Friday, July 01, 2011

Grecian accounting

lol in the book This Time Is Different: Eight Centuries of Financial Follyit talks about how in the 19th century Greece was in default for 53 straight years.

Personally i'd be happy to lend Greece money at 10% - i wouldn't however be happy to lend money to the USA at 0.25%, i think the chance of getting paid back from both is fine.....the issue is kind of moot about reliability of being paid (when is a different matter), the bigger issue with the USA raising the debt ceiling is how this affect the ability in the long term to pay for "other" stuff apart from interest know like care, space exploration etc.....oh and sending $1m tomahawk missiles to blow up rocks is an expensive way to do landscaping as well.


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