Category Archives: Government Debt
The Euro is Done
The November issue of National Geographic tells of the recent discovery of the Staffordshire Hoard – a treasure of gold, silver, and garnet military objects from the early Anglo-Saxon era that had been buried in the English countryside for 1300 … Continue reading
Life After the Day of Reckoning
The 2011 fiscal year ended on September 30th and the beans of U.S. Government revenue and spending have been counted up. Total revenue for the year was $2.3 trillion. Total spending for the year was $3.6 trillion. The difference – … Continue reading
Magnifying a Magnificent Debt Bubble
Last week it was discovered that, Kweku Adoboli, a 31-year-old equities trader for the Swiss bank UBS, had gone rogue. In a remarkable misadventure he managed to blow $2 billion of other people’s money at his employer’s expense. Apparently, UBS … Continue reading
The Revolt Against Absurdity
Credit default swaps insuring Greek debt rose in price yesterday to cover a 98 percent chance there will be a Greek default in the next five years. But perhaps it will happen sooner. Greece is playing games with its austerity … Continue reading
