Will Puerto Rico’s Debt Be the First ‘Jubilee’? Justin: You tried this sort of thing in Haiti and a few other ThirdWorld countries. How’d those trips go? Do the leaders of these places actually follow your advice?
DOUG: No. Forget about it. I mean the individuals, the guys that I actually talked to in the president’s office, weren’t stupid. They could understand this. But they’re making so much money stealing now... change is the last thing they want. Even offering them the opportunity to make 10 times as much legitimately doesn’t entice them – the idea of possibly losing what they are stealing now and breaking a bunch of other people’s rice bowls scared them too much. Although, I thought I came close in a couple of places... Justin: Do you plan to try this in any other countries? If so, what might be your next stop? DOUG: Will I try to do this again? I don’t know. If somebody gives me a good introduction to a president somewhere I suppose I’ll get on a plane. Can’t help myself when I see a neat adventure. If I did, it’ll probably be someplace in Africa. But frankly, I’ve kind of been there and done that. I’ve pitched this idea to the governments of a dozen countries around the world. It’s been a fun hobby. But after a while, you see one hellhole, you’ve seen them all. Doug Casey is a true contrarian investor. The founder of Casey Research and one of the most successful natural resource speculators in the world, Doug also recently began publishing the ”High Ground” series of books – absolutely thrilling and provoking stories about speculation, morality, and libertarian ideas.
DOUG: They always listen, if only because they’re desperate. This has long been one of my hobbies – going to backward, worthless, dystopian Third World countries, places much worse off than Puerto Rico. Most recently, I tried this in Haiti, which I’ve been to numerous times over the last 40 years. But these places are all the same in that they’re kleptocracies, where people use the government as a formal, organized vehicle for enriching themselves. They’re uninterested in change. Except the Haitians, like the Puerto Ricans, would also like to become a U.S. state. But sure, I’ve had very entertaining experiences in many countries around the world. That would be a subject for another conversation, for a book actually. I should write a book about these adventures before I forget all the details.
Justin: I can’t imagine Haiti’s actually trying any of this. Are they?
Justin Spittler is the editor of the Casey Daily Dispatch , a daily letter with news, an overview of the market, and important investment themes. Subscribe for free here .
36 | November 2017
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