What do Dr. Victor Frankenstein and the architects of the euro currency have in common? Answer: They both created monsters. The euro is not “money” any more than the monster created by Dr. Frankenstein was a man. Whatever resemblances there may be to the genuine article are merely superficial. Nor is government needed to create … Read more
With Europe and the regional Euro currency teetering on the edge of a cataclysmic crisis, politicians and central bankers are scrambling desperately to save their cherished dream of the European Union. All the supposed rules have already been broken as the continent’s rulers prepare ever-greater bailout packages for bankrupt governments and big banks. EU leaders … Read more
Greece is a microcosm for most of the developed world. It is mired in debt and at the mercy of forces beyond its financial control. The downward spiral is accelerating. As a condition for granting the May, 2010 rescue package, the IMF imposed severe austerity measures which included reductions in government social spending and … Read more
The financial problems of Greece have dominated the headlines for months. The problems are not new. They have been apparent since the end of 2009 when Greece revealed that its budget deficit would be more than three times previous projections. The March 2010 rescue package (E110 Billion) and austerity measures agreed to by European … Read more
Time for some Friday morning links: France’s ban on the niqab, or face veil, goes into effect next month: Face veils will be outlawed virtually anywhere outside women’s own homes, except when they are worshipping in a religious place or travelling as a passenger in a private car, although traffic police may stop them if … Read more
It helps now and then to revisit past events, especially in the financial industry. Some news items are ascribed momentous importance and considered milestones in our financial history, but beyond the immediate emotional response they evoke, they have no real lasting import. Others, however, hold lessons for the future and should be remembered. Here are … Read more