Wed August 31, 2011
The fictional story of Atlantis dates to Plato and then to a fictional re creation in 189.
In an earlier post I had mentioned the ill fated Retama Race Track here in San Antonio. I has a $500 K debt payment due tomorrow, and well, it does not have the money.
Now, ramp that idea up a few notches. You know those endless weekend cable tv ads inviting us to the Bahama Atlantis, well turns out there is on in Dubai as well, see photo at left, yep that's the famous Palm Island.
Now owners of Atlantis are juggling debt balls in the air trying to keep the 62% occupied resort going. I have noted this is a world wide phenomenon. In cash strapped Vegas, the MGM Mirage is doubling down in its bets for MGM China in Macau.
The world is awash in debt which makes the accounting equation A = L + OE out of balance.
Al debts must be paid either through bankruptcy or with real money. Substituting debt for more debt is only delaying the inevitable. That is why Japan is in its third 'lost decade.'
Professor Elam 
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