Tom SpencerTHE MARKETS have been temporarily buoyed amid optimism that European leaders will find a solution to the debt crisis. Unfortunately, the optimism is likely to be short lived because the problem with Greece is not just that they owe everyone a lot of money. Greek debt is a symptom of a more endemic problem rooted in the […]
WITH the Occupy Wall Street movement still in full swing, we have to stop and think for a moment about the distribution of wealth in the world. One of the slogans of the Occupy Wall Street movement is “we are the 99%”, which is a reference to the fact that the top 1% of households […]
Whatever you say it is, it isn’t ~ Alfred Korzybski IN OCTOBER 2011, private banks accepted a 50% writedown on Greek debt. European leaders negotiated the writedown to avoid a technical default. It is surprising that ratings agencies did not classify the writedown as a default when you consider that S&P defines sovereign default as […]