Category Archives: Greek debt

Cradle of democratic corruption

Screen Shot 2015-07-26 at 07.39.26

Popular dishonesty, writes Dalrymple, is ‘an inherent problem wherever the universal franchise is unaccompanied by widespread virtues such as honesty, self-control, providence, prudence, and self-respect’.

Wir haben auch Familie

But do our Greek debtors?

But do our Greek debtors?

In return, writes Dalrymple,

for yet another pretence that its debt is performing and does not have to be written off,

Greece’s creditors are demanding that the country’s shops open for Sunday trading. Dalrymple points out that such trading is forbidden in Germany, and comments:

I have not noticed that the prohibition has had too devastating an effect on Germany’s prosperity.

Anything that Greek shops sell will moreover be subject to 23% value-added tax —

hardly an incentive to buyers.

Besides,

the problem for Greeks is not that they do not have enough opportunities to buy, it is that they do not have the money with which to buy.

The sage of CMC Markets

Screen Shot 2015-06-28 at 07.28.06

Michael Hewson: han är respekterad för sina öppna och direkta åsikter om vad som händer på marknaden

Dalrymple realises how foolishly he has frittered away so much of his time when he reads the following statement by Michael Hewson of CMC Markets:

Having had a couple of days to absorb the details of the new Greece debt deal, equity markets have continued to remain upbeat, despite the fact that the proposal is economically illiterate and probably doomed to fail.

Dalrymple comments:

Economically illiterate and only probably doomed to fail? In other words, the link between economic literacy on the one hand and success or failure on the other is uncertain at best. Economically illiterate but possibly will succeed? Economically literate but possibly will fail? Mr Hewson of CMC Markets clearly doesn’t want to put all his eggs in one predictive basket. Therefore I say, throw economics to the dogs.