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Talks in the Eurozone turn on who is going to accept the loss in a debt restructuring deal, and now architects of the plan are saying private-sector bondholders may not have to take a haircut in the event of a bailout. The news has fueled a short-term rally, but experts criticize the measure as one that will result in the same kind of catastrophe that befell Ireland when it granted banks a blanket bailout that pushed the debt onto Irish citizens and resulted in a staggering collapse of the economy. As European countries scramble to guarantee one anothers debt and lenders seek to avoid paying for bad decisions, ratings agencies are poised to downgrade the entire region. For more on this continue reading the following article from Economists View.
Felix Salmon:
The eurozones terrible mistake, by Felix Salmon: The FT is reporting today that the new fiscal rules for the EU include a commitment not to force private sector bondholders to take losses on any future eurozone bail-outs.
Photo: mikebaird
Digital cameras eat through batteries at an alarming rate. As my wife can attest, theres nothing more aggravating than when you are about to capture a memorable family picture only to discover theres not enough juice to snap the pic. We seem to go though this ritual at every family event, and its always my fault. So a recent Consumer Reports article on the best AA batteries for digital cameras caught my attention.
The study tested the performance of a variety of batteries. The tests covered non-rechargeable lithium, nickel oxhydroxide, and alkaline batteries. Each battery was put to the test to see how many photos it would take when used in a digital camera.
To take it a step further, the analysis took the cost of the battery and the number of photos they took to determine a cost per photo. It turns out there is something to that old saying you get what you pay for. The more expensive batteries gave the best performance.
The World Bank demonstrated that deregulatory neo-liberalism is alive and well, but turned its back on evidence-based policy making this week, when it published a report calling for countries to dismantle or reduce laws requiring severance payments for redundant workers despite finding absolutely no evidence that these payments had any negative effects on employment levels or recruitment!
Reforming severance pay, published by the Banks Social Protection and Labour Unit, suggests that unemployment benefit is all that redundant workers need, although it accepts that, if employers and unions choose to negotiate redundancy pay, that could still be acceptable (thats big of them!)
But as Peter Bakvis of the ITUC/Global Unions Washington Office comments:
Curiously, despite its radical proposals for eliminating or scaling down severance pay programmes, Reforming Severance Pay states that the research carried out for the book found little evidence of negative impacts on labour market outcomes, particularly in the few studies that isolate the severance pay impact.
The report itself says:
While proponents argue that flexicurity increases productivity and employment without sacrificing employment security or hurting vulnerable groups, the evidence relating to productivity effects is tenuous. Aft
As an entrepreneur who became an MBA Professor at age 43, I’ve had the unique experience of living almost everything that I teach. In fact, I have never taught from a textbook. I have, however, required my students to read selected business books that teach the ‘fundamental principles’ of real-world business. One of those is a profound marketing book called the 22 Immutable Laws of Marketing authored by Al Ries and Jack Trout. Wow, those guys hit it on the head. I have found all 22 of those laws to be dead-on.
Here’s an important one. Who was the second American to fly solo across the transatlantic? Stumped? If you don’t know that answer, then who was first? Charles Lindbergh, of course. But why didn’t you know that Burt Hinkler was the second person? Don’t feel badly, it’s human nature. Almost everyone recalls who takes first, but rarely do we remember who places second.
Business is exactly the same. If your business can be the first one into your targeted market you can expect to be successful, even if new competitors eventually show up later with a better product or service. T Read more…
Getting out of a credit card debt should be taken seriously because clearing a debt will give you good credit ratings and it reduces worry tremendously. When you have bad credit, applying for other loans such as home or car loans will be very difficult. Your stress level will also increase when creditors and banks call and send numerous letters asking for your repayment. Your daily life may also become more inconvenient as many purchases and bill payments can be done via the Internet with a credit card.
The term debt consolidation may sound complicated but it really is just taking up one bigger loan to pay the other smaller loans. A debt consolidation scheme is a popular scheme for getting out of credit card debt.
When choosing a loan, the debt consolidation interest rate is your biggest concern. When doing a comparison, always go for the lowest rate and one which is significantly lower than your credit card interest rate. Read more…