By Nathan McDonald, Sprott Money NewsPuerto Rico is a disaster. This territory of the United States is foregoing its debt payments and in similar style to the Greece crisis, is saying "Too bad, so sad," to its creditors.
This of course set the market abuzz some weeks ago when the news broke. Yet uncertainty has lingered since the announcement, leaving many to wonder if they were going to be bailed out or not.
Of course, I made the prediction that they, in fact, would. This is the new age of "everything is too big to fail" and no country tied to a major power can be allowed to default, The ramifications and reverberations that would travel through the financial system would be too devastating to the financial elite minds, even if this is what is required to eventually move on to a better, more prosperous system.
This was no wild prediction, and it by no means makes me Nostradamus. The West will simply print more and more money to keep this sinking ship afloat and I, along with many others, know this.
Therefore, it comes as no surprise to learn that in a bi-partisan vote, both the Republican and Democratic party have agreed to bail out Puerto Rico. Yes, that is right - both sides agree that their reckless spending and exploding debt is okay and they need to be saved. No medicine for them!
This is simply more extending and pretending and just further debases the value of the fiat money that underpins this horribly corrupt and out of control monetary system. The U.S. dollar is sadly still the reserve currency of the world. The US government knows this, and it is allowing them to once again abuse this power, to the detriment of the rest of the world that in one way or another must carry the burden of this fiat system.
Actions such as this are only going to make the inevitable collapse that is upcoming be that much more grand and the period of economic destruction that much more prolonged. The financial elites know this, yet they couldn't care less. The only thing they care about is bleeding as much out of this system before it all comes crashing down on OUR heads, while they attempt to escape the ramifications.
To them, I say good luck.
This sinking ship will affect us all. The only saviour, as history has shown time and time again, is real, honest money. Gold and silver and those who possess it will persevere and prosper on the other end.
Get prepared, get ready, get stacking.
Courtesy of Nathan McDonald via Sprott Money News
The views and opinions expressed in this material are those of the author as of the publication date, are subject to change and may not necessarily reflect the opinions of Sprott Money Ltd. Sprott Money does not guarantee the accuracy, completeness, timeliness and reliability of the information or any results from its use.
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