U.S. Garage Sale Corporations that file for bankruptcy typically have their debt discharged — zeroing out their shareholders — and their new equity issued to erstwhile creditors. What’s the equivalent for sovereign nations? Put it this way: what would Alaska fetch on the open market? Seward’s Folly When Secretary of State William Seward orchestrated Alaska’s...Read More
“Glister,” Rupert? Really, “Glister?!?” You knew that Sarah Palin was running (kind of) for President, but did you also know that she apparently is now publishing The Wall Street Journal? How else do you explain: –Headlines like this one, from Friday’s paper: ‘Behind Gold’s New Glister: Miner’s Big Bet on a Fund.“ –A front page...Read More
