Looks like a certain country is going to need a drink today (shouldn’t be a tough sell). The New York Times reports:
In Ireland, banking troubles lie at the root of what many in Europe are now calling a solvency crisis, reflecting long-term concern over Ireland’s ability to repay its debts.
Irish banking losses are estimated at up to 80 billion euros ($109 billion), depending on the forecast used, or 50 percent of the economy. As long as housing prices continue to fall, these losses cannot be capped.
I remember playing dominating at Monopoly as a kid. When other players landed on my street and couldn’t afford the rent (their debt owed to me), I took their property, their cash, their thimble – their self-respect. And it was no surprise to me that I would eventually own everything they had. Roll by roll, they landed on my property, I got their money, I used that money to put up hotels, they then owed me more money. I had the right strategy and a little luck from the dice.
I won’t detail how countries like Ireland go into such unmanageable debt…because I have no clue. But I would like to know to whom they owe these trillions of dollars. And I think this is important because a simple Wikipedia search shows that every major country is in a similar, sinking ship. Assuming the same rules apply, someone is getting closer to winning this global Monopoly and, in doing so, will seize your house and hover car (I don’t think this will happen overnight…Monopoly can take forever). Remember, the government is playing with your money. (You’re so nice).
Don’t worry, though. I’m sure the winner will be gracious.
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