As you may know, several years ago, Peter Schiff relocated to Puerto Rico. Have you ever wondered why? What are the advantages? And what can his move teach us more generally about economics and politics?
Peter recently appeared on the Puerto Rico ICON Podcast and answers some of those questions.
Puerto Rico officially plunged into bankruptcy this week. Years of accumulating debt and misguided government policies finally reached their inevitable end.
The bankruptcy means more pain for the people of Puerto Rico, as well as bondholders who have virtually no hope of ever getting their money back. But beyond that, it serves as a giant, flashing warning sign, because the truth is, the financial condition of the the US isn’t fundamentally different than that of her island territory.