Particulary poignant is to look at the blight associated with irrational growth. Much of the money in Greece was spent in support of the 2004 Olympics. These pictures are just depressing.
I did struggle to diminish the bias in this chapter. Much of what I read here was echoed in other publications that were more factual. The Greek economy is based on a lot of black market activity and a lack of reporting taxable income. However, I do like to point out that in many cases American banks were aiding the Greeks in the extent of their corruption. I allow the kids to draw their own conclusions here... who do we blame? The Greeks? Our government? Our banks? Ourselves?
In this chapter, student questions centered around:
- Congressional Budget Office (CBO)
- Interest rates
- Moody’s Rating Agency
What did the eCB Do?
Students get to look at how the government tries to contain the economic downturns spurred by years of doctoring loans, speculation and shorting by American investment firms, and the eventual implosion triggered by the American banking failure. However, we can't blame America completely for this implosion.
We focused primarily on these concepts in class:
- Vote of No Confidence
- Dissolution of government
- Mixed economy
- Representative Democracy