The vast majority of the EU states are socialist, so I believe, the main aim of
socialism is to transfer wealth from those that have to those that have not to
make it a fairer society.--- So as a good socialist I transfer the debt to the
average Joe tax payer to protect the wealth of shareholders, bondholders and
depositors. So Joe tax payer gets poorer and the rich get richer.---So I am a
capitalist, I believe in a free market....Joe tax payer is protected for small
amounts by the government i.e. all taxpayers. Its just insurance really Joe
taxpayer has already paid for with his taxes. The bank goes bust free market
forces. The shareholders, bondholders and wealthy depositors get stuffed. Wealth
redistribution at a stroke with out the need for expensive tax collection and
redistribution....I am sure all the educated people will tell me were I am going
wrong....The wealthy by winning the competition have power to circumvent the
market forces. So no pure market exists or is possible, and if ever it happened
it would destroy itself in monopoly. It is even doing a good job of this at the
moment without this 'purity'....Question - rhetoric : With so much continuing
financial doom and gloom around Europe, the Euro and Spanish banks why have
European stock markets followed far East markets and risen by more than 1% on
opening this morning?. Is there something happening out there in the 'markets'
that only a select few are aware of?... The ECB has let the broader M3 money supply contract for the whole eurozone late last year, badly breaching its own 4.5pc growth target. This was not purist hard-money discipline. Let us not dress it up with the bunting of ideology, or false authority. It was incompetence, on a par with the errors of 1931.
Spain’s Bankia fiasco has merely brought matters to head, though the details are shocking enough. A €4bn bail-out in mid-May. A €23bn bail-out two weeks later. You couldn’t make it up.
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Greeks Debate Anti-Austerity
Greece's radical left party has upended the country's politics with an idea as simple as it is seductive: Athens can renege on the deals it made in exchange for a bailout, and still remain in the euro.
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Recent hopes that Iran's leadership might be willing to compromise on the country's nuclear program have soured after talks in Baghdad failed to bear results.
The Greek finance ministry said it completed the recapitalisation of its four biggest banks with the transfer of €18bn from the Hellenic Financial Stability Fund (HFSF).
Italy sold €3.5bn of short-term bonds but was forced to pay 4.037pc versus 3.355pc at a similar auction last month. Meanwhile the ECB said it with-held it bond-buying programme for the 11th week in a row last week despite growing pleas from the periphery for help.
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