PUERTO RICO has begun to default on its bond payments, for the first time since it became part of the United States, 117 years ago. If it fails to make interest payments on its $72 billion public debt, pension funds across the United States may be unable to meet their payment obligations. But if it were allowed to file for Chapter 9 bankruptcy protection, as cities and counties have done, every state will want that right.

For this reason, the Puerto Rico crisis is a national financial crisis, one that neither President Obama nor Congress has taken steps to resolve. Even a simple debt restructuring — in the unlikely event bondholders agreed to it — would not solve the mess. With a population of 3.6 million, every person on the island would need to pay $1,400 a year — 9 percent of Puerto Rico’s per-capita income — just to cover this year’s $5 billion principal and interest payments on the debt.

The problem is not Puerto Rico, or even the vulture funds that have refused to renegotiate the island’s debts: It’s the rigged capitalism the United States has forced on its Caribbean colony.

The United States “liberated” Puerto Rico from Spain in 1898. The following year, Hurricane San Ciriaco destroyed millions of dollars in property and nearly the entire year’s coffee crop. Banks swept in, buying land at a steep discount.