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06-09-2011, 2:11pm | #1 | ||||||
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Possibly the same as for the USA
I have read, and reread this article several times - it is long, so I'll provided some pertaining 'cliff notes' up front:
1. The USA is following the disastrous wagon wheel tracks of Europe. 2. Those tracks lay on the backs of the taxpayers burdens for infrastructure, banking and business losses. 3. Undesired outcome probabilities; default, or inflation, or taxation by inflation and/or pure grab of wealth by the government. [quote]Part 1 The Greek bailout provides an opportunity for privatization grab When Greece exchanged its drachma for the euro in 2000, most voters were all for joining the Eurozone. The hope was that it would ensure stability, and that this would promote rising wages and living standards. Few saw that the stumbling point was tax policy. Greece was excluded from the eurozone the previous year as a result of failing to meet the 1992 Maastricht criteria for EU membership, limiting budget deficits to 3 percent of GDP, and government debt to 60 percent. The euro also had other serious fiscal and monetary problems at the outset. There is little thought of wealthier EU economies helping bring less productive ones up to par, e.g. as the United States does with its depressed areas (as in the rescue of the auto industry in 2010) or when the federal government does declares a state of emergency for floods, tornados or other disruptions. As with the United States and indeed nearly all countries, EU “aid” is largely self-serving – a combination of export promotion and bailouts for debtor economies to pay banks in Europe’s main creditor nations: Germany, France and the Netherlands. The EU charter banned the European Central Bank (ECB) from financing government deficits, and prevents (indeed, “saves”) members from having to pay for the “fiscal irresponsibility” of countries running budget deficits. This “hard” tax policy was the price that lower-income countries had to sign onto when they joined the European Union. Also unlike the United States (or almost any nation), Europe’s parliament was merely ceremonial. It had no power to set and administer EU-wide taxes. Politically, the continent remains a loose federation. Every member is expected to pay its own way. The central bank does not monetize deficits, and there is minimal federal sharing with member states. Public spending deficits – even for capital investment in infrastructure – must be financed by running into debt, at rising interest rates as countries running deficits become more risky.[quote] |
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06-09-2011, 2:12pm | #2 | |||||||
Barn Stall Owner #66
Join Date: Nov 2009
Location: PLANO, TEXAS
Posts: 723
Thanks: 57
Thanked 162 Times in 95 Posts
Gameroom Barn Bucks: $4290
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Part 2
Quote:
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06-09-2011, 2:14pm | #3 | |||||||
Barn Stall Owner #66
Join Date: Nov 2009
Location: PLANO, TEXAS
Posts: 723
Thanks: 57
Thanked 162 Times in 95 Posts
Gameroom Barn Bucks: $4290
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Part 3
Quote:
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06-09-2011, 2:15pm | #4 | |||||||
Barn Stall Owner #66
Join Date: Nov 2009
Location: PLANO, TEXAS
Posts: 723
Thanks: 57
Thanked 162 Times in 95 Posts
Gameroom Barn Bucks: $4290
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Part4
Quote:
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06-09-2011, 2:16pm | #5 | |||||||
Barn Stall Owner #66
Join Date: Nov 2009
Location: PLANO, TEXAS
Posts: 723
Thanks: 57
Thanked 162 Times in 95 Posts
Gameroom Barn Bucks: $4290
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Part 5
Quote:
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06-09-2011, 2:18pm | #6 | |||||||
Barn Stall Owner #66
Join Date: Nov 2009
Location: PLANO, TEXAS
Posts: 723
Thanks: 57
Thanked 162 Times in 95 Posts
Gameroom Barn Bucks: $4290
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Part 6
Quote:
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06-09-2011, 2:20pm | #7 | |||||||
Barn Stall Owner #66
Join Date: Nov 2009
Location: PLANO, TEXAS
Posts: 723
Thanks: 57
Thanked 162 Times in 95 Posts
Gameroom Barn Bucks: $4290
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Part 7
Quote:
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06-09-2011, 2:22pm | #8 | |||||||
Barn Stall Owner #66
Join Date: Nov 2009
Location: PLANO, TEXAS
Posts: 723
Thanks: 57
Thanked 162 Times in 95 Posts
Gameroom Barn Bucks: $4290
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Part 8
Quote:
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06-09-2011, 2:24pm | #9 | |||||||
Barn Stall Owner #66
Join Date: Nov 2009
Location: PLANO, TEXAS
Posts: 723
Thanks: 57
Thanked 162 Times in 95 Posts
Gameroom Barn Bucks: $4290
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Part 9
Quote:
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06-09-2011, 2:24pm | #10 | |||||||
Barn Stall Owner #66
Join Date: Nov 2009
Location: PLANO, TEXAS
Posts: 723
Thanks: 57
Thanked 162 Times in 95 Posts
Gameroom Barn Bucks: $4290
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Part 10
Quote:
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