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Economics 101, Quiz #1

Adam Smith
Adam Smith

Q. What does the phrase “Privatize the profits, socialize the losses” refer to?

A. It refers to an economic system where a private enterprise keeps whatever profits it makes, and taxes society at large to cover its losses.

Q. That sounds impossible! Can you give an example?

Karl Marx
Karl Marx

A.When the banking system in Cyprus made bad bets and suffered losses in billions of Euros, putting the nation’s economy at risk, the grand plan to make up for those losses was to take money from the bank accounts of those trusting souls who had put their money in the bank.

Q. Then what happened?

A. The depositors, no longer trusting souls, immediately began to take their money out of the bank.

Plan B should be ready soon.

More Notes

The World Happiness Report, released by the United Nations, ranks countries on six key variables that support well-being: income, freedom, trust, healthy life expectancy, social support and generosity. This year, Finland is first, followed by Norway, Denmark, Iceland and Switzerland, followed by Netherlands, Canada,New Zealand, Sweden, Australia. The United States, which has never been in the top ten, silpped down four places from last year and is now 18th. President Trump may make American Great Again, but apparently not happier.