In September, MF Global Holdings Ltd.'s management sent a memo to the securities firm's 2,800 employees: Start printing on both sides of paper.
Now my opinion: Greece is screwed. The new debt accord won’t hold, austerity measures won’t be fully implemented, and the Greek government will formally default within six months. And stocks are rising as powerful people and organizations prop up share prices just long enough to unload their own positions, leaving the little guys to drown.
-Robert X. Cringely
More news later today on my new/old book project, but for a moment let’s look at what’s happening in Greece, because I’ve become quite convinced that markets have gone completely mad and the world economy is about to suffer for that madness. In fact I am sure of it. That’s because stocks are up today on word of a second debt bailout for Greece — a bailout that has no more hope of standing than the one before it. Greece is bound to default, beginning a likely fall of economic dominoes across Europe. And while that news is not explicitly about technology, it will certainly affect all of us interested in technology, because Greece is screwed along with much of southern Europe....
The Greek budget deficit is stuck near 8-9 percent of Gross Domestic Product (GDP) because the country’s economic base is shrinking so fast.
Yet shares are rising on markets across Europe supposedly on the idea that Greece will this time fulfill its obligations under the new debt accord — obligations that will continue until 2020 when the country will still be prostrate with public debt at 120 percent of GDP — if everything goes perfectly?
-read on at link-
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