More Breaking News

Puerto Rico as you have all probably heard by now - is essentially bankrupt - on fiscal life support - in need of massive bailout. It is considered impoverished.

Newfoundland and Labrador on the other hand is designated as a "have province". That puts us ahead of the provinces collecting equalization.

 In the 2017-2018 year, the following provinces will receive equalization payments:

• Quebec ($11.081 billion)  (please note this amount) program designed to suit them.
• Manitoba ($1.820 billion)
• Nova Scotia ($1.779 billion)
• New Brunswick ($1.760 billion)
• Ontario ($1.424 billion)
• Prince Edward Island ($390 million)

Back to Puerto Rico

Outstanding debt: 70 billion
Population: 3.4 million
$20,588 per person 

Unemployment 10%

Newfoundland and Labrador
Outstanding debt: 13 billion
Population: 528,000 
$24,621 per person

Unemployment 15%

This does not include the 13 billion dollar boondoggle Muskrat.

Both Puerto Rico and Newfoundland and Labrador see migration to the continental parts of their countries - both permanently and for temporary work.

Puerto Rico and Newfoundland and Labrador are losing population.

Puerto Rico's aging demographics are much healthier than Newfoundland and Labrador's 

We must also consider that Newfoundland and Labrador receives as all provinces do - transfer payments for programs such as health and education not so much for Puerto Rico.


There is a three-pronged problem here.

The first is the understanding or lack thereof of the Equalization program. I have discussed this briefly in a previous post.

The second is that even the reasonable or equitable (to some degree) parts of equalization - leaves us essentially bankrupt because although we have the resources to generate tax, royalties, revenues - we have mismanaged the resources so badly that what equalization considers we should generate from resources - we don't actually generate from them. (oil revenues unfair part)

The third problem is the absolute ignorance deliberate or otherwise of our politicians - refusing to actually understand the mess we are in.

And these same people continue to permit spending on Muskrat Falls.

The people of Puerto Rico just like the people of Newfoundland and Labrador love where they live and want to stay. However both jurisdictions are likely to see significant migration to their respective "mainlands" simply to survive and thrive.

Note to Labradorians - my use of the word "mainland" does not refer to you. I recognize the difference.   



 

Choo Choo - Confederation a locomotive of Destruction

Where is the train?

Where are the fish?

Where is the forestry industry?

Where is our population?

Where is the ship building?

Where is the hydro-power?

Where are the minerals?

Where is the industry?

Just as soon as the last drop of oil is gone - a have not province will sound good.

Systematic destruction of our country, her people, and future.

At least the electronic time capsules might be available to generations after we are long gone - maybe.

Paddy Cake Paddy Cake - Show me the Proof - Iceland fishery - aluminum Booming

Paddy Daly - "Iceland is Bankrupt"
Will he withdraw the statement?

Read the Story below of today's date from the Fish Update Publication

Iceland fish exports on rise

Published:  26 September, 2011

ICELAND exported fish and seafood products to the world totalling 647 million euros -  or £569 million sterling - during the first six months of this year, new figures have shown.

The figure is 3.5 per cent higher than in the same period last year and is probably down to higher fish prices on international markets.There is little doubt  that the fishing industry continues to play a key role in the Icelandic economy.

Seafood now accounts 37 per cent of the country's total exports which amounted to 1.729-billion euros - or £1.5 billion sterling. But the biggest foreign revenue earner is still high value aluminium and ferro silicon. Iceland also earns revenue for the export of ships, fishing vessels and agricultural products.

In other statistics the value of fish catches by Icelandic vessels increased by 13.7 per cent last year from 2009. The value of the catch amounted to 131-billion kroners (£698 million sterling or 621-million euros) in 2010, compared to 115-billion kroners (£613-million or 537-million euros the a year before.

This increase can largely be attributed to the country's most valuable fish stock, cod, since the value of this catch increased by a fifth and amounted to a total value of 44.6 billion kroners (£245-million or 200-million euros) last year. Cod catches were up by 10,000 tons to 160,000 tons, thanks to higher quotas.

Moreover, the value of pelagic catches other than herring, capelin and blue whiting almost doubled last year from the year before and this was largely due to the increased fishing of mackerel.  About 40 per cent  of the catch went directly from being fished into domestic processing last year.