I have no words! Puerto Rico … ‘openly’ now totally belongs to the ‘master’! No more pretense … what is there left? My heart hurts!!
The US Financial Control Board (FCB) has announced that NO government agency in Puerto Rico may enter ANY transaction, without the prior approval of the FCB.
In other words…the entire insular government, and the entire public economy, is now under FCB dominion and control.
The announcement was made on October 14, 2016 during the second official meeting of the FCB, which lasted 30 minutes.
In those few minutes, the FCB declared its jurisdiction over the island’s electrical grid (PREPA), water supply (PRASA), university system (UPR), central bank (BGF), and the all the public pension & retirement systems.
It also placed the entire public infrastructure of Puerto Rico under its financial authority. This includes:
- The Commonwealth government, including its elected legislature and courts
- The pension & retirement systems of all public workers
- Teacher’s retirement system
- University of Puerto Rico
- All public corporations, including:
(a) electricity and power (PREPA)
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