Interesting and humorous - page 41
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Valuev is kind. They always made fun of him. I don't know him, but I know some people who used to talk to him in sports schools. All in one voice - Kolya is kind.
They tried to get him involved in roofing in the 90s. But they wouldn't let him talk. He just had to get out of the car and stand next to it, people were said to be impressed. )
:) A worthy pun in Old English style.
A simple economy
"Here's to Gaussian distribution!"
_http://www.gazeta.ru/science/2011/12/24_a_3937462.shtml
A simple economy
You beat me to it and Denis posted the text ;)
"Here's to Gaussian distribution!"
_http://www.gazeta.ru/science/2011/12/24_a_3937462.shtml
You beat me to it, but, I'll post the text :))
No, I'm the one posting the text!
Maria is the owner of a bar. One day she realises that almost all of her customers are unemployed alcoholics, so she can no longer maintain the bar or she will go bankrupt.
To solve this problem, she devises a new marketing plan whereby her customers can drink now and pay later.
She records the quantities she drinks in special books (thereby giving customers credit).
Maria's 'drink now, pay later' strategy begins to gain notoriety, and as a result, Maria's bar increases its customer flow.
Soon her bar is showing the highest sales volumes in her town - the prospects look bright.
Giving her customers the freedom from immediately demanding payment, Maria meets no resistance when, at regular intervals, she significantly increases the prices of her most popular drinks - wine and beer.
Consequently, Maria's bar sales also increase.
The young president of the local bank realises that these customer debts represent a valuable future asset, and increases credit for Maria.
He sees no reason to worry, since he has the debts of alcoholics as collateral.
At the bank's headquarters, expert traders devise a way to earn huge commissions by transforming these customer debts into Buchalobonds and Alco Bonds. These assets then begin to trade on the international securities markets.
New investors do not fully realise that these securities, which have been sold to them as AAA rated securities, are actually debts of unemployed alcoholics.
The prices of the securities continue to rise and the assets soon become the fastest-selling positions with the country's leading brokers.
One day. even as bond prices continue to rise, the risk manager of that local bank decides that the time has come to call in payments on the debts accumulated by the alcoholics in Maria's bar. He informs her of this.
Maria starts demanding money from her alcoholics, but being unemployed, the alcoholics cannot pay back the loans.
Since Maria cannot meet her loan obligations, she is forced to default. She is now bankrupt.
The bar closes and 11 employees lose their jobs.
Overnight, Boohalo and Alco Bonds lose 90 per cent in value.
The amount of collapsed value of these assets destroys bank liquidity, and prevents new loans from being issued, thus freezing credit and all economic activity.
The suppliers for Maria's bar, who gave her extended payment terms, invested their firms' pension funds in various securities. They find that they are now faced with bad debt write-offs and that they have lost more than 90 per cent of the estimated value of the bonds.
Her wine suppliers similarly declare bankruptcy, shutting down the family business that has fed three generations. Her beer supplier is bought out by a competitor who immediately closes down the local factory and lays off 150 workers.
Fortunately, the bank, the brokerage firms and their executives are saved by a multi-billion pound rescue package from their cronies in the government.
The funds for this rescue package were found by taxing the working middle class, who never once looked into Maria's bar.
Now do you understand the situation in the economies for 2011?
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