sprottmoney | Where's all the news - where are all the headlines? A major event has taken place yesterday and another event is about to unfold tomorrow. Puerto Rico is going to default on its debt and the US government is A-OK with it.
Once again, the American taxpayers have been on the short end of the stick. This story is receiving little to no press and it is truly baffling given the ramifications and meaning behind it. Perhaps this is exactly why it is receiving so little attention.
The story of the Puerto Rican default is just another example of the crumpling system of the elites. The establishment is desperately trying to keep this broken fiat system together for as long as they possibly can, sucking maximum profits from it before it implodes.
The U.S. Senate has done its part in this farce, as they passed the bailout bill with overwhelming support yesterday, ensuring that Puerto Rico, like Greece, can put off its consequences of overspending for the time being and continue to stagnate. It's another stellar example of extend and pretend by the elites.
Tomorrow, the government of Puerto Rico was supposed to be paying back $2 billion in debt repayments - no small sum of money, but a drop in the bucket when you look at the massive $70 billion that they owe in debt payments.
Fortunately and unfortunately for them, they are being given a "free" pass by the U.S. government this time. I say unfortunately, because the trade-off for them is their freedom and liberty. As part of the bailout deal, the elites will install overseers that will monitor the Puerto Rican government. Essentially, they are giving up their free will.
Despite this being a major story, don't expect to hear much about it. The elites don't want to embolden other states or countries to default on their debt as well. The illusion of debt and fiat money must be maintained at all cost, or they risk completely losing the crumbling empire they have built around them.