June turns out to be the fifth consecutive month in wich activity across the
17-nation bloc has declining, dragging down heavyweights Germany and France and
increasing pressure for the European Central Bank to take action to support the
economy. Markit's Eurozone Composite Purchasing Managers' Index, a combination
of the services and manufacturing sectors and seen as a guide to growth, held
steady at 46 this month, the lowest since June 2009 when the bloc was mired in a
deep recession. That was better than a slide to 45.5 predicted by economists
but the index has been below the 50 mark that divides growth from contraction in
all but one of the last 10 months......EUROCRISIS --- Sometimes there is no
answer except just to tough things out. This is what the doctor often says. "Go
home, kep warm, rest and drink plenty of water and you'll feel better in a few
days." In this crisis everyone is thrashing around for an instant solution,
especially a "magic solution"..... Well THERE ISN'T ONE. Therefore : - While
you're waiting for an upturn, sort out your lunatic practices; specifically get
your taxation, bureaucracy and civil services down to levels that apply in the
successful countries - be patient - tough it out - share the pain more
equally than usual... - in the case of Greece - don't reelect the people who
got you into this mess in the first place and at all costs stop these
vastly-expensive summits that achieve nothing. By the way, WHY DID VAN ROMPO GO
TO THE G20 ? He has NO POWER OF DECISION and NOTHING WHATSOEVER was or COULD
HAVE BEEN decided by the G20 that depended on his presence. (this goes for his
stooge Borrosso)....This WASTE is HORRENDOUS - and STUPID.
Access Investments-Building Awareness - European Union-ROMANIA
Friday, June 22, 2012
June - the fifth consecutive month in wich activity across the 17-nation bloc has declining
June turns out to be the fifth consecutive month in wich activity across the
17-nation bloc has declining, dragging down heavyweights Germany and France and
increasing pressure for the European Central Bank to take action to support the
economy. Markit's Eurozone Composite Purchasing Managers' Index, a combination
of the services and manufacturing sectors and seen as a guide to growth, held
steady at 46 this month, the lowest since June 2009 when the bloc was mired in a
deep recession. That was better than a slide to 45.5 predicted by economists
but the index has been below the 50 mark that divides growth from contraction in
all but one of the last 10 months......EUROCRISIS --- Sometimes there is no
answer except just to tough things out. This is what the doctor often says. "Go
home, kep warm, rest and drink plenty of water and you'll feel better in a few
days." In this crisis everyone is thrashing around for an instant solution,
especially a "magic solution"..... Well THERE ISN'T ONE. Therefore : - While
you're waiting for an upturn, sort out your lunatic practices; specifically get
your taxation, bureaucracy and civil services down to levels that apply in the
successful countries - be patient - tough it out - share the pain more
equally than usual... - in the case of Greece - don't reelect the people who
got you into this mess in the first place and at all costs stop these
vastly-expensive summits that achieve nothing. By the way, WHY DID VAN ROMPO GO
TO THE G20 ? He has NO POWER OF DECISION and NOTHING WHATSOEVER was or COULD
HAVE BEEN decided by the G20 that depended on his presence. (this goes for his
stooge Borrosso)....This WASTE is HORRENDOUS - and STUPID.
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5 comments:
Auditors in Spain find black hole of up to €62bn.......the "black hole" is the eurozone reaction to what was a financial crisis but has been blown up into a fiscal crisis due to horrible decision-making by the "leaders". the financial crisis was not about solvency once the initial steps were taken to re-inflate bank balance sheets with cheap money printed by the Fed, Japan, China and the Eurozone. it was turned into a solvency issue when the leaders realized that no amount of money printing could save Greece, Ireland, Portugal and now Spain because they had no programs in place to control their reckless public sector spending and pensions. rather than grab the bull by the horns and reduce those costs(which they had full power to do) they decided to take more money out of the private sector by raising both income taxes and VAT. then they expressed concern and surprise that tax revenues dropped(they could have studied previous results of tax increases). now they want Germany and the states which have reduced labor costs and taxes to buy the overstuffed PIGS some more lunch by socializing the PIGS' debt. the only result, if Germany et al are stupid enough to go along, will be that next time around it will PIGS X2: why not, if it's free eat all you want. it's very sad but socialism is a bust.
"The most profound realization is the need to shift away from a monetary-based, property-based value system already on the verge of collapse, to one of support, cooperation and access. We devote our lives to supporting ourselves, our families and our loved ones. Whether there are jobs and money makes no difference to that simple fact. It is of the utmost urgency that we redesign society so we can fill that fundamental drive without jobs and money. The sooner people have this realization and begin to relinquish the old value systems that maintain and reinforce the old monetary-based value system, the easier and less painful will be the transition."
Why is it OK to call us (Greeks, Italians, Portuguese, Spaniards) pigs? Why is the Guardian allowing this? Imagine if this were an article about football and people wrote in using derogatory words -we all know which words I mean - to refer to non-white players? Surely we can all agree that would not be OK? Then why are your commentators - and sometimes even your journalists - getting away with this incredibly racist term? Please put a stop to this.
Moody’s, a leading international ratings agency, on Thursday night cut its scores for Barclays, Lloyds and Royal Bank of Scotland because of the eurozone crisis.
Senior politicians warned the banks not to use the downgrade as an excuse to charge more for borrowing on the high street.
The downgrade coincided with a warning from the CBI, Britain’s biggest business group, that the fragile economic recovery was at risk of being “choked off by a lack of finance”.
Credit ratings help determine what banks must pay to borrow money on international markets. The lower the rating, the higher the interest rates they pay and the more collateral they must offer.
Sources at the big banks played down the impact of any downgrade on Thursday night, insisting that markets were already anticipating the move
There's an interesting debate going on over on The Economist's 'Free exchange' blog. The Economist explains that in the New York Times, Hans-Werner Sinn of Germany's Ifo Institute for Economic Research argued that Greece has already received far more help than Germany received under the post-war Marshall Plan. In a guest post on Free Exchange, Albrecht Ritschl of the London School of Economics argued that it had not. In this guest post, Mr Sinn responds to Mr Ritschl's response:
Mr Ritschl writes that Germany’s foreign debt before the war amounted to 300% of GDP. This I find surprising as during the London Debt Agreement of 1953 the negotiations referred to 30 billion deutschmarks, or 22% of the German GDP of that year (Ch. Buchheim, "Das Londoner Schuldenabkommen", L. Herbst, Ed., Westdeutschland 1945-1955. Unterwerfung, Kontrolle, Integration, Munich 1986, p. 219-229). This figure includes the pre-war debts, the clearing debts, the post-war debts and Marshall aid. Perhaps the figure was not complete, perhaps the dismantling of Germany's industry should be added, which went on until 1951, and perhaps the forfeiture of reparations. Relative to GDP, the post-war Marshall aid was, however, only a tiny fraction of the relief thus far given to Greece
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