Good Day!

DRAW A LINE SEPARATING TODAY & YESTERDAY1) Write: Date: 05/21/10, Topic: Greece2) On the next line, write “Opener #53” and then:

1) Plot your mood, reflect in 1 sent.2) Respond to the opener by writing at least 2 sentences about:Your opinions/thoughts OR/AND

Questions sparked by the clip OR/AND

Summary of the clip OR/AND

Other things going on in the news.Announcements: NoneIntro Music: Untitled

Agenda1) Greece (last notes)2) Test 4 on Thursday

End Goal, you will be able to…1) What is going on in Greece

Reminder1) No homework

Work #53a, Title “Ghana Ad”

1-X) Name + rate each 1-10. Turn in your rubric when it’s your radio ad.EC for the class favorite.

Work #53b, “McDonald Debate”1) Read the 2 sides, choose 1 side, and write

which you choose and explain why.2) Then write down what your partner thinks

(include their name at the end).1 2 3 4 5

CON: Do not open a McDonalds1) It will kill local businesses + culture

2) It will make Ghana fat. Not all kinds of businesses should be welcome under free trade

PRO: Open a McDonalds in Ghana1) It will introduce Western style business skills and methods

2) It will make Ghana more competitive. Free trade means if ppl want it, they should have it

Review 1) Bond: Gov or biz borrows from investors, rather

than from a bank (AAA-C, rate determines interest)2) Interest: What they pay on their debt (in gov’s

case, this is the bond interest to investors)3) Pensions: A retirement plan offered to workers

with defined (guaranteed benefits) regardless of gov, biz, or pensions future financial status.

3) Pension Fund: Worker and employer put money in a investment fund, if fund comes short, gov will cover rest (gov p: by law, priv p: by gov insurance)

4) 401k: A retirement plan offered to workers with defined upfront payment to help workers save for retirement, there is no guarantee on the outcome of those investments.

Notes #53a, Title: “Greece Notes” 1) European Union: 27 European nations that have

unified their economies under one currency (Euro) + 1 central bank (ECB)

2) Tax Evasion: Not paying taxes you owe3) Debt to GDP Ratio: Shows relative to the annual

economy’s size, how much gov debt, paying more debt = higher taxes, less gov services

4) Greece’s Problem: Greece gov borrows from Eur. banks, can’t pay back, IMF+ECB loans Greece money to pay back Euro banks (swap one loan for another, but this one with austerity rules attached)

5) Greece/CA Connection: CA is also burdened by large state pensions and low tax (not b/c evasion, but recession)

Notes #52a, Title: “Greece Notes” 6) Gov Solutions:

a) Cut spending > hurt needy pplb) Raise taxes > hurt businessesc) Bothd) Invest in something that will make ppl more productive (make more money > more taxes)

7) Gov Goes Bankrupt (Iceland): a) Investors won’t loan to gov (or super high %)b) If a country, it’s money become super weak (reduced ability to buy foreign goods)c) Gov services limited by lower econ activity + inability to borrowd) Gov workers who aren’t paid stop working

National gov’s can print money, but = hyper inflation

Work #53a Title “Greece Simulation”a) IMF: Greece must raise retirement from 61 to 65, raise sales tax by 2%, must lower gov worker pay by 10% to get hundreds of billions in IMF + ECB loans.b) Greece Parliament: You want Greece to survive.c) Greek Workers: You will strike (refuse to work) and shut down Greece if the parliament makes any cuts.d) Germany: As a major lender to the IMF and ECB, you are tired of bailing out other EU country’s when you have your own problems. You are not sure if Greece should be part of the Euro currency, you want to protect Germany from others.

Instructions:

1) Write down your role2) Read/write the main problem from the article.3) Negotiate, write down your team’s solution.

Reading/Film Qs Come From These Work Sections

Work #53b, Title “Econ Review”

1) Copy Source Title: John Stossel

2…) Discuss questions on the board with a partner. Summarize your discussion (include their name at the end). Remember participation points are deducted if off task. 5 Reading/Film Qs Come From These Work Sections

Homework: 1) Study today’s notes + work sections

for a possible workbook quiz.

Workbook Check: If your name is called, drop off your workbook with Mr. Chiang (if requested, points lost if your workbook is not turned in)