Thursday, February 23, 2012

Worries About Greece

I found this bit on Greece very interesting both in terms of understanding the challenge in Greece, but also the politics of the situation. Daniel Davies at Crooked Timber introduces an exercise on the Greece debt crisis with an assessment of the current debt plan, "it’s recognizable as a good-faith plan made by conscientious international civil servants working under unimaginably difficult political constraints in an economic context that was irreparably broken before they got there – is, as always, unpopular". Alas, politics is often about fixing irreparably broken schemes - very little attention or credit given for run of the mill success.

I haven't played out the exercise other than seeing the choices get bad really fast. But it looks like a great time killer.

I do follow economics issues and not just economic geology. I never had any aspirations of owning a company. I studied geology and wanted to do geology work. But working means business and by a few quirks I ended up starting a company in 1997 and have been a business owner ever since and still retain majority ownership of our small company. And after 2008, Greece worries me a bit.

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