The unfunded British national debt in 1715, at the end of the War of the Spanish Succession, was roughly £30 million. The individual securities that made up this unfunded debt were not standardized, hence not very liquid. Hence the arbitrage opportunity call the South Sea Company. The South Sea Company would buy up the debt from the government, collect the interest, and pay out the interest as dividends on its own standardized shares.
Submitted by Charles Hugh-Smith of OfTwoMinds blog, The incredible luxury of having a bedroom to yourself is out of reach for all but the very well-paid. Having an apartment to yourself requires serious money. Those who say there are only two sure things in life, death and taxes, should add a third sure thing: realtors and stock market mavens will deny there's a bubble even when it's obvious to everyone the bubble has already reached insane levels of overvaluation.
The debate begins at 4 p.m. EST.
VANCOUVER — Federal Liberals get their first chance today to directly compare and contrast the nine candidates promising to lead their once-mighty party out of the political wilderness.
NEW DELHI: The central government has proposed to decentralize the Housing for All scheme by empowering every state government in the planning and decision making process. "Empowering states is the key to the success of Housing for All," said Rajiv Ranjan Mishra, joint secretary, ministry for housing and urban poverty alleviation. He was speaking at a conference organized by standard setting body Royal Institution of Chartered Surveyors (RICS).
Submitted by Charles Hugh Smith from Of Two Minds The Generational Short: Banks, Wall Street, Housing And Luxury Retail Are Doomed If Gen-Y cannot afford to buy Boomers' houses at bubble-level prices, then what will keep housing prices at these elevated levels?
Political offers have been pouring in for a doctor who enthusiastically defended the reputation of Canada’s medicare system during some tense exchanges in the U.S. Congress.
Dr. Danielle Martin said she’s been courted by political parties at the municipal, provincial and federal level since her appearance last month enjoyed a moment of viral celebrity.
But it’s clearly not something the Toronto physician, health-policy professor and vice-president of the Women’s College Hospital wants to discuss.
More than two years ago, economists started talking about a bubble in Treasury bonds that would eventually burst, just as the dot.com bubble and the housing bubble had. If that happens, the prices of long-term bonds could fall by 10% to 20%. So far, that bond bust hasn’t materialized. But one of the characteristics of bubbles is that they often go on longer than anyone expects. What is most troubling now is that the problem is spreading beyond Treasuries. Excessive borrowing and ultra-low interest rates are now distorting all the debt markets.