I reference Bill Bonner frequently in these pages and it’s not nearly enough. He is the founder of Agora Inc. and the driving force behind one of my favorite websites, The Daily Reckoning. I admire his ideas, writing style and the life I imagine he lives. Since, he too spends much of his time in Paris, perhaps one day our paths will cross. In A Word of Advice to Financial Authorities, Bonner lays out one piece of advice taken directly from the annals of financial history and today’s newspapers.
When you have more debt than you can pay, it is always best to own up…default…hang your head…say you’re sorry…promise not to do it again…
…and go about your business. And do it as soon as possible.