Puerto Rico says it cannot pay its debt, potential crisis in the U.S. (& BET is wack)

A default on the island’s massive debts could roil the stock and municipal bond markets and raise borrowing costs for state and local governments.

Source: Puerto Rico says it cannot pay its debt, setting off potential crisis in the U.S. – The Washington Post

My last and final comment on #BETAwards2015 is that it sucked. There was only one real musician on the show featured prominently and that was Gary Clark Jr. (Black music sucks because we no longer write songs that matter and we don’t play instruments, oh Alicia Keys played piano, Patti Labelle had to bail out those two singers, Smokey told the truth…) I could go on, but yep I said it.

Now on to today’s rant. Last week I wrote something in regard to the TPP, but the discussion was really about American debt and how the TPP couldn’t be avoided because of an extremely flawed capital system and how the countries involved in the TPP all basically hold a lot of debt that America has incurred while fighting these wars for the last 10 years, but that was last week on Facebook… That reminds me, note to self, stop posting these damn good discussions on Facebook.

Following Vallejo and Detroit another American city/commonwealth/state is about to go bankrupt: http://www.washingtonpost.com/business/economy/puerto-rico-says-it-cannot-pay-its-debt-setting-off-potential-crisis-in-the-us/2015/06/28/cbae1bc4-1e05-11e5-84d5-eb37ee8eaa61_story.html

What does this mean? When I complained last week about how the stock market is no longer trading real, physical commodities and how this has created a very flawed system, this article from the Washington Post verifies how Puerto Rico’s inability to pay it’s debt will affect those who hold bonds based on that debt.

Please leave a comment if you don’t understand why this is very similar to the housing crash of 08. Please leave a comment if you don’t realize that your pensions and many of your portfolios are based on buying debt. Please leave if you’re only paying attention to the fucking BET Awards.