Puerto Rico just defaulted for the first time (LesPhelps)
“This was a decision that reflects the serious concerns about the Commonwealth’s liquidity in combination with the balance of obligations to our creditors and the equally important obligations to the people of Puerto Rico,” Puerto Rico’s Government Development Bank president Melba Acosta Febo said in a statement.
The default is a historic moment in Puerto Rico’s economic “death spiral,” a term the island’s governor, Alejandro Garcia Padilla, has used. The island is struggling with about $70 billion in total outstanding debt, and its economy is in recession.
F.A.Q. About Puerto Rico’s Debt Troubles (jdargis)
Puerto Rico’s fiscal problems, while painful to the island’s 3.5 million residents, do not threaten to spill over as broadly. Even as Puerto Rico’s bonds have lost value with a default looming, the larger United States municipal debt market has barely flinched, allowing cities and states on the mainland to keep borrowing. That stability may explain why the federal government, despite providing some technical support and advice to officials in Puerto Rico, has largely stayed on the sidelines of the debt crisis.
Welcome To The Freest Place On Earth (jdargis)
PorcFest is an eight-day party for 1,500 people who don’t want the government in their faces. It’s a recruiting tool for the Free State Project, an effort to get thousands of libertarians to move to New Hampshire. It’s also a kind of model of a radically free society, a place where Republican business owners who hate taxes mix with gutter punks who like doing drugs and cussing out cops.
His conclusions are consistent: The officer acted appropriately, even when shooting an unarmed person. Even when shooting someone in the back. Even when witness testimony, forensic evidence or video footage contradicts the officer’s story.
To be clear, the EIA, on a weekly basis, uses a proprietary model to estimate U.S. oil production and then on a monthly basis uses actual data to revise those figures. Thus, what we were witnessing from Texas RRC data and Bakken output appears to be spot on in estimating that actual production was well below EIA estimates.
But the biggest portion of the announcement was dedicated to those who will undoubtedly challenge the rules legally or try to dismantle them when the administration leaves office. Anticipating the cries of economic destruction and skyrocketing energy costs, Obama basically said “we’ve heard it all before.” The announcement notes that since the passage of the Clean Air Act, pollution has dropped by 70 percent even as the economy tripled in size.
The problem, according to the author of the paper, Touché Howard, is that the backpack-size tool uses two sensors: one for low levels of methane emissions and one for higher levels. As methane levels rise beyond the capacity of the first sensor, the device hands off to the second, high-level sensor.
The scientists found that some of the samples of the French beans and the beet leaves, but not the beet root, had lead levels that exceeded Australia’s health guidelines. The kale in particular had lower levels of all of the metals, illustrating the wide variability in metal uptake among crops, and even into different parts of the same plant. They also reported that the more contaminated soils resulted in higher pollution levels in the plants.
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