by Micah J. Fleck

It’s happening – for the first time in the history of the U.S. territories, the federal government has exercised an entire takeover of Puerto Rico’s finances, government agencies, and therefore, way of life. This is an unprecedented move, and of course, the rationale given involves meddling in the market to “solve” an economic problem. This has been done through creation of yet another government agency – a control board for territorial financial matters.

So reports the Associated Press:

The seven-member board met in New York and was briefly interrupted by protesters who yelled, “This is slavery!” and “Stop pillaging Puerto Rico!” The meeting was livestreamed over the internet following pledges that the board would operate with transparency. It ordered Gov. Alejandro Garcia Padilla to produce a fiscal plan in two weeks and submit weekly and monthly revenue reports that detail how the government is adhering to its budget. Members also voted on which Puerto Rico government agencies would come under the board’s oversight. They include the island’s central government, its largest public university, its heavily indebted utility companies, a Government Development Bank that is running out of cash and a public pension system underfunded by more than $40 billion.

The report also quoted Garcia as saying that this board will merely help Puerto Rico’s “fiscal aspects, while protecting the economic ones.”

I’m sure.