Letter from America

A VIEW FROM OVER THERE By Will McLeod, New York T

HERE’S a place far to the South facing some extremely difficult choices. A nation state asking the union it is a member of for changes which will allow it to deal with its unpayable debts.

US, SAFE dollars have turned into pesos.

While the population includes some of the hardest working people anywhere on earth they’re accused of being lazy parasites, even though it was the sharp world-wide economic contraction of 2006 which led to much of their present difficulties. Unable to pay all their debts the people have been leſt in a state of legal limbo, fearful for the future.

I am referring, of course, to Puerto Rico.

But, in contrast to Greece, there will be no bank runs. Ordinary businesses and regular citizens aren’t withdrawing money from their banks and keeping it in their matresses. Doctors aren’t moonlighting as prostitutes. There is no talk about Puerto Rico sparking a dollar crisis. There is no talk about a PRexit. No one in Puerto Rico is afraid to wake up one morning and suddenly discover their

Tere is no talk about Puerto Rico sparking a dollar crisis. Tere is no talk about a PRexit.

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That’s because aſter the great depression the US government created the most successful government institution of all time, the Federal Deposit Insurance Corporation.