by Nathan McDonald, Sprott Money:
Puerto Rico is a disaster. This territory of the United States is foregoing its debt payments and in similar style to the Greece crisis, is saying “Too bad, so sad,” to its creditors.
This of course set the market abuzz some weeks ago when the news broke. Yet uncertainty has lingered since the announcement, leaving many to wonder if they were going to be bailed out or not.
Of course, I made the prediction that they, in fact, would. This is the new age of “everything is too big to fail” and no country tied to a major power can be allowed to default, The ramifications and reverberations that would travel through the financial system would be too devastating to the financial elite minds, even if this is what is required to eventually move on to a better, more prosperous system.
This was no wild prediction, and it by no means makes me Nostradamus. The West will simply print more and more money to keep this sinking ship afloat and I, along with many others, know this.
Therefore, it comes as no surprise to learn that in a bi-partisan vote, both the Republican and Democratic party have agreed to bail out Puerto Rico. Yes, that is right – both sides agree that their reckless spending and exploding debt is okay and they need to be saved. No medicine for them!
This is simply more extending and pretending and just further debases the value of the fiat money that underpins this horribly corrupt and out of control monetary system. The U.S. dollar is sadly still the reserve currency of the world. The US government knows this, and it is allowing them to once again abuse this power, to the detriment of the rest of the world that in one way or another must carry the burden of this fiat system.
Please follow SGT Report on Twitter & help share the message.