Written by Dr. Billingsgate
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Topics: Economy, Greece

Friday, 1 July 2011

image for Economics Catch 22 - Milo Minderbinder Has Plan To Rescue Greece From Debt Default
Greased By Milo

The Economist: Entrepreneur Milo Minderbinder, who made his money as a war profiteer during World War II, offered to bail out Greece to prevent them from defaulting on their debt. During the war, Minderbinder was the mess officer at an American air base who began contracting missions for the Germans, eventually having his own squadron bombed for his own profit.

Minderbinder's business was incredibly profitable, with the single exception of his decision to buy all of Egypt's cotton which he attempted to unload on a depressed world market. As a last resort, he tries to dispose of it by coating it with chocolate and serving it in the mess hall.

He made most of his money utilizing an ingenious system whereby he bought eggs for his mess hall from Sicily for one cent, selling them to Malta for four and a half cents, buying them back for seven cents, and finally selling them to the mess hall for five cents.

His syndicate became so powerful that Minderbinder became the Mayor of Palermo, Assistant Governor-General of Malta, Shah of Iran, Caliph of Baghdad, Mayor of Cairo, and the god of corn, rain, and rice in various pagan African countries. Even now, when Minderbinder appears in one these cities, impromptu holidays and parades celebrate his return.

With that being his background, it is understandable that Greece would welcome his plan to buy 110 percent of their debt for 11 cents on the dollar, reselling it to the Germans and French for 42 cents and then buying it back for 28 cents, splitting the profit between the Greek Treasury Exchequer and himself.

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The story above is a satire or parody. It is entirely fictitious.

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