SODOM & GOMORRAH: It's happened - despite all the hand-wringing, apologizing, and bailing out, the Greece default has happened. Late Friday, a group of dealers in credit default swaps decided that Greece's recent bond swap constituted a "credit event". The yes vote by the International Swaps and Derivatives Association entitles holders of Greek credit default swaps to … [Read more...]

SODOM & GOMORRAH: The first cracks begin to appear in the Eurozone; financially distraught Iceland considers adopting a new currency. The Economist reports that Iceland is debating whether to move away from the krona and adopt a different currency. Canadians are likely to be thrilled by the idea, since the current proposal is to use the Canadian dollar (known as the … [Read more...]

SODOM & GOMORRAH: Some very exciting things are taking place in technology. These developments are making it easy for disruptive, non-mainstream sites and views to be more accessible. Let's take a look at three primary trends that are reshaping the content industry. 1. E-Readers and Tablets The PC put a computer on every desk in every office and home. However, the reading … [Read more...]

SODOM & GOMORRAH: Spain, Italy, Belgium, Slovenia, and Cyprus were downgraded by Fitch Ratings. The agency claims that the Eurozone countries lack the appropriate financial flexibility to deal with the regional debt crisis. Surprise. Italy was cut two points from an A+ rating to an A-. Spain was also lowered two points from AA- to A. Belgium was slashed from AA+ to AA. … [Read more...]

SODOM & GOMORRAH: A special report in this week's Economist on state-owned enterprises in emerging markets validates one of my theories - classical, small-state liberalism eventually morphs into the modern, welfare-state governments that we see today. The moral is that any time material interests dominate the political, the former will eventually use tools of coercion to … [Read more...]