Tuesday, December 01, 2015

From the Finance Geniuses At Bloomberg

Here is the craziest/dumbest/worst headline I came across today...

Puerto Rico Makes Bond Payments But at What Cost to Residents?

That's the copy editors at Bloomberg (voice of the financial world, mind you) ruminating about the cost to debtors of repaying what they owe, presuming, of course, that not paying the debt would be, what, costless?

If you are scratching your head, you should be.  Yeah, sure there may be a cost to debtors if you twist your brain in enough knots, but generally when you get freed from debt, it is a gain and the "cost" is borne by the creditor, who has been stiffed.  Actually paying debt is not a cost because the money was never yours.  When Puerto Rico borrowed $70 billion, no one ever thought, much less wrote in a major publication, 'Puerto Rico Earns $70 billion."

So for shits and giggles let's write some headlines that are the functional equivalent to what Bloomberg's genius copy editors wrote.
"Puerto Rico Chooses Not to Borrow Billions, But At What Cost to Residents?"
"If People Don't Give Their Money to Puerto Ricans, They Will Suffer."
"People Who Lent Puerto Rico Money, Get Some of It Back, Puerto Ricans Hardest Hit"


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