Puerto Rico Is The Next Greece

The fallout continues in Puerto Rico’s debt crisis following the June 29 announcement by Governor Alejandro García Padilla that the US commonwealth’s $73 billion debt is “not payable.”

Puerto Rico’s non-voting member of the US House of Representatives, Pedro Pierluisi of the pro-statehood New Progressive Party, is sponsoring a bill to grant Puerto Rico bankruptcy protection while it negotiates with its creditors and restructures its economy. The bill envisions a bankruptcy process for the island similar to that imposed on the city of Detroit in 2013.

The House Judiciary Committee has sidelined Pierluisi’s bill. A statement issued jointly by the chairman of the committee, Bob Goodlate, and committee member Tom Marino, both Republicans, declared the general consensus on the committee to be that providing “Puerto Rico’s municipalities access to Chapter 9 of the Bankruptcy Code would not by itself solve Puerto Rico’s problems, which are associated with underlying structural problems.”

Filing for bankruptcy would put creditors—Wall Street hedge funds, mutual funds and wealthy speculators—at the head of the repayment line at the expense of pensions, social programs and infrastructure investments. Government-owned assets could be auctioned off and utilities privatized. However, it would also likely entail losses for Wall Street firms that have invested in the island’s bonds.

You can read the rest @
http://www.wsws.org/en/articles/2015/07/14/puer-j14.html

One by one, cities, states, and nation states all will face a similar fate - treachery, monstrous debt, bankruptcy, austerity, privatization of assets, and breakup.

And note well that Hillary (Tricky Dick) Rodham is in bed with the oligarchs, bankgangsters, and corporations who are backing this transformative scheme. She will thrive no matter what, but the rest of us will not.

Biggest question of all - why are "democracies" putting up with this crap? Is it because we're not democracies at all? Or is it because we foolishly allowed banks to have the power to create money which is backed by nothing but which can be used to buy everything?

WELCOME TO THE MARKET STATE, WHERE EVERYTHING IS FOR SALE !!!

The merchandise of gold, and silver, and precious stones, and of pearls, and fine linen, and purple, and silk, and scarlet, and all thyine wood, and all manner vessels of ivory, and all manner vessels of most precious wood, and of brass, and iron, and marble,
And cinnamon, and odours, and ointments, and frankincense, and wine, and oil, and fine flour, and wheat, and beasts, and sheep, and horses, and chariots, and slaves, and souls of men.

Revelation 18:12-13 KJV