{"id":721,"date":"2011-04-22T18:58:22","date_gmt":"2011-04-22T16:58:22","guid":{"rendered":"http:\/\/www.poleconomix.gr\/portal\/?p=721"},"modified":"2011-05-12T23:09:13","modified_gmt":"2011-05-12T21:09:13","slug":"democracy-or-finance","status":"publish","type":"post","link":"https:\/\/www.poleconomix.gr\/portal\/democracy-or-finance\/","title":{"rendered":"Democracy or Finance?"},"content":{"rendered":"<p><a href=\"http:\/\/www.project-syndicate.org\/contributor\/580\" target=\"_blank\">Skidelsky, Robert<\/a>.<\/p>\n<p>\u201cShorting\u201d is a tactic well known among the financial cognoscenti. It means betting against an asset with borrowed money in the expectation of making a profit when its value goes down.<\/p>\n<p>A speculator can \u201cshort\u201d a government by borrowing its debt at its current price, in the hope of selling it later at a lower price and pocketing the difference. For example: on January 1, 2010, I think to myself that the game will soon be up for the Greeks. I borrow, at face value, \u20ac10 million of the Greek government\u2019s 2016 bond, which is then trading at \u20ac0.91, from Goldman Sachs for six months. For this, I have to pay Goldman Sachs the yield that it would receive from the bond \u2013 around 5% annually at that price, so about 2.5%, or \u20ac250,000 \u2013 during the six-month term.<\/p>\n<p><strong>\u03a0\u03b7\u03b3\u03ae: <\/strong>Project Syndicate<\/p>\n<p><a href=\"http:\/\/www.project-syndicate.org\/commentary\/skidelsky40\/English\" target=\"_blank\">\u03c0\u03bb\u03ae\u03c1\u03b5\u03c2\u00a0\u03ba\u03b5\u03af\u03bc\u03b5\u03bd\u03bf<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Skidelsky, Robert. \u201cShorting\u201d is a tactic well known among the financial cognoscenti. It means betting against an asset with borrowed money in the expectation of making a profit when its value goes down. A speculator can \u201cshort\u201d a government by borrowing its debt at its current price, in the hope of selling it later at [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[28],"class_list":["post-721","post","type-post","status-publish","format-standard","hentry","category-37","tag-28"],"_links":{"self":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/721","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/comments?post=721"}],"version-history":[{"count":6,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/721\/revisions"}],"predecessor-version":[{"id":1075,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/721\/revisions\/1075"}],"wp:attachment":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/media?parent=721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/categories?post=721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/tags?post=721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}