Wednesday, September 2, 2015

The Independent Commission for the Reform of International Corporate Taxation

Apple, Amazon, Google dubbed ‘worst offenders’ for use of tax loopholes

Vieques and the Jones Act



Thousands of Puerto Ricans protested, marched, and fought to support the NAVY presence in Vieques and Puerto Rico.

HOWEVER... We did not receive any help or support from any of the political parties in Puerto Rico. They abandoned us and instead, joined together to push the Navy out of PR
Miriam Ramirez addresses crowd
 in a Pro-Navy Rally in Vieques.

That unfortunate event  may help explain why bad decisions made by our leaders are the main reason for Puerto Rico's severe economic problems.

Maritime Professional

Keeping Up With the Jones (Act)

Puerto Rico’s money woes have nothing to do with the Jones Act. Arguably, the U.S. island would be worse off without it.

by Joseph Keefe
Circling back to Puerto Rico, a $72 billion debt crisis has many causes, but to blame the Jones Act for the island’s woes is simply shortsighted, and frankly, a misguided effort to point fingers elsewhere when the real problems exist much closer to home.

When the United States government decided that it no longer needed the Naval Base at Roosevelt roads, Puerto Rico, back in 2004, it also signaled the end of an era for the local island economy which took a massive hit when the federal money dried up. 

As a young Third Mate sailing for the U.S. Navy’s Military Sealift Command, I visited the port and base more than once in the early 1980’s. It was a vibrant operation then, supporting not only the important training of military aviators, but also accounting for as much as 75 percent of the money flowing into local businesses. 

Nevertheless, the Navy no longer had any need for the base after it halted test bombing of the island of Vieques following years of protests.

Local Puerto Rico officials are still bitter about the base closure, some of whom believe that the U.S. government was punishing them for the loss of their training areas. 

In truth, it was merely a savvy financial decision (our government does makes them once in a while) to withdraw from the island. Shortsighted local activists (arguably) got exactly what they deserved when they failed to comprehend that the end of the training also signaled the end to the need to operate from the remote location.

The impact on the local economy continues to this day, and reverberates all over the rest of the island. In many respects, the drama reminds me of what happened in the Philippines when the U.S. Navy pulled out of Subic Bay when the local government there wanted too much in return for the extension of local leases on the port land. 

Wednesday, August 5, 2015

Games Puerto Rico's Leaders Play On Its' 3.5 million US Citizens in Puerto Rico And Our Fellow Citizens In The 50 States

A little bit of history:
The act to allow the US citizens in Puerto Rico to exercise self government in the beginning of the 20th century,  has not worked. But... why has it not worked! ?
It has not worked, because it was a limited, perhaps purposely, designed process that deprived the US citizens who lived in Puerto Rico of basic US citizen's democratic rights. 
This is what we still have in the 21st Century. Shame on the US Government and specially Congress, which has the Constitutional obligation and responsibility to attend to issues affecting the lives of its US citizens in one of its colonies. 
The present economic crisis, the predictable end result of a hundred years of colonial status,  forces the US to stop looking the other way. 
For over 100 years, 3.5 millions US citizens live in Puerto Rico without representation or right to vote in the US government and electoral processes, or have the right to vote for the President. 
The economic crisis and our colonial status go hand in hand. Congress has the responsibility and the authority to commence a process and invite Puerto Rico into the Union as a state. 
Puerto Rico's Leaders: Playing Games Or Out of Touch?
FORBESBy Greg Clark
August 8, 2015

Puerto Rico’s bond default on Monday – along with statements that preceded it – cast doubt on the ability of its leaders to fully understand and manage the island’s unfolding financial crisis.

Commonwealth officials in the last month have behaved in a way that strikes many market observers as tone-deaf, evasive, or both. They’ve failed to inform bondholders of significant upcoming events and attempted to make petty distinctions about the meaning of the term “default.” Add in Puerto Rico’s lackluster history of financial disclosure – audited financial information for its fiscal year ended June 30, 2014 has still not been released – increasing apprehension about future steps is understandable.