want to murder Assad Junior, or Erdogan’s thugs beating up Kurdish protest marchers in our capital wasn’t enough to get things fired up. Trump goes to the Middle East on a peace trip, and the neo-cons bomb Assad’s troops. Yep, no connection there at all.

http://www.thegatewaypundit.com/2017/05/breaking-us-coalition-air-strike-hits-pro-assad-forces-southern-syria-video/

 

The U.S. military carried out an air strike on Thursday against militia supported by the Syrian government who had moved against U.S.-backed fighters in the country’s south, a U.S. official told Reuters on Thursday.

The official, who spoke on condition of anonymity, said the strikes took place near the town of At Tanf and followed warning shots by U.S. aircraft meant to dissuade the fighters.

 

Doomer Doug, a.k.a. Doug McIntosh now has a blog at www.doomerdoug.wordpress.com
My end of the world e book “Day of the Dogs” will soon be available for sale at smashwords. The url is
https://www.smashwords.com/books/view/267340 It is also at the following url
http://www.amazon.com/-/e/B007BRLFYU

TRUMP OKAYS CHINESE CHICKEN IMPORTS 5-13-2017

About the time Trump does something correct, like sack the traitor Comey, he then does several things wrong, like meeting with the war criminal Henry Kissinger, or opening the USA to imports of toxic Chinese food. My opinion on Comey is buried on this site, from about July of 2016 I think, so I have no issue with Trump sacking that scumbag, nor do I find the hysterical Democratic reaction to it anything but comic entertainment. I was in the US Army back during the original “Saturday Night Massacre” with Nixon and Archibald Cox, so to compare Trump firing Comey to Nixon firing Cox is just another example of Marxist folly.

Trump is willing to allow the import of food products from a China that has produced multiple examples of toxic, lethal food and drug products that have KILLED PEOPLE. This ranges from toxic pet food, toxic milk products, toxic blood pressure medicine among other things. And Trump now wants to import “cooked poultry” and unleash this Chinese filth on grocery store shelves. Trump has gone over the line on this for me: I am definitely off the Trump train. The combination of allowing toxic Chinese food products to be sold in the US, along with a brazen Oval Office meeting with a WAR CRIMINAL LIKE HENRY KISSINGER IS SIMPLY TOO MUCH FOR ME. Kissinger is the one who sold out South Vietnam, the Kurds in Iraq, and the people on East Timor.  Kissinger is personally, directly responsible for creating policies that led to the deaths of millions of people in South East Asia, and Iraq for starters. For Trump to meet with him, at the White House is intolerable to me. Face it, Trump is now full neo-con warmonger mode and has sold out to the Deep State.

Anybody who buys and eats ANY Chinese food product is taking their life in their hands. If you don’t believe me, then do some research on how many people Chinese food and medical products have killed over the years. In fact, the idea of importing chickens from the place where the bird flu began is the kind of thing only Trump would think of. I mean are you going to trust you, or your families lives, to Chinese food inspectors and quality control? Seriously? Trump just okayed Chinese food products to be sold when he knows China produces such food products on toxic, contaminated soil, using toxic water, and under conditions of maximum filth and disease. People, why do you think it is China where the bird flu began? It is because they are where the pollution is, the corruption is, and the filth is. You are going to eat a cooked chicken, grown in a filthy, disease ridden “farm,” and processed in a plant full of bacteria and virus? Well, it is called the Darwin Award for a reason. Consider yourself warned, assuming Trump has them even label the “processed poultry” as made in China. All this means for me is I will be even more diligent regarding so called food products from China. As for Trump, I think the Marxists are going to hound him to death and pull him down like a pack of wolves on a Bison. If all I can get out of him is some more conservative judges, some pedophile investigations, and some EO’s repealing the worst of Obama’s folly, then that is the best I can hope for. Trump is no different than Hellary on Syria, Afghanistan, Ukraine, and will likely bait Little Fat Boy into a Korean War. All in all, Trump has fallen prey to his New York City cabal of Kushner and Ivanka, the banksters, Wall Street Whores, and assorted globalist stooges with little prospect that will change. Just don’t eat the Chinese chicken, realize Trump is a loud mouthed, ego driven, New York City huckster, and we will at least have fun until the end happens. Trump is still better than Hellary, but he has proven to be a major sell out  on so many levels.

Doomer Doug, a.k.a. Doug McIntosh now has a blog at www.doomerdoug.wordpress.com
My end of the world e book “Day of the Dogs” will soon be available for sale at smashwords. The url is
https://www.smashwords.com/books/view/267340 It is also at the following url
http://www.amazon.com/-/e/B007BRLFYU

YOU CAN KISS FRANCE GOODBYE! 5-7-2017

The failure of Le Pen to be elected in France means France will now undergo the final spasms of collapse on all levels. Granted, the election fraud was clearly visible, with the torn ballots among other things. It is also true most French voters didn’t even bother to vote, and of those who did vote for Macron, nearly one half of them were in reality voting against Le Pen. This means Macron, the globalist stooge, doesn’t really have a very large base of support. It will be interesting to see the results of the June elections to see what kind of politicians Macron will have to deal with. One possibility is for Le Pen’s party to win significant support in the French Parliament. Now, that would be interesting to see how that plays out. It would be like the liberal version of Ronald Reagan, with the House and Senate being controlled by Democrats. We shall see, but this is a dark day in France.

The links to various news stories are here.

http://www.dailymail.co.uk/news/article-4482380/Emmanuel-Macron-set-France-s-youngest-president.html

https://www.yahoo.com/news/third-french-voters-spoiled-ballots-abstained-232518210.html

 

Here are some comments I made over at timebomb.

First, France isn’t going to make it to the next election cycle in 2022 or whenever. Second, the social collapse will now speed up significantly. Third, the structural abyss between Le Pen’s supporters and that globalist stooge Macron will now be solidified. Fourth, Macron may very well be destroyed in office over the next six months as further revelations of corruption are exposed. Fifth, Le Pen is now fully in control of the police, the paramilitary and military in France. Assuming the collapse gets worse and speeds up, which is certain, I do not rule out a military coup d’ etat in France.

The muzzies are going to go nuts now. Since Le Pen was crushed, with widespread voter fraud and election corruption, Macron has lost all credibility, especially as the corruption scandal gains traction.

France is now a bitterly divided nation, with the actual people who have guns, firmly in support of Le Pen. It is a sad day for France. The abyss looms for them all. Macron will no doubt have to deal with increased terror attacks, and the military and police may very well turn on him without mercy. De Gaul came to power on a nationalist salvation platform back in the 1960’s. This was shortly after a coup attempt from a military pissed off about the loss of Algeria.

Doomer Doug, a.k.a. Doug McIntosh now has a blog at www.doomerdoug.wordpress.com
My end of the world e book “Day of the Dogs” will soon be available for sale at smashwords. The url is
https://www.smashwords.com/books/view/267340 It is also at the following url
http://www.amazon.com/-/e/B007BRLFYU

Something Macron should keep in mind is the majority of police, paramilitary and active duty military voted for Le Pen. Decisive majorities in all three groups in fact. This means their is SERIOUS DISCONNECT between the new globalist, muzzie loving, terrorist attack tolerating Macron and his intelligence and military forces. Housecarl, all revolutions require three things to prosper.

First, they must have the aid of a foreign power who supports them for their own reasons. The American Revolution was won due to French support to screw with the English. Cornwall was trapped at Yorktown between Washington’s land forces and the French fleet off shore.
Second, they need a secure area to regroup, resupply and avoid being bombed to pieces.
Third, they need the active support of 10 percent of the total population, along with the tacit support, or at least tolerance of another 25 to 50 percent. The final fifty will be split between people willing to fight them, and people who are neutral. The US Revolution had 5 percent actively fighting, another 10 to 15 percent in support, another one third as tories, and about 40 percent trying to duck and cover.

If France goes into full meltdown mode, which is now confirmed in my view, Le Pen will have a solid ten percent support, plus the armed support of nearly 2 out of 3 active duty military, police, and paramilitary. I am saying, Housecarl, that when, not if, when the Muzzies go into full meltdown, terror attack mode, it will be the military, police and para military types who will DIE FIGHTING THEM. Ergo, Macron will not be a credible military anti terror leader and the above forces “may” decide that he needs to go, just like the French military and Foreign Legion decided the civilian government in France that abandoned Algeria “needed to go.”

Again, it is all about WHO IS TRAINED WITH FIREARMS AND WHO HAS THEM. For one thing, I remember that France just passed a law, I think, creating a 100,000 strong “home guard” type of force, that will be 100 PERCENT PRO LE-PEN.

Oh yeah, car bombs, suicide bombs, truck drivers smashing into school buses and Macron may find himself removed from power, and when the Muzzies riot, to quote Napoleon, ” a whiff of grapeshot” will be headed their way.

The only thing this election did, besides confirming the massive corruption of Macron and the election officials, is to convince the above groups that political change is not possible, and when they make that decision, then revolutions happen.

Doomer Do

PUTIN TRUMPS TRUMP IN SYRIA 5-4-2017

Trump isn’t really doing very well this week. First, he got played by Lying Ryan, Schumer and gang into abandoning his core promise of building a border wall. Sorry, but that ain’t going to happen, so we can just add it to the long list of betrayals Trump has done his first 100 days. Still, I voted for him, had some hope for him, and am bitterly frustrated Trump turned out to be a New York City, Liberal Democrat, with a big mouth and an  even bigger ego. I guess Trump won’t figure out how badly he has damaged himself until he goes to one his rallies and nobody shows up.

If there is one foreign policy place where Trump staked his reputation, it was Syria. After all, as after dinner entertainment for the Chinese Prime Minister, Trump sent 60 missiles to blow up a Syrian Air Base, based on flawed intelligence from the alphabet agencies that despise him, and lie to him daily. The result was the real adults in Syria; namely, Iran, Russia, Turkey and Assad decided they had enough of Trump’s ego. The result is today’s press release saying that Iran, Turkey, Russia and Assad have now subdivided Syria into “no fly zones,” and the US is no longer a factor in Syria. Trump, or more likely his neo-con warmongers filling his cabinet and agencies, must not have got that memo. Assuming Trump is even being notified of what his neo cons are up to, which is questionable, the US has now deployed significant military assets DIRECTLY ON THE TURKISH BORDER WITH NORTHERN SYRIA. In other words, the US is now in a proxy war with a NATO member run by a raving lunatic, Erdogan, who just got voted as dictator until 2026. Yep, Trump sure negotiated a good deal out of that one.

Putin, well Putin is licking his chops, Iran is sneering at us, and Turkey is digging new artillery positions on its  border in preparation for the war they know is coming in Syria. The whole reason all of this overthrow Assad Junior stuff started was because the globalist, neo cons wanted a oil/natural gas pipeline from Quatar to Europe in order to cut off Russian gas and oil deliveries to Europe. From such globalist mind games, we do end up with shooting wars. Well, Putin has just derailed that completely with his no fly zones that prevent the USA from doing much of anything in Syria. Russian and Iranian COMBAT FORCES are now openly deploying into these no fly zones. You can be sure they will be defended with the S-400 air defense systems, which rules out any more Trump missile attacks, or Israeli bombing attacks, although whether Turkey will keep bombing the Kurds is an open question.

 

Putin is plus one hundred on this, since he has now met all of his goals in Syria. Iran is a plus 200 on Syria, since they not only have met all their goals in Iraq, Syria, but they got that cretin and traitor Obama to pay them several billion dollars in cash and gold. Oh yeah, Iran is a huge winner with this announcement today.

The link is below.

https://www.rt.com/news/387105-syria-talks-safe-zones/

 

Doomer Doug, a.k.a. Doug McIntosh now has a blog at www.doomerdoug.wordpress.com
My end of the world e book “Day of the Dogs” will soon be available for sale at smashwords. The url is
https://www.smashwords.com/books/view/267340 It is also at the following url
http://www.amazon.com/-/e/B007BRLFYU

Russia, Iran, Turkey sign agreement on creation of Syria safe zones

BYE, BYE MUNICIPAL BOND MARKET 5-3-2017

In between the ongoing social anarchy, Soros funded sedition, congressional folly, looming war with North Korea, we can now add the official collapse of Puerto Rico’s 70 billion dollars worth of debt/bonds. It only takes one rock falling to start an avalanche. While $70 billion, in a sea of derivatives, bonds and debt that rises into the hundreds of trillions, may seem like small fry, Puerto Rico now calls into question the entire US bond market at the city, county, state and federal level. Puerto Rico has brazenly borrowed a truly obscene amount of money, squandered it, and has near zero ability to pay it back from current revenue. Of course, that means Lying Ryan, who has had his corrupt paws over the so called bailout, is going to have to come up with some more money. We see in our liberal cities, and places like the third world cesspool Puerto Rico just what happens after decades of liberal Democratic Party control of finances. The Republicans are equally squalid of course, but it takes a Democratic City Mayor, or governor in the case of PR, to really screw things up.

Obviously, the bonds were mostly sold to pension funds, or bundled into toxic debt bonds, so the people who ended up owning them will get screwed also. What the result of that will be is to call into question whether any municipal bonds can be repaid. It will clearly also limit the ability of government entities, ranging from cities and counties, to utilities, colleges, schools, and pretty much any government blob that wants to fund repair, or overhaul of say, a sewage or water system. Portland, Oregon, after spending a bunch of money to clean up the riot debris, has a school bond for $700 million on the ballot. Well, the backblast from PR may mean the interest rates will be higher. The reason being the risk for people buying municipal bonds  just went up and buyers will charge an interest premium to cover that increased risk. Face it, the USA is, and has been for decades now, functionally in default due to the trillions in UNPAYABLE DEBT. Yes, Virginia, the $20 Trillion Federal debt is never going to be paid off, anymore than the vast amount of student loan debt, or bond debt will ever be. PR is merely the shot over the bow of the USS Default. I see it is being called a “restructuring of debt.” LOL It is a default plain and simple.

The link is here.

http://www.zerohedge.com/news/2017-05-03/puerto-rico-seek-bankruptcy-protection-launching-largest-ever-us-municipal-debt-rest

Doomer Doug, a.k.a. Doug McIntosh now has a blog at www.doomerdoug.wordpress.com
My end of the world e book “Day of the Dogs” will soon be available for sale at smashwords. The url is
https://www.smashwords.com/books/view/267340 It is also at the following url
http://www.amazon.com/-/e/B007BRLFYU

 

Puerto Rico Files For Bankruptcy Protection In Largest Ever US Municipal Debt Restructuring

Update: PUERTO RICO FEDERAL BOARD FILES BANKRUPTCY CASE IN U.S. COURT

* * *

As per our report last night that following the expiration of the litigation freeze, Puerto Rico’s creditors had filed a barrage of lawsuits against the insolvent Commonwealth a bankruptcy was imminent,  moments ago Puerto Rico’s governor announced the commonwealth will request bankruptcy protection of a portion of the island’s $70 billion in debt, setting up a showdown with Wall Street firms owed billions of dollars, in what will be the largest-ever U.S. municipal debt restructuring and further complicating the U.S. territory’s efforts to pull itself out of a financial crisis.

The Puerto Rico restructuring would be far larger than Detroit’s record-setting bankruptcy, with little to no details how long a court proceeding would last or what cuts would are imposed on bondholders. The island’s financial recovery plan covers less than a quarter of the debt payments due over the next decade.

Cited by AP, Gov. Ricardo Rossello said Wednesday that a federal control board overseeing the island’s finances has agreed with his request to put the debts before a court. He told reporters that he has requested that the U.S. territory’s federal financial oversight board commence a Title III proceeding under last year’s Puerto Rico rescue law known as PROMESA. Title III is an in-court debt restructuring process similar to U.S. Bankruptcy.

“We have reached this decision because it protects the best interests of the people of Puerto Rico,” Rossello said.

“The board has agreed to submit Title III protection immediately and they will submit it.”

According to the WSJ, “the governor said he would petition Puerto Rico’s federal oversight board to invoke a quasi-bankruptcy law that puts its standoff with creditors before a judge. His decision marks the start to what could be a lengthy legal fight as Wall Street watches closely to see how other indebted municipal governments may fare in confrontations with investors.”

As a reminder, Puerto Rico and its agencies owe $73 billion to creditors, dwarfing the roughly $18 billion owed by the city of Detroit when it entered what was previously the largest municipal bankruptcy in 2013.

Finally, Bloomberg notes that the financial collapse promises to impose deep losses on bondholders who for years snapped up Puerto Rico’s securities, even as the government contended with a shrinking economy and chronic budget shortfalls. U.S. states can’t file for bankruptcy, and investors bought the bonds assured that it wasn’t a legal option for Puerto Rico either.

BBG further adds that Rossello’s latest offers to creditors last week shows the commonwealth believes general obligations should receive a better recovery than its sales-tax bonds. The latest proposal offered as much as 90 cents on the dollar to general-obligation bondholders. One such bond due in 2035, was among the most actively traded at a price of 66, up from 64.7 on Tuesday.