BondholdersHistorically, Independence Day in America has celebrated “government of the people, by the people, and for the people.”

Over the years, the American people have grown less conscious and more unhinged from democratic structures and institutions—with the government less accountable to the people. America today is more “of the bondholders, by the bondholders, and for the bondholders,” as evidenced in this week’s flurry of activity in Washington to make sure Puerto Rico’s bondholders got paid.

After WWI, the bondholders, most of whom were American farmers forced to buy bonds to fund the war, didn’t get paid on time but rather years later with inflated dollars causing many to go bust. Today’s bondholders: hedgies, private equity firms and Saudis are getting paid, as the experiment in self-rule goes bust.