A New Drachma?

According to a 2002 BBC report, Greece was the least prepared to make the switch to the euro in 2002. During the transition only 1/6 of all businesses in Greece had received their euros. Now, Greece r…

Euro-Zone Rates

Please match each of the following countries with its unemployment rate and borrowing rate: Countries: Germany, Greece, Ireland; and the U.S. and the U.K. Unemployment rates: 9.1%, 7.7%, 7%, 15.9%, 14…

Bailout Fatigue

Yesterday, in a 94-0 vote, the U.S. Senate said it had bailout fatigue. No, they were not referring to Fannie Mae or General Motors. They meant Greece. This is the connection: By selling government se…

Euro Problems

This country had a national railroad that received $100 million euros a year in revenue but had expenses of $700 million. All public jobs paid an average of 3 times what the private sector paid. Beaut…

A Debt Tour

Calling it “financial disaster travel journalism,” author Michael Lewis (The Blind Side and The Big Short) takes us to Iceland, Ireland, and Greece in 3 Vanity Fair articles that are wonde…

Calamity Markets

Some markets are distressed. For close to 30 cents on the dollar, firms that purchase distressed securities have offered to buy loss claims from victims of the Madoff fraud. Instead of waiting for the…

Virginia and Germany

“Where…is the justice of compelling a State which has taxed her citizens for the sinking of her debt, to pay…the debts of other states, which have made no exertions whatever?” …

Closed Professions

If you are a Greek pharmacist, you are guaranteed a 35% profit on the drugs that you sell, your store can be no closer than 820 feet from another pharmacy, and you probably paid close to $400,000 for …

The Young Old

Having read that Greek fiscal austerity involves raising their average retirement age from 53 to 67 and that their life expectancy is 79.5 years, I thought of the Social Security Act of 1935 and …

©2016 econlife. All rights reserved.