A while ago I suggested taking a chance on Puerto Rico’s distressed general obligation bonds. The chickens have been coming home to roost for quite some time now but seem finally to have arrived, as explained here, in the New York Times, or here . . . far more colorfully . . . by the great John Oliver.
I don’t see their ever becoming worthless; but interest payments could well be delayed and/or reduced.
The main thing: how do we help restore vitality to the Puerto Rican economy?
Quote of the Day
The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state.~Adam Smith, The Wealth Of Nations
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