Fantasy Island Quotes

“Lastly, it’s been a place where the United States could experiment with tax policies that allowed for the accumulation of capital under conditions that were virtually offshore yet still within US territory and under the laws of the US banking system.”
― Ed Morales, Fantasy Island: Colonialism, Exploitation, and the Betrayal of Puerto Rico

“Puerto Rico was out of time wasn’t because it had no remaining strategies to continue trying to negotiate down the debt; severely limited as it was by the lack of bankruptcy protection and lack of sovereignty, it still could have lobbied the US government on humanitarian grounds. What Puerto Rico had run out of time for was the illusion that it had autonomy over its affairs, that its residents had full US citizenship, that it had anything resembling a self-directed economy.”
― Ed Morales, Fantasy Island: Colonialism, Exploitation, and the Betrayal of Puerto Rico

“All that mattered was for investors to be able to recoup investments that were largely driven by the knowledge that Puerto Rico’s bonds were triple-tax exempt and that it had no bankruptcy protection.”
― Ed Morales, Fantasy Island: Colonialism, Exploitation, and the Betrayal of Puerto Rico