There was a beautiful little country with delusions
It decided to host a magnificent Olympic games. It spent Billions on security and festivities and managed to keep the poor and dirty out of sight. Despite a few small glitches, everyone agreed that they had put on a great spectacle which would never be forgotten. The leaders got to feel very important and everyone felt very proud.
Then the costs started to come in for building the huge edifices and for all the security, and they were ruinously high.
Especially for a country which already spent so much on a safety-net, and social issues like health and education.
"Don't worry, we can afford it" Their leaders told them.
Some people made fortunes from Olympic contracts. Five years later the country was in economic turmoil. Six years later it was bankrupt and there was rioting and deaths in the street.
That country is Greece. Can you recall the year of the Olympics without counting backwards?
Not that memorable, and certainly not worth the cost.
Studies in market psychology: The Debate and Deutsche Bank - *Mid-week market update:* From a trader`s perspective, this market had been jittery and mainly driven by two themes. The first was the resolution of the un...
13 hours ago