"Puerto Rico Back in the 18th Century" - Kunstler

``Puerto Rico already faced a crisis pre-Hurricane Maria, with its dodgy electric grid and crumbling infrastructure: roads, bridges, water and sewage systems. Bankruptcy put it in a poor position to issue new bonds for public works which are generally paid for with public borrowing. Who, exactly, would buy the new bonds? I hear readers whispering, "the Federal Reserve." Which is a pretty good clue to understanding the circle-jerk that American finance has become.''