SUBSCRIBE to ELITE NWO AGENDA for Latest Updates - http://www.youtube.com/user/elitenwoagenda?sub_confirmation=1 PUERTO RICO DEFAULTS on its DEBT - Another Greece in the Works? Puerto Rico just went into default for the first time in its history. The commonwealth paid a mere $628,000 toward a $58 million debt bill due Monday to creditors of its Public Finance Corporation. This will hurt the island's residents, not Wall Street. The debt is mostly owned by ordinary Puerto Ricans through credit unions. 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. russia Padilla has put together a team to come up with a plan to restructure Puerto Rico's debt crisis by the end of the summer. Puerto Rico is not covered by the "Chapter Nine" bankruptcy code in the US, and therefore it cannot resort to the sort of orderly debt restructuring that helped the city of Detroit to get back on its feet after defaulting in 2013. With all eyes focused on Greek ATM lines, collapsing Chinese ponzi schemes, and European bank implosions, one could be forgiven for forgetting about another crisis occurring closer to home. As we detailed here "puerto rico" debt default loan bonds u.s. usa america "united states" money cash bankrupt bankruptcy finance economy jobs employment crisis island unemployment greece tax markets "stock market" trading trader business banking savings "bank account" "savings account" shares gold silver confidence bubble china default "gold coin" "cash for gold" news media entertainment 2015 2016 portfolio sale trendy "elite nwo agenda" "real estate" "forex trading" "binary options" montagraph alex jones infowars gerald celente trends in the news jim rogers marc faber mark dice lindsey williams jsnip4 demcad anonymous euro september 23 2015 global reset end times brics Puerto Rico is now “in a death spiral” and PR bonds are collapsing this morning… On Tuesday, he told reporters that this “is an issue primarily of concern to Europe” and that “I think the markets have properly factored in the risks involved“. And apparently Obama is not too concerned about the debt crisis in Puerto Rico either. In fact, the Obama administration has already completely ruled out any sort of federal bailout for the island. Barack Obama is assuring us that everything is going to be just fine and that we are not headed for another global financial crisis. So is he correct? Except that it is a big fat lie … not only about Greece, but about other European countries such as Spain, Portugal, Italy and Ireland who are all experiencing various degrees of austerity. It was also the same big, fat lie that was used by banks and corporations to exploit many Latin American, Asian and African countries for many decades. Congress will only reverse course when a critical mass of people reject the entitlement mentality and understand that the government is incapable of running the world, running our lives, and running the economy. Therefore, those of us who know the truth must spread the ideas of, and grow the movement for, limited government, free markets, sound money, and peace.

• published: 05 Aug 2015
• views: 105