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December 7th

Video of The Day

• Charles figured he had things all figured out for a while. He was successful ruling England without parliament for some time .

• However Charles decided to call a parliament in 1628 because he was starting to have troubles.

• Charles hoped that parliament would be more agreeable at this time round. However, his plan backfired!

• Parliament told the king they would grant him no money unless he signed the “petition of Right”

• This petition of right was meant to address the kings “Court of Star Chamber”

• Did Charles need money bad enough that he agreed to sign this petition or right? or

• Did he feel he could find money else where?• Charles refused to sign the petition and

dissolved parliament once again.

• What is an example of a right, that the “Petition of Right” would have protected?

• Charles and his advisors did not believe in the freedom of speech

What is a satire?

• A play, novel, or film (literary work) which uses humour, irony, exaggeration, or ridicule to expose and criticize people's stupidity.

• The Puritans were busy writing satires about the government (Charles I and his advisors) during the 1600’s.

• How do you think Charles dealt with this?

What’s this device called?

A Pillory

•The King considered Satires about the government Seditious Libel.

•What is Seditious Libel you might ask?• False and malicious statements

against the monarch, which are treasonous.

• And Treasons are? • The crime of betraying ones

country. Especially with regard attempts to kill or overthrow government

Who was Walter Prynne?

A lawyer, who wrote satirical plays about the governement and found guilty of this charge

He was forbidden to practice law, deprived of his university degree and forced to pay a fine of $5000 (equivalent to $1,000,000 today!)

Do Governments still spend money Extravagantly today?

• YES!

Greece

• Why is Greece in trouble?

Over Spending

(Public Sector wages doubled in a decade)

Wide Spread Tax Evasion

Borrowing Money

How Bad is it?

•Already taken 2 bailouts of $110 Billion and $109 Billion Dollars!!!!

•Civil Servants may go unpaid next month

•People are beginning to take their money out of the banks

How would Greece go Bankrupt?

Defaulting on their loans.

What would a Bankruptcy do to Greece?

• Remove them from the EU currency• Deflation of their own currency• Unemployment will soar (25% ??)• Poverty (50% below poverty) • Increased emigration

Can Greece Recover?

Would a Greek Bankruptcy effect us in Canada?

• http://www.youtube.com/watch?v=odHjmntGI0s

•French banks hold Greek loans > these are insured by other countries for billions

•401k’s (RRSP’s) hold foreign stocks (15% average), down $500 on average

•Interest rates could go up, harder to get loans

•Slowing exports as europeans have less money

•Harder to find work as business slows

•More people in poverty and less wealth

Questions

• Should other countries bail out Greece?

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