Fixed.Originally Posted by phonicsmonkey
Re: The continuing battle against the inevitable Euro area default
Fixed.
There are times I wish they’d just ban everything- baccy and beer, burgers and bangers, and all the rest- once and for all. Instead, they creep forward one apparently tiny step at a time. It’s like being executed with a bacon slicer.
“Politics is the art of looking for trouble, finding it whether it exists or not, diagnosing it incorrectly, and applying the wrong remedy.”
To learn who rules over you, simply find out who you are not allowed to criticise.
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Re: The continuing battle against the inevitable Euro area default
When you have surplus you help the weak and bump up welfare.
When you have a debt you tighten welfare and encourage growth.
Increasin income tax is not austerity it's the wrong side of the budget.
Our genes maybe in the basement but it does not stop us chosing our point of view from the top.
Pape for global overlord!!
Re: The continuing battle against the inevitable Euro area default
Exactly, but it is more confounded by the fact they don't have the money for the Welfare and so raises taxes which ends up putting more people on Welfare, which raises taxes again... Fail Economies.
Being honest, the problem with the "Bail Out" is that it isn't actually a "Bail Out". A "Bail Out" would imply we were actually giving them money. We are not. We are simply lending them money so they are still in debt anyway, just a different debtor.
Last edited by Beskar; 10-01-2011 at 04:17.
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Re: The continuing battle against the inevitable Euro area default
If you'll allow me to jump in for a moment, the issue with restructuring Greece's debt right now can be found in the rigidity of its european partners.
And while you cannot always agree with Roubini, I've to recommend his latest article: Eight drastic policy measures necessary to prevent global economic collapse
Also, there was this analysis in zerohedge two-three weeks ago on the slightly desperate report assessing the Eurozone put out by UBS (Euro Break Up - The Consequences): Bring out your dead -- you can find the whole UBS report enclosed at the end of the article.
Re: The continuing battle against the inevitable Euro area default
Indeed, and this (ideological) rigidity is ensconced in the EU institutions. Take for instance Roubini's recommendation that "The European Central Bank should reverse its mistaken decision to hike interest rates". That might be a sensible thing to do, but the ECB's statutory mission is to guarantee "price stability" before everything else.
AII
The bloody trouble is we are only alive when we’re half dead trying to get a paragraph right. - Paul Scott
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