Subpage under development, new version coming soon!
Subject: »PIIGS - economics problems
today, I make format of one PC and forgot to backup data :-(. Of course I will told to owner of PC that his hard drive collapsed... so sorry, you should have backups (he doesnt have, of course).
It is not nice, I shame, but now I feel like Greek cos I am using strategy.... it is not my guilty, it is because of bad system :-)
It is not nice, I shame, but now I feel like Greek cos I am using strategy.... it is not my guilty, it is because of bad system :-)
Incredible you already know! You must be soothsayer! Oh wait, they are not real...
Who care what I know ...
Italian bond rates are growing so fast that situation is already not under control, even with BCE trying to buy some italian bonds to decrease market pressure.
Just compare the 10y bond rate between Italy and Germany... ( and the evolution in the last weeks )
There is also the fact that we decided to fuck up the CDS system ( insurance about loan defaut ) : since the banks agreed the 50 % cut off, they cannot use the CDS to cover the default => CDS are useless => nobody want to take the risk to loan money to Italy anymore without any insurance => bond rate are increasing fast.
(edited)
Italian bond rates are growing so fast that situation is already not under control, even with BCE trying to buy some italian bonds to decrease market pressure.
Just compare the 10y bond rate between Italy and Germany... ( and the evolution in the last weeks )
There is also the fact that we decided to fuck up the CDS system ( insurance about loan defaut ) : since the banks agreed the 50 % cut off, they cannot use the CDS to cover the default => CDS are useless => nobody want to take the risk to loan money to Italy anymore without any insurance => bond rate are increasing fast.
(edited)
lol, we already know that we will never pay back our debt. That's just impossible.
Sell Louvre, Tour Eiffel and Corsique. Voilà. :P
Sell Louvre, Tour Eiffel and Corsique. Voilà. :P
nobody want to take the risk to loan money to Italy anymore without any insurance
Well, here's a crazy idea. Let Italy cut their budget expenditrue, create budget surplus and repay debt from there. They will just have to make their citizens "poor".
Note: when paranoid street rebels talk about their country's debt, "poor" is defined by "having much (e.g. 30-40%) less money than last year".
Well, here's a crazy idea. Let Italy cut their budget expenditrue, create budget surplus and repay debt from there. They will just have to make their citizens "poor".
Note: when paranoid street rebels talk about their country's debt, "poor" is defined by "having much (e.g. 30-40%) less money than last year".
Greece did that, and now the country is in total recession. Which means less money for Greece budget, always higher debt, and all the country not working anymore because of strikes.
About selling Eiffel Tower, I would be the fist to do that, it's a symbol, but an ugly symbol.
(edited)
About selling Eiffel Tower, I would be the fist to do that, it's a symbol, but an ugly symbol.
(edited)
Well, here's a crazy idea. Let Italy cut their budget expenditrue, create budget surplus and repay debt from there. They will just have to make their citizens "poor".
That's the sad part of our western 'democracies': politicians haven't got the guts to tell the people what is really necessary. Our unions are striking against every measure that might affect people (even against a measure that will reduce the pensions of people who are currently starting to work for the government!). Yeah, we cannot find 24 billion euros (what we need to remove our budget deficit) without affecting anyone. That is simply impossible. We lived beyond our means, so now we must pay for it. A big 'thank you' to the past generation.
That's the sad part of our western 'democracies': politicians haven't got the guts to tell the people what is really necessary. Our unions are striking against every measure that might affect people (even against a measure that will reduce the pensions of people who are currently starting to work for the government!). Yeah, we cannot find 24 billion euros (what we need to remove our budget deficit) without affecting anyone. That is simply impossible. We lived beyond our means, so now we must pay for it. A big 'thank you' to the past generation.
Striking because of government budget cuts is the most irresponsible thing one can do right now.
it depends on how cuts affect people.. Generally the richest one are not really impacted, when the poor are badly impacted... Generally it does explain why there are strikes, cuts are not really fair.
These are not facts. That's just sentiment of "the poor" (Poor people in the Western world? Are they those without iPhones? LOL).
There is not so much rich people that making much higher taxes on them would make significant savings. Also, they are not as much affected because they're giving up on luxury to save. They are probably affected proportionally. Anyway, "the poor" will never be satisfied with how much the rich are taxed. They would have to be taxed in a way to make them equally poor as "the poor".
(edited)
There is not so much rich people that making much higher taxes on them would make significant savings. Also, they are not as much affected because they're giving up on luxury to save. They are probably affected proportionally. Anyway, "the poor" will never be satisfied with how much the rich are taxed. They would have to be taxed in a way to make them equally poor as "the poor".
(edited)
In Belgium, we shouldn't raise the taxes anymore, we are well above European average (I think only Estonia has higher taxes than Belgium). So yes, cuts will affect everyone equally, but for relatively poor Belgians, the cuts will be harder because they don't have a reserve like the rich do. But come on, how much poor people do we have? You cannot call people who can buy enough food, who have tv's and mobile phones, who have computers etc. poor.
In France, rich people pay less taxes than middle social class. ( proportionally )
This is not feeling, this is statistic facts agreed by national institute of statistics, mainly because you have many legal ways to avoid paying taxes when you have load of moneys. It's continuous political debate here but without any action today.
One political measure to decrease ( better to say limit increase ) debt in our country is to move definately the age of retiring to 63y old (up to 67y old if you did some studies ). In parrallel, an exceptionnal and temporary tax on rich people has been approved, with a rate of 3 %. Who do you think is more impacted by these measure ?
This is not feeling, this is statistic facts agreed by national institute of statistics, mainly because you have many legal ways to avoid paying taxes when you have load of moneys. It's continuous political debate here but without any action today.
One political measure to decrease ( better to say limit increase ) debt in our country is to move definately the age of retiring to 63y old (up to 67y old if you did some studies ). In parrallel, an exceptionnal and temporary tax on rich people has been approved, with a rate of 3 %. Who do you think is more impacted by these measure ?
It is the logic itself that people will have to work longer. We cannot pay our pensions the way we're doing it right now. People who strike against the increase of the retirement age are irresponsible, yes.
Btw, any source that the rich pay proportionally less taxes than the middle class?
Btw 2, that temporary tax, is it on capital or on capital profits?
Btw, any source that the rich pay proportionally less taxes than the middle class?
Btw 2, that temporary tax, is it on capital or on capital profits?
personnaly i am not against moving the age of retiring, this cannot be avoided.
The tax on rich people is 3 % capital profit ( revenue ), which is ridiculous.
About the source, I didnt find the original one but I found this one :
http://aymericpontier.blogspot.com/2010/11/le-taux-reel-dimposition-serait.html
It's in french but maybe you are able to read it.
The tax on rich people is 3 % capital profit ( revenue ), which is ridiculous.
About the source, I didnt find the original one but I found this one :
http://aymericpontier.blogspot.com/2010/11/le-taux-reel-dimposition-serait.html
It's in french but maybe you are able to read it.
France already has a capital profit tax of 19% (EU-citizens) or 33% (non-EU-citizens). So the 3% is temporary increase of that tax. Seems fair to me.
I speak French, so I'm going to read it now ;-)
Edit: if it's true, it is indeed unfair.
(edited)
I speak French, so I'm going to read it now ;-)
Edit: if it's true, it is indeed unfair.
(edited)
You can add Belgium to your list.
Actually, it all depends on stability now. That would decrease the chance of speculation against the EUR countries. Kudos to Greece for fucking over the rest of the EU-countries! I really can't believe it actually, we would erase 50% of the debt they own the other countries and they don't immediately accept?
Like it's our fault they are corrupt..
And hey: sorry to all hardworking Greece and honest people, they are maybe worst off..
Actually, it all depends on stability now. That would decrease the chance of speculation against the EUR countries. Kudos to Greece for fucking over the rest of the EU-countries! I really can't believe it actually, we would erase 50% of the debt they own the other countries and they don't immediately accept?
Like it's our fault they are corrupt..
And hey: sorry to all hardworking Greece and honest people, they are maybe worst off..