Economics & Finance
Get flash to fully experience Pearltrees
A POPULAR parlour game among historians is debating when the modern world began. Was it when Johannes Gutenberg invented the printing press, in 1440? Or when Christopher Columbus discovered America, in 1492? Or when Martin Luther published his 95 theses, in 1517?
How much does time cost? That depends what you need it for. The time that Europe's leaders want to buy to tackle the euro crisis is a precious commodity. And its price keeps going up and up. Initially, it was supposed to cost €110 billion ($130 billion).
As Portugal moves to seek a ‘bailout’, I’m reminded of an email which was circulating around city types a few months ago, I’ve no idea if all the quotes are accurate but it feels right. 1. “Spain is not Greece.” Elena Salgado, Spanish Finance minister, Feb. 2010 2. “Portugal is not Greece.”
During the second half of the 19th century, the world's biggest economies endured a series of brutal recessions.
John Bogle counted himself among the 1% of wealthiest Americans a couple decades ago. You might not guess that today, when you hear the 82-year-old founder of mutual fund company Vanguard rail against economic inequality. He can sound almost like an Occupy Wall Street protester: "Our markets have gone crazy, and there is 200 times as much speculation as there is investing," he says. It has been 15 years since the low-cost investing pioneer stepped down as CEO of Vanguard. It was Bogle who launched the first index mutual fund in 1976. Vanguard Group has since grown into the largest fund company, managing nearly $1.7 trillion in U.S. fund assets.
The patient, E.Z., is in failing health, and the European surgeons are arguing bitterly at the operating table. The Greek doctors call for a feeding tube, oxygen, antibiotics, the works. Nonsense, say the Germans. Get the patient up on his feet and slap him around a little. What he really needs is to lose some weight. Never mind that each is acting in accordance with his own self-interest.