Banks 2 — Taxpayers 0

A little while ago I wrote a piece explaining why you should care about what happens to Puerto Rico.

I thank all of you who kept up a lively conversation on the issue in the comments section.

Since then, the U.S. Supreme Court has ruled on whether Puerto Rico can declare bankruptcy and restructure like all corporations and all states, or if it has to pay back the money it owes, regardless of what that means for the people.

It decided that the interests of banksters who created this insane addition regarding the territory in 1984 were greater than the needs of the citizenry. In a 5-2 decision written by Clarence Thomas, SCOTUS declared that “the plain text of the Bankruptcy Code begins and end our analysis.”

What does that mean?

Well, first, it means there are going to be a lot more Puerto Ricans moving to the U.S. I would say that most who aren’t employed by a major multinational or the banking system are likely to look to the U.S. for a future. Get ready.

Second, it means you and I are on the hook for Puerto Rico’s $72 billion in debt. Since the territory can’t pay or it can’t restructure, it will simply not pay.

At that point Congress will set a relief policy for all the bankers that aided and abetted — and bought a large amount on discount — this massive debt.

• U.S. tax dollars will be given to the banks to protect their profits.
• Congress will regain total control of the island since government will cease to operate in any meaningful form.
• The independence movement will be scattered to the winds and the U.S. will build a new slave state that serves the bankers, corporations and federal government, who will all oversee Puerto Rico for the banks and corporations.

It will be a model fascist island, controlled by the federal government but run for corporate interests.

But you really have to give credit to the banks and lawmakers. The vision, their skill at the long con is very impressive.

They inserted the clause about excluding Puerto Rico from accessing bankruptcy way back in 1984. They had a pretty good idea where this non-state, non-nation was heading. Largely because they were leading it down that path.

As a territory, it’s managed by the U.S. federal government and so it frolicked as a tax haven for banks, corporations and the 1 percent. But the lack of control over its destiny meant politicians weren’t the best and brightest, and even if they were, they were largely ignored.

I have to agree with Bob Livingston’s label of “banksters” for these people… they knew they would lend the island money, they would pay big interest rates and when they couldn’t pay, they would bilk the federal government who would then get the money from “the taxpayers” even though they use the dollar printing press to pay their own debt.

They mapped it out 32 years ago. That is playing the long game.

And it’s this kind of thinking that has left us with the mess we have today.

I’m not advocating going completely off the grid, but there will be a reckoning for this kind of behavior. The pendulum swings both ways. It’s just as individuals we don’t see the long game that Washington and Wall Street play.

Hard assets, like gold and silver, and cryptocurrencies, like bitcoin, are great options for keeping your assets out of trouble when the pendulum starts to swing the other way.

What’s happening to Puerto Rico is a cautionary tale of the financial industrial complex flexing its muscles and individuals brought under heel at its expense.

— GS Early

The post Banks 2 — Taxpayers 0 appeared first on Personal Liberty®.

from PropagandaGuard https://propagandaguard.wordpress.com/2016/06/27/banks-2-taxpayers-0/

from WordPress https://toddmsiebert.wordpress.com/2016/06/26/banks-2-taxpayers-0/