Josh Sigurdson sits down with author and economic analyst John Sneisen to talk about the continued collapse of the Puerto Rican economy as public sector debts total almost 74 billion dollars which is around 100% GNP.
It took a long time for Puerto Rico to admit their bankruptcy as we at WAM ourselves declared Puerto Rico bankrupt in July 2016 in our first report on the subject.
The government of Puerto Rico acknowledged in 2015 that they could not pay their debts followed by a U.S. bail out.
Josh and John explain what is currently happening in Puerto Rico and what this will inevitably lead to as the problem gets worse.
People in Puerto Rico, being American citizens can escape the debt by flocking to mainland, however that simply leads to the remaining public being extorted and paying more.
As John mentions, a debt jubilee isn’t likely any time soon and the problem will certainly get worse before it gets better, but people can protect themselves by getting off the centralized grid and decentralizing.
Stay tuned as we continue to cover this developing story!
Video edited by Josh Sigurdson
John Thore Stub Sneisen
Graphics by Bryan Foerster and Josh Sigurdson
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