In a tense social situation where colonialists were staring at government problems from across an ocean, one could only predict when the final match would burn down the thirteen colonies’ relationship with the motherland. Mercantilism was beginning to actually backfire, to the dismay of the British crown, but it is sad to realize that the people in power refused to actually change their ideals and laws towards the people that were obviously receiving the short end of the stick.
The end of the war for empire showed the powerhouse of Britain that debt wasn’t just a fictional plague. It was indeed a reality, and the Royal Government of Britain was over 122 million pounds of sterling silver in debt. Quite a large amount; this was a good sixty percent of all British revenues. Similar to how the French Revolution started, Britain had a large population that was paying more taxes than people that could actually afford it. Eight million people in Britain were being overloaded with new taxes, and the Treaty of Paris hastily demobilized large parts of the Royal Military so that the government wouldn’t have had to pay for soldiers they no longer needed.
A heavily indebted, mismanaged, and overlooked economy entrapped within the deadly headlock of its richer neighbor and asserted “motherland”, Puerto Rico finds itself sinking further into a true crisis. One that the folks in D.C. aren’t concerned about because, frankly, we don’t compare Puerto Rico to “true American soil” regardless of the territory being locked into a forced monetary union.
Puerto Rico, one of the most prominent United States territories, has been suffering through a deepening debt crisis. This dispute over the territory’s finances masks a struggle that has been lingering in American politics for years — for wealth and power. This economic battleground will attempt the balance the peculiarities of Puerto Rico’s official political status and Wall Street corporate greed.