Puerto Rico death spiral accelerates.

Puerto Rico is now defaulting on debt as a matter of necessity and has missed a second major debt payment.  That means its credit is in the toilet which really means that nobody will lend to it cheaply anymore.  So at this point Puerco Gordo, (err, I mean Puerto Rico or should we call it Puerto Pobre or maybe even Puerto Cerrado...) really has nothing to lose by defaulting on everything.  All they need is the permission to do so and they will do it, "Governor Alejandro Padilla has called for the island to be granted bankruptcy rights like those on the mainland.".

Yes they will get the permission because they do not have the ability to pay.  So they will default.  Thinking people knew this was going to happen a looong time ago.  But what people may not be considering is what this is going to do to the people over there who will lose their socialist government lifeline, many public pensions, etc.  All of it will get dumped into the economic sea.  So will the people just quietly sit there and say, "oh well, I lost everything, I'm good with that"??  I think not.  And remember my rule about civil unrest: the liberal socialists are the worst offenders because these asses actually thought that something for nothing was a sustainable policy.  They didn't care a hoot how it was all supposed to work as long as it was seeming to work.  They just thought that government was somehow a fountain of perpetual prosperity.  Well, once the loans are cut off (and who would loan to someone who is already default on their current loans), the fake prosperity of a relatively unproductive island is going to collapse.

What's next after PR?  I'd say probably Chicago and then the state of Illin'Noise and then probably New Jersey?