Home › Forums › Financial Markets/Economics › Economic Collapse 2011?
- This topic has 385 replies, 37 voices, and was last updated 13 years, 1 month ago by CA renter.
-
AuthorPosts
-
May 6, 2011 at 11:03 PM #694398May 6, 2011 at 11:53 PM #693240GHParticipant
[quote=paramount]Entitlements? Yes, I want the money back that the gov’t took from me all my working life and gave to someone else. I’d say I’m entitled to it, wouldn’t you?
If not, give me my money back now![/quote]
This is probably a VERY good idea. The cost of medical care and lifespan of recipients is far greater than was calculated in contributions.
With regards to the whole economic collapse, anyone want to demonstrate a realistic payment plan which pays off the national debt and all private, business and municipal debt, along with the total owed on entitlements?
400% percent income tax for ten years?
Fact is no one wants inflation, so the option is default. The big question is who gets defaulted on? Not a good time in the world to be owed anything by anyone I reckon!
May 6, 2011 at 11:53 PM #693320GHParticipant[quote=paramount]Entitlements? Yes, I want the money back that the gov’t took from me all my working life and gave to someone else. I’d say I’m entitled to it, wouldn’t you?
If not, give me my money back now![/quote]
This is probably a VERY good idea. The cost of medical care and lifespan of recipients is far greater than was calculated in contributions.
With regards to the whole economic collapse, anyone want to demonstrate a realistic payment plan which pays off the national debt and all private, business and municipal debt, along with the total owed on entitlements?
400% percent income tax for ten years?
Fact is no one wants inflation, so the option is default. The big question is who gets defaulted on? Not a good time in the world to be owed anything by anyone I reckon!
May 6, 2011 at 11:53 PM #693925GHParticipant[quote=paramount]Entitlements? Yes, I want the money back that the gov’t took from me all my working life and gave to someone else. I’d say I’m entitled to it, wouldn’t you?
If not, give me my money back now![/quote]
This is probably a VERY good idea. The cost of medical care and lifespan of recipients is far greater than was calculated in contributions.
With regards to the whole economic collapse, anyone want to demonstrate a realistic payment plan which pays off the national debt and all private, business and municipal debt, along with the total owed on entitlements?
400% percent income tax for ten years?
Fact is no one wants inflation, so the option is default. The big question is who gets defaulted on? Not a good time in the world to be owed anything by anyone I reckon!
May 6, 2011 at 11:53 PM #694071GHParticipant[quote=paramount]Entitlements? Yes, I want the money back that the gov’t took from me all my working life and gave to someone else. I’d say I’m entitled to it, wouldn’t you?
If not, give me my money back now![/quote]
This is probably a VERY good idea. The cost of medical care and lifespan of recipients is far greater than was calculated in contributions.
With regards to the whole economic collapse, anyone want to demonstrate a realistic payment plan which pays off the national debt and all private, business and municipal debt, along with the total owed on entitlements?
400% percent income tax for ten years?
Fact is no one wants inflation, so the option is default. The big question is who gets defaulted on? Not a good time in the world to be owed anything by anyone I reckon!
May 6, 2011 at 11:53 PM #694423GHParticipant[quote=paramount]Entitlements? Yes, I want the money back that the gov’t took from me all my working life and gave to someone else. I’d say I’m entitled to it, wouldn’t you?
If not, give me my money back now![/quote]
This is probably a VERY good idea. The cost of medical care and lifespan of recipients is far greater than was calculated in contributions.
With regards to the whole economic collapse, anyone want to demonstrate a realistic payment plan which pays off the national debt and all private, business and municipal debt, along with the total owed on entitlements?
400% percent income tax for ten years?
Fact is no one wants inflation, so the option is default. The big question is who gets defaulted on? Not a good time in the world to be owed anything by anyone I reckon!
May 7, 2011 at 2:35 AM #693275EugeneParticipant[quote=urbanrealtor]
Check this out.
http://www.reuters.com/article/2011/05/06/eurogroup-juncker-meeting-idUSLDE74525120110506Notice who is NOT saying Greece is staying?
The Greeks.[/quote]I recall that Krugman wrote a big article on the euro zone about half a year ago and he predicted one of two likely outcomes: either an increase in the degree of fiscal integration within the euro zone (up to the creation of “E-bonds” which are guaranteed by the EU as a whole, as opposed to individual countries), or departure of Greece from the euro zone, possibly followed by Spain and Italy.
The economic situation in Greece is extremely grim, the unemployment rate has been going up month after month (it just hit 15%) and there’s no reason to think that the current strategy is working. Something radical has to be done.
Krugman always offers Argentina as a parallel. Greece has a peg to the euro (or, essentially, to the currency of Germany and France, because these two combined account for more than a third of EU GDP, when Greece is only about 2%). Pre-2002 Argentina used to have a peg to the US dollar. Argentina went into a recession in 1999. Greece went into a recession in 2008. Argentina tried its best to balance the books and to keep the peg afloat, but it only succeeded to prolong the pain till 2002, or for three years, and to bring unemployment to 25%. When it finally went off the dollar peg, this is what happened:
[quote]I bet Britain is glad it stuck with sterling now.[/quote]
Britons have their own idiots in the government. They tried to balance the budget by going all-austere about a year ago (basically doing what the GOP pretends to try to do here now) and some (including myself on this very forum) prognosticated that it would end up badly. Consequently, as we’ve been gradually trying to dig ourselves out of the hole, they ended up going deeper:
http://www.bbc.co.uk/news/business-12757675
http://www.telegraph.co.uk/finance/economics/8476194/UK-GDP-grows-0.5pc-reaction.html(and the second link informs me that “the full force of the public spending cuts is yet to be unleashed”, so there’s more suffering to come.)
But not having the euro straitjacket certainly helped limit the pain.
May 7, 2011 at 2:35 AM #693354EugeneParticipant[quote=urbanrealtor]
Check this out.
http://www.reuters.com/article/2011/05/06/eurogroup-juncker-meeting-idUSLDE74525120110506Notice who is NOT saying Greece is staying?
The Greeks.[/quote]I recall that Krugman wrote a big article on the euro zone about half a year ago and he predicted one of two likely outcomes: either an increase in the degree of fiscal integration within the euro zone (up to the creation of “E-bonds” which are guaranteed by the EU as a whole, as opposed to individual countries), or departure of Greece from the euro zone, possibly followed by Spain and Italy.
The economic situation in Greece is extremely grim, the unemployment rate has been going up month after month (it just hit 15%) and there’s no reason to think that the current strategy is working. Something radical has to be done.
Krugman always offers Argentina as a parallel. Greece has a peg to the euro (or, essentially, to the currency of Germany and France, because these two combined account for more than a third of EU GDP, when Greece is only about 2%). Pre-2002 Argentina used to have a peg to the US dollar. Argentina went into a recession in 1999. Greece went into a recession in 2008. Argentina tried its best to balance the books and to keep the peg afloat, but it only succeeded to prolong the pain till 2002, or for three years, and to bring unemployment to 25%. When it finally went off the dollar peg, this is what happened:
[quote]I bet Britain is glad it stuck with sterling now.[/quote]
Britons have their own idiots in the government. They tried to balance the budget by going all-austere about a year ago (basically doing what the GOP pretends to try to do here now) and some (including myself on this very forum) prognosticated that it would end up badly. Consequently, as we’ve been gradually trying to dig ourselves out of the hole, they ended up going deeper:
http://www.bbc.co.uk/news/business-12757675
http://www.telegraph.co.uk/finance/economics/8476194/UK-GDP-grows-0.5pc-reaction.html(and the second link informs me that “the full force of the public spending cuts is yet to be unleashed”, so there’s more suffering to come.)
But not having the euro straitjacket certainly helped limit the pain.
May 7, 2011 at 2:35 AM #693960EugeneParticipant[quote=urbanrealtor]
Check this out.
http://www.reuters.com/article/2011/05/06/eurogroup-juncker-meeting-idUSLDE74525120110506Notice who is NOT saying Greece is staying?
The Greeks.[/quote]I recall that Krugman wrote a big article on the euro zone about half a year ago and he predicted one of two likely outcomes: either an increase in the degree of fiscal integration within the euro zone (up to the creation of “E-bonds” which are guaranteed by the EU as a whole, as opposed to individual countries), or departure of Greece from the euro zone, possibly followed by Spain and Italy.
The economic situation in Greece is extremely grim, the unemployment rate has been going up month after month (it just hit 15%) and there’s no reason to think that the current strategy is working. Something radical has to be done.
Krugman always offers Argentina as a parallel. Greece has a peg to the euro (or, essentially, to the currency of Germany and France, because these two combined account for more than a third of EU GDP, when Greece is only about 2%). Pre-2002 Argentina used to have a peg to the US dollar. Argentina went into a recession in 1999. Greece went into a recession in 2008. Argentina tried its best to balance the books and to keep the peg afloat, but it only succeeded to prolong the pain till 2002, or for three years, and to bring unemployment to 25%. When it finally went off the dollar peg, this is what happened:
[quote]I bet Britain is glad it stuck with sterling now.[/quote]
Britons have their own idiots in the government. They tried to balance the budget by going all-austere about a year ago (basically doing what the GOP pretends to try to do here now) and some (including myself on this very forum) prognosticated that it would end up badly. Consequently, as we’ve been gradually trying to dig ourselves out of the hole, they ended up going deeper:
http://www.bbc.co.uk/news/business-12757675
http://www.telegraph.co.uk/finance/economics/8476194/UK-GDP-grows-0.5pc-reaction.html(and the second link informs me that “the full force of the public spending cuts is yet to be unleashed”, so there’s more suffering to come.)
But not having the euro straitjacket certainly helped limit the pain.
May 7, 2011 at 2:35 AM #694106EugeneParticipant[quote=urbanrealtor]
Check this out.
http://www.reuters.com/article/2011/05/06/eurogroup-juncker-meeting-idUSLDE74525120110506Notice who is NOT saying Greece is staying?
The Greeks.[/quote]I recall that Krugman wrote a big article on the euro zone about half a year ago and he predicted one of two likely outcomes: either an increase in the degree of fiscal integration within the euro zone (up to the creation of “E-bonds” which are guaranteed by the EU as a whole, as opposed to individual countries), or departure of Greece from the euro zone, possibly followed by Spain and Italy.
The economic situation in Greece is extremely grim, the unemployment rate has been going up month after month (it just hit 15%) and there’s no reason to think that the current strategy is working. Something radical has to be done.
Krugman always offers Argentina as a parallel. Greece has a peg to the euro (or, essentially, to the currency of Germany and France, because these two combined account for more than a third of EU GDP, when Greece is only about 2%). Pre-2002 Argentina used to have a peg to the US dollar. Argentina went into a recession in 1999. Greece went into a recession in 2008. Argentina tried its best to balance the books and to keep the peg afloat, but it only succeeded to prolong the pain till 2002, or for three years, and to bring unemployment to 25%. When it finally went off the dollar peg, this is what happened:
[quote]I bet Britain is glad it stuck with sterling now.[/quote]
Britons have their own idiots in the government. They tried to balance the budget by going all-austere about a year ago (basically doing what the GOP pretends to try to do here now) and some (including myself on this very forum) prognosticated that it would end up badly. Consequently, as we’ve been gradually trying to dig ourselves out of the hole, they ended up going deeper:
http://www.bbc.co.uk/news/business-12757675
http://www.telegraph.co.uk/finance/economics/8476194/UK-GDP-grows-0.5pc-reaction.html(and the second link informs me that “the full force of the public spending cuts is yet to be unleashed”, so there’s more suffering to come.)
But not having the euro straitjacket certainly helped limit the pain.
May 7, 2011 at 2:35 AM #694458EugeneParticipant[quote=urbanrealtor]
Check this out.
http://www.reuters.com/article/2011/05/06/eurogroup-juncker-meeting-idUSLDE74525120110506Notice who is NOT saying Greece is staying?
The Greeks.[/quote]I recall that Krugman wrote a big article on the euro zone about half a year ago and he predicted one of two likely outcomes: either an increase in the degree of fiscal integration within the euro zone (up to the creation of “E-bonds” which are guaranteed by the EU as a whole, as opposed to individual countries), or departure of Greece from the euro zone, possibly followed by Spain and Italy.
The economic situation in Greece is extremely grim, the unemployment rate has been going up month after month (it just hit 15%) and there’s no reason to think that the current strategy is working. Something radical has to be done.
Krugman always offers Argentina as a parallel. Greece has a peg to the euro (or, essentially, to the currency of Germany and France, because these two combined account for more than a third of EU GDP, when Greece is only about 2%). Pre-2002 Argentina used to have a peg to the US dollar. Argentina went into a recession in 1999. Greece went into a recession in 2008. Argentina tried its best to balance the books and to keep the peg afloat, but it only succeeded to prolong the pain till 2002, or for three years, and to bring unemployment to 25%. When it finally went off the dollar peg, this is what happened:
[quote]I bet Britain is glad it stuck with sterling now.[/quote]
Britons have their own idiots in the government. They tried to balance the budget by going all-austere about a year ago (basically doing what the GOP pretends to try to do here now) and some (including myself on this very forum) prognosticated that it would end up badly. Consequently, as we’ve been gradually trying to dig ourselves out of the hole, they ended up going deeper:
http://www.bbc.co.uk/news/business-12757675
http://www.telegraph.co.uk/finance/economics/8476194/UK-GDP-grows-0.5pc-reaction.html(and the second link informs me that “the full force of the public spending cuts is yet to be unleashed”, so there’s more suffering to come.)
But not having the euro straitjacket certainly helped limit the pain.
May 7, 2011 at 6:36 AM #693285urbanrealtorParticipanthttp://www.reuters.com/article/2011/05/06/greece-eurozone-exit-idUSLDE7451YY20110506
I stand corrected.
Still, one statement by the ministry among a bunch of quotes from non-Greeks is scary sounding.
Note: The reference to being corrected refers to the Greek ministry statement in the article.
May 7, 2011 at 6:36 AM #693364urbanrealtorParticipanthttp://www.reuters.com/article/2011/05/06/greece-eurozone-exit-idUSLDE7451YY20110506
I stand corrected.
Still, one statement by the ministry among a bunch of quotes from non-Greeks is scary sounding.
Note: The reference to being corrected refers to the Greek ministry statement in the article.
May 7, 2011 at 6:36 AM #693970urbanrealtorParticipanthttp://www.reuters.com/article/2011/05/06/greece-eurozone-exit-idUSLDE7451YY20110506
I stand corrected.
Still, one statement by the ministry among a bunch of quotes from non-Greeks is scary sounding.
Note: The reference to being corrected refers to the Greek ministry statement in the article.
May 7, 2011 at 6:36 AM #694116urbanrealtorParticipanthttp://www.reuters.com/article/2011/05/06/greece-eurozone-exit-idUSLDE7451YY20110506
I stand corrected.
Still, one statement by the ministry among a bunch of quotes from non-Greeks is scary sounding.
Note: The reference to being corrected refers to the Greek ministry statement in the article.
-
AuthorPosts
- You must be logged in to reply to this topic.