Keeping up with the currency markets this past week has been similar to keeping up with the Kardashians—there has been lots of drama, discussions and headlines. The financial markets and Kardashians collided this week while Europe faced its fate at a global economic summit.
Greece was center stage at the G-20 Summit after the country scrapped the contentious referendum about the proposed bailout. Greek Prime Minister George Papandreou delivered the news in confidence Nov. 4 as global leaders were trying to stave off the Greek debt crisis from spreading to the rest of Europe and the world. Particularly, Spain has seen its banks loaded with unpaid real-estate loans, putting the banks and housing markets in risk. Earlier last week, Greece denied that Papandreou had resigned his prime ministership after speculation about him stepping down had been swirling, but news broke Nov. 6 that Papandreou quit. The outgoing prime minister was facing open revolts inside his Socialist party and anger about plans about the referendum. Also at the summit, which was held in Cannes, France, President Barack Obama urged all nations to unite to fix the global economic crisis as millions of people encounter financial hardship and unemployment. Because of the uncertainty, investors are trying to score financial goals via a different alternative opportunity: investing in European soccer players. At least three funds exist, where “financing teams’ acquisitions of players in exchange for a cut when those players are once again sold on the transfer market.” Across the Atlantic, U.S. Bureau of Labor Statistics released its jobs report for October, finding that employers added about 80,000 jobs—slightly less than predicted. Some economists said the figures showed gains and that the odds of a double-dip recession remained low. Finally, news about reality queen Kim Kardashian’s divorce sparked rumors that her wedding and marriage to professional basketball player Kris Humphries were fake. The price tag to her wedding, however, was not. Costing millions, the wedding that celebrated a marriage of only 72 days sparked a thought: Why not sell the rights to weddings and make handsome return on investments? It’s called Alternative Investing with the Kardashians.
- AFTER GREECE: Here’s Where Things Stand On All The Crucial Issues In Europe, Business Insider, Nov. 7, 2011
- Report Shows Gain in Jobs but Growth Still Sluggish, New York Times, Nov. 4, 2011
- Housing, Banks Weigh On Spain’s Fragile Economy, NPR, Nov. 4, 2011
- Greek Drama Dominates Talks At G-20 Summit, NPR, Nov. 4, 2011
- US Unemployment Claims Drop to 397K – Greek Crisis Continues to Dominate, Forex Crunch, Nov. 3, 2011
- Greece Denies That PM Papandreou Has Resigned – Source , Wall Street Journal, Nov. 3
- Greek referendum to ask voters on bailout deal: government, Reuters, Nov. 2, 2011
- Hedge Funds Invest In Soccer Transfer Market, FINalternatives, Nov. 1, 2011
- Kardashianomics, New York Times, Oct. 31, 2011
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