Minute Memo #116 – Puerto Rico Bankrupt

from Bill Still

I’m Still reporting on the economy.
It’s the same story over and over at this point – national debt becoming unpayable as it sucks the life out of every nation.
Yesterday it was Greece; today it is Puerto Rico. It’s governor says that its national debt is so huge that it is absolutely unpayable.
Remember the Detroit– the largest bankruptcy of a city in American history? That was about $13 billion dollars. Puerto Rico’s debt is over 70 billion dollars.
Puerto Rico is as close to being a state of the United States as you can get. It’s official designation is an unincorporated territory of the United States – like Texas or California was before they became states of the United States.
It’s debt is about one quarter of the Greek national debt, but it could be even more important in shaking world economic confidence because it’s part of the U.S.
Puerto Rico is really just another in a long line of debt dominos which will continue to fall at an increasing rate until humanity learns that nations cannot borrow if they want thriving, sustainable economies.
Any politician caught voting for more national debt should be thrown out of office immediately. It should be considered a criminal act.
If we want to be free, we have to let our politicians know that it’s not ok to borrow money any more.
Nations MUST issue their own money and take responsibility for controlling its quantity. That is Rule number one for sustainable national economies. If they print too much, then the nation suffers the consequences.
Right now, the only money your country creates are the coins in your pocket. Over the last 321 years, banks have gradually bribed sufficient politicians to give them the power to create the national money. In economics, that’s known as “bank” money.
This is not about communism versus capitalism. That’s nonsense – a false dichotomy. This debate should be about bank money versus state money — perpetual debt servitude versus national freedom and a sustainable prosperity.
I’m still reporting from Washington. Good day.