Puerto Rico Defaults on Debt Payments !
Just another crack in Capitalism and if you have a 401K IN MUTUAL FUNDS you better start switching those bond investments with an AAA rating,it's a big joke on us the sheeple!
Remember loses in stocks and bonds just gives the Central Banks more room to inflate the money supply just like what China is doing now to prop up their system in their communism state.If You can have all the money then you have all the power or is it if you have all the power then you have all the money??
It's all a big dog and pony show and different forms of governments practicing it makes them meaningless. It's all rhetoric for the use of smoke and mirrors in conjuring illusions.
serf
http://www.nytimes.com/2016/01/05/business/dealbook/puerto-rico-defaults-on-debt-payments.html
And in the case of bonds issued by the Puerto Rico Infrastructure Financing Authority and the Public Finance Corporation, there were no reserves. The responsibility to make the payments would then fall to bond insurers.
Standard & Poor's, the ratings agency, said in a statement on Monday that it was going to downgrade the infrastructure authority's rating from CC to D. The clawback "was not done lightly, as it opens up the commonwealth to litigation," it said. "However, we also believe it shows Puerto Rico's reluctance to default on G.O. debt, where bondholders hold a particularly strong legal claim, and could represent a shot across the bow to bondholders in ongoing restructuring talks."
Remember loses in stocks and bonds just gives the Central Banks more room to inflate the money supply just like what China is doing now to prop up their system in their communism state.If You can have all the money then you have all the power or is it if you have all the power then you have all the money??
It's all a big dog and pony show and different forms of governments practicing it makes them meaningless. It's all rhetoric for the use of smoke and mirrors in conjuring illusions.
serf
http://www.nytimes.com/2016/01/05/business/dealbook/puerto-rico-defaults-on-debt-payments.html
And in the case of bonds issued by the Puerto Rico Infrastructure Financing Authority and the Public Finance Corporation, there were no reserves. The responsibility to make the payments would then fall to bond insurers.
Standard & Poor's, the ratings agency, said in a statement on Monday that it was going to downgrade the infrastructure authority's rating from CC to D. The clawback "was not done lightly, as it opens up the commonwealth to litigation," it said. "However, we also believe it shows Puerto Rico's reluctance to default on G.O. debt, where bondholders hold a particularly strong legal claim, and could represent a shot across the bow to bondholders in ongoing restructuring talks."
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it is what happens to Socialist corrupt economies full of free-loading takers. 0
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