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Originally Posted by Robert Schunk
Tomorrow I'm going to a demonstration, and one demand I'm raising is that, in the interests of facilitating disaster recovery and general economic growth, Puerto Rico's indebtedness be forgiven (I've already signed a petition to that effect). I'll further demand that there be no public bailout for the banks, and that the banks eat the loss (and choke on it!).
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I'm not unsympathetic, but it is a slippery slope when States do not honor their legal commitments. I don't think it is right for Michigan to cut their pension obligations. I now believe the real significance of Roosevelt closing the gold market in 1933 was not the confiscation of physical gold but the striking of Gold Clauses from contracts.