Greece Archive

The Price of Affection

By John Lumbard, CFA .... Argentina just defaulted on some of its bonds, for the very first time in 13 years. It’s their seventh default since declaring independence from Spain.  Investors kept buying Argentine bonds . . What were they thinking??? In the early 1900s the people of this bountiful land---their economy...
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Whence We Came

By James Schaefer.   The original colonists of America and Canada were risk-takers -- by definition, a self-selecting group of people -- willing to leave behind family and culture and language and all that stood for civilization to cross an ocean in search of a better life. No government handouts awaited them. That entrepreneurial spirit...
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Contagion and Eurosclerosis

By John Lumbard. The debt of Portugal has fallen in value so much that a buyer can now get a yield of 16% on long term, ten year bonds.  Portugal won't have to actually pay 16% until it has to borrow again (most likely when an old bond issue matures and...
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Don’t Throw Rocks at the Firemen

When people are in trouble they're not always willing to accept help.  Whether you're talking about an alcoholic resisting intervention, a drug addict, a wife who protects her wife-beating husband, or a homeowner who refuses to leave the flanks of an erupting Mount Saint Helens, there's never been a shortage of...
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Sustainable Government

By Dan H.   As California goes, so goes the nation.  That has long been the case with fad and fashion, but lately California has been playing the role of canary in the coal mine.  The state budget is out of control, and there are no longer any easy answers.   Much...
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