Tuesday, December 23, 2008

Holiday in Greece?

visit Greece

The BBC were likely mistaken in an advertising decision evident on their website earlier last week. A news clip concerning the rioting in Greece was preceded by an upbeat video promoting vacationing in that Mediterranean country. Naturally the advert included no shots of the type this Flickr photographer is documenting.
Monday, December 22, 2008

Explaining The Sub-Prime Loan Crisis

[This article is some months late. But in the interest of catching up and cleaning the closet, here it is.]

In the first article Economics For Children I explained how loans work. I ended with the stark fact that household debt in the USA totals $14 trillion, an amount that equals $185,000 for each household of four people. Yet family after family going bankrupt attracted little interest until big business began to be affected. Now apparently we are in the middle of a crisis.

This can be explained by starting with an important observation. Poor people make money by working, but rich people make money by gambling.
Monday, December 22, 2008

where have I been?

Sorry to have abandoned my faithful readers. I've been somewhat busy this autumn...

a) studying for a Masters degree

exam time