blatantninja
Resident Redneck Facist
The Euro will no longer be with us in 5, maybe 10 years. There may be a cross-national currency, but it will exist in a different form and will be a much smaller number of countries.
Greek gov't bonds downgraded to junk status, Eurozone in trouble
- Thread starter Prime Junta
- Start date
Really ? Where?
You're a bunch of pessimists ... They just put up 750 billion worth of aid aside for stuff like this ...
I'd say that the only way the Eurozone vanishes is if there's another global crisis, but then I can't guarantee that any of the countries in the world will remain the way they are...
I'd say that the only way the Eurozone vanishes is if there's another global crisis, but then I can't guarantee that any of the countries in the world will remain the way they are...
blatantninja
Resident Redneck Facist
I am a pessimist, but the reason is that they have no adequately addressed a lot of the root causes of these crisises, and there will be another one. All we've really done, both here and in Europe, is to kick the ball a little farther down the road.
The Euro itself is simply unfeasible as a long term solution the way it is set up. By ceding control of currency value to a central bank that has no ability to effect localized economic factors, each country using the Euro has given up a significant amount of control of their own economic system. They simply put have one less tool to fight fiscal crisis with.
Here's a great article on the subject:
The horrible truth starts to dawn on Europe's leaders
The Euro itself is simply unfeasible as a long term solution the way it is set up. By ceding control of currency value to a central bank that has no ability to effect localized economic factors, each country using the Euro has given up a significant amount of control of their own economic system. They simply put have one less tool to fight fiscal crisis with.
Here's a great article on the subject:
The horrible truth starts to dawn on Europe's leaders
That's possible, but I think the ball lies quite far ... At least 10 years from now and by then a new emergency fund can be found 
To throw the ball away again.
To throw the ball away again.
GothicGothicness
SasqWatch
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Yeah, that's not rocket science… actually anyone who thinks a little could figure it out. The big mistake was to let countries with economical imbalance in on it at all.
Either way they were seeing united states of Europa…. USE…. if it works to have the $ in different states of the US why not in USE ?
But it does have one very good effect.... that is to force these countries to get their act togheter.......
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blatantninja
Resident Redneck Facist
Because it didn't work in the US. In order to make it work, essentially the states had to give up their sovereignty to the federal government.
I hope so, but as we saw with France (and now Ireland), the people and many of the politicans don't want to face the economic reality of it.
Yes, but in the case of Greece it appears to me as if they had cheated the EU for many years !
Their deficit came as a shock - because no-one knew [about] it.
They had been very, very effective in the past years in hiding their deficits … So effective that the whole world don't see it through …
And now the skeletons in the closet have been brought out ...
On the other hand, the crisis i also a case of "banks giving away credits far too easily". They should imho be punished for that as well.
But instead the banks get saved. We have here kind of a proverb of a "gold savety parachute/umbrella".
Banks are saved - and their top positions still earn millions of euros ... meanwhile everything around them goes downhill ...
blatantninja
Resident Redneck Facist
Yeah, golden parachute is a pretty universal thing these days.
I was pissed to no end as the bailouts across the US and EU occured. They've effectively removed the moral hazard of this business, which would be fine if they had the ability for unlimited bailouts going forword (fine economically, not ethically), but they don't and they really haven't changed much to keep another crisis from happening. Basel 3 has some nice capital provisions, but it really doesn't go far enough and in the US, while they are probably going to force banks to give up their prop trading desks, it's meaningless as those guys will just move on the flow side (which is still allowed) and make prop bets by gaming the control systems.
I was pissed to no end as the bailouts across the US and EU occured. They've effectively removed the moral hazard of this business, which would be fine if they had the ability for unlimited bailouts going forword (fine economically, not ethically), but they don't and they really haven't changed much to keep another crisis from happening. Basel 3 has some nice capital provisions, but it really doesn't go far enough and in the US, while they are probably going to force banks to give up their prop trading desks, it's meaningless as those guys will just move on the flow side (which is still allowed) and make prop bets by gaming the control systems.
Wait, what was that expression ?
Hmmm...
Something conquers something.
Wait...
Let me think.
...something conquers all.
Was it health conquers all ?
No. Uh. Water conquers everything ?
Love conquers all ? That sounds... NO ! I know!
Greed conquers all
Hmmm...
Something conquers something.
Wait...
Let me think.
...something conquers all.
Was it health conquers all ?
No. Uh. Water conquers everything ?
Love conquers all ? That sounds... NO ! I know!
Greed conquers all
@Alrik
Come on now, stop insulting all the other members of the EU. You make our ministers look like expert cheaters. Most in the EU knew.
@GothicGothicness
Fully agree with you. But since "you" allow them in ,at least try to control finance better. And if you can't, throw them out. Do not allow all these to happen.
Come on now, stop insulting all the other members of the EU. You make our ministers look like expert cheaters. Most in the EU knew.
@GothicGothicness
Fully agree with you. But since "you" allow them in ,at least try to control finance better. And if you can't, throw them out. Do not allow all these to happen.
Thanks. word limit is annoying
Imho very, very good article on that : http://www.morgenpost.de/wirtschaft...s-Wachstumsmodell-ist-gescheitert.html#reqRSS
You should use google translator or a similar tool for it, because - in my opinion - ist points out to the things that REALLY matter - especially in the long term !
You should use google translator or a similar tool for it, because - in my opinion - ist points out to the things that REALLY matter - especially in the long term !
@blatantninja
Completely false statement.
Correct statement : "6 in 10 self employed greeks don't pay income taxes or at least fewer income taxes"
But then again who's fault is that?
Happy new year to all
Completely false statement.
Correct statement : "6 in 10 self employed greeks don't pay income taxes or at least fewer income taxes"
But then again who's fault is that?
Happy new year to all
Who's fault is tax evasion/fraud. Going out on a limb I'd say that it's the perpetrators fault. Who do you want to blame?
And when I read the article there's no support for your claim that the 6 in 10 figure only applies to self-employed greeks.
And when I read the article there's no support for your claim that the 6 in 10 figure only applies to self-employed greeks.
- Joined
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- 117
It happens to live in this country. So i think i know better if that statement is true. I am working in a company. The company issues an official paper stating my income. I can't change that so i can't tax evade. If i was self employed, i would have my own accounting books, producing the results i would like.
In any case you can either believe me or the article.
The fault for me goes mainly to the state and it's mechanisms to control tax evading. When you allowing things to happen, things will be getting bigger.
I am not defending anyone. Anyone cheating should be punished. But it doesn't and that's why it's getting bigger.
In any case you can either believe me or the article.
The fault for me goes mainly to the state and it's mechanisms to control tax evading. When you allowing things to happen, things will be getting bigger.
I am not defending anyone. Anyone cheating should be punished. But it doesn't and that's why it's getting bigger.