Puerto Rico Default – Welcome to Big Bang

by Martin Armstrong
ArmstrongEconomics.com
August 2, 2015

A group of hedge funds holding a large proportion of Puerto Rico’s debt have demanded that its government fires teachers, collects more taxes and reforms labor laws, as the US territory contemplates default. This is the battle between bond holders and the people that is not going to end nicely.

While hedge funds may be buying up distressed bonds and then demanding full payment, these type of vulture funds will eventually lose everything. The entire government debt structure is just out of control. Puerto Rice will be the first quasi-state to go belly-up. Others will most assuredly follow. Welcome to Big Bang.

This entry was posted on Sunday, August 2nd, 2015 at 11:59 am and is filed under Conspiracy, Corruption, Economics, Government Evil, New World Order. You can follow any responses to this entry through the RSS 2.0 feed.