photo credit: aei.org
In recent years, the world economy and Wall Street have been at the forefront of several major crises. Starting with the 2007-2009 United States Recession, Americans perceived certain glaring flaws in the economic system. After that, the world watched as Greece collapsed under its own round of crippling debt, along with Argentina, a world away.
Now Puerto Rico has become the site for the next political and fiscal showdown, shouldering a $70 billion debt held largely by American creditors. With the governor of the island territory declaring, “The debt is not payable,” a showdown commenced between angry investors and the struggling island.
The Collie will unravel this mired political, legal, and fiscal issue. We will examine the bizarre laws that now operate to worsen the island’s debt crisis, the conflicts of interest that Washington must confront in their dealings with Puerto Rico, and the overwhelming question of whether Puerto Rico’s difficulties represent ongoing soft colonialist policies on behalf of the United States government.
Additionally, the Collie will dedicate itself to publicizing the problems now faced by the residents of the island itself in order to disrupt the ridiculous myth that the creditors are the real victims of this crisis.
Stay tuned for Puerto Rico: Debt Debacle.