From a Reuters newsreport about Greece's government response plan to their economic meltdown: "From 1. Jan. 2011, every transaction above 1,500 euros between natural persons and businesses, or between businesses, will not be considered legal if it is done in cash. Transactions will have to be done through debit or credit cards" Are they doing this for any other reason than making it easier to collect a sales tax? How can they enforce it? What will happen if someone pays for an item with over 1500 euros in cash, will someone repossess it? Have other countries done something like this?
In a book by Arthur C. Clarke (Ghost from the Grand Banks if I remember correctly... if I'm wrong please correct me) he talks about an economic theory which predicts great depressions every 80 years or so. Now, current events have brought this prediction rather starkly to mind. Was there a sound basis for that prediction or is it merely that bad economic shocks happen often enough for a fake pattern to emerge? Was it maybe just a lucky guess? [more inside]
Has an economist ever calculated the worth of human life? It would be an added bonus if it s/he had worked out the different value in different parts of the world. [more inside]
Louis Kelso: Crackpot or economic genius? [more inside]