Chaos, Crisis and Drama are all Greek words.
We may need to find some others.
I have no idea what words we can use for the Berlusconi Italy.
Maybe about Propaganda, Paparazzi and Truffatore
No offence meant. Just a rant.
Chaos, Crisis and Drama are all Greek words.
We may need to find some others.
I have no idea what words we can use for the Berlusconi Italy.
Maybe about Propaganda, Paparazzi and Truffatore
No offence meant. Just a rant.
I truly understand the people of these countries. They never asked to be in Europe, and they never asked for all of this. Being in Europe has seen the cost of living rise and I don't think they have seen a great deal of benefits. What the EU fails to accept is that we are different; the italians like to work slowly with a lot of coffee breaks, they have a lower cost living and live heathily, the germans like to work hard, they have a good standard of living, but at a high cost. If the EU falls apart, I can only see it being a good thing .
I don't often disagree with you but this time I do.Originally Posted by RickyR
The people of these countries DID agree. They all thought they would be better off.
Just as UK did originally
The EU is a good idea in principle for trade and security.
But for a kind of 'Federal Europe' with controlling Central Council it's a complete disaster.
It really doesn't give anyone what they want (well except for the very poorest who have a net gain in money)
And for all those reasons you gave. We ARE all different. Different Cultures different needs. We NEED to retain our differences and individuality in our legislation and attitude.
Diversity is not only the spice of life it is also the key
YES get rid of a Federal Europe, but retain the trade and security advantages of a united Europe even with the many differences.
Just my opinion
Well this is a rant after all
Honestly Terpe, I think the citizens never actually understood what they were getting into, and for countries like Italy and Greece havent' seen a great deal of change. The Spanish yes, anyone who has been on holiday to spain in recent years has seen so much EU investment can understand how Spain has changed and benefited from the EU.
But yes, I do agree that the trade and security advantages are what should be retained, the rest is overboard and not beneficial.
What I like about this forum is that we can discuss topics with some very different views and aspects and learn from each other. Their are posters from different ethninic, age and socioeconomic groups which really makes it so interesting.
Not quite sure about that - like the Spanish they're happy to take the freebie motorways and other infrastructure projects thrown at them along with huge agri payments made to peasant farmers with half a dozen sheep and a couple of olive trees.
I think anyone would take what is offered to them, but none of them realised that it would result in what is happening now. The government leaders however, have foreseen this for a long time.
In a similar vein I think the long suffering UK Public have been hoodwinked over the years by the political elite into what a socio and economic kharzi state the EU is. That's without getting started on Human Rights, European Arrest Warrants, Flags etc etc
It's an absolute joke. Not sure whether you saw a news article today on a woman who got arrested and jailed for an offence that allegedly took place in Portugal over a companion having 120 quid in counterfeit notes. Under EU law she could be extradited to Portugal, which would be fine except the legal system is still completely backwards in that country, she has no right to a British case and could take months to hear because of the antiquated system, what kind of human rights is that? The system is so screwed its unbelievable.
I saw worse on the TV some fella (who had never been abroad before) on his honeymoon got 4 months in a Cypriot hell hole jail for attempting to pass a forged 50 Euro note - turns out he'd sent his doddery old Gran to the Post Office in Birmingham to buy his holiday money and some crim had saved her the time in the queue by flogging her DIY Euros at a good commission free rate. I think the defence had the CCTV but he still had to serve his time
So we're conned into thinking that its all the same across europe, but its obviously not!!!!
I used to own a property in a quiet farming village in Rhodes. It was very sleepy, nothing opened till 10.30 in the morning, by 2.00 everywhere was shut again until 5.00, or when they could be bothered to open, and they'd shut again by 8.00.
The male orange and olive farmers who were being paid EU subsidies to farm would spend their mornings drinking coffee and playing backgammon in the cafe, and by lunch time they'd be drinking Ouzo until they couldn't stand up. Then they'd stagger home and expect their wive's to have made their dinner for them.
It's no wonder their country is in a financial mess.
Looking at the amount of work the average Greek or Italian does now, it makes me wonder how they ever managed to build the great ancient civilazations and empires they had.
The hard working, prudent, export driven nations of northern Europe won't put up with the overspending mediterranean's for much longer. If I was a German, Swedish, Dutch or Finnish tax payer, I'd be furious .
Merkel and Sarkozy have decided that euro-zone is totally voluntary. And this is only in their vain efforts to defend a principle. The principle that Euro-zone countries must never be allowed to become liable for their own debt or indeed for each other's debts. Bwhaaaa!!!!
The significance of this declaration is huge.
Just think about it. At a single stroke, they have now introduced foreign-exchange risks into so called 'sovereign-debt'.
Furthermore, they have both agreed that they (Euro-Zone) will do whatever it takes to save the Euro.
It's just not worth the paper it's written on.
Firstly, in the EU there's not supposed to be any such thing as 'sovereign debts'
Secondly the so now named first 'Greek haircut' was definitely a "unique situation.
Hmmm, the second 'Greek haircut' that followed after 3 months suggested that a Euro-zone exit is now quite possible. (eg sovereign bankruptcy) Is it any wonder that the markets are getting volitile and confused, and now even China will not invest more in Europe's bailout funds.
Nothing these Euro-zone leaders say will carry any further credibility. It's completeley gone.
It's now down to market forces. Not good at all.
And there's more.
Mario Draghi is an Italian banker. He is now president of the ECB (European Central Bank).
He is following a 'perfect storm' and is on route to going back on almost everything his predecessor did.
As president of the ECB he already made a surprise move to reduce rates, and now has bought twice the amount of debt that the ECB purchased in weeks before.
Altogether the ECB has now taken responsibility to holding an unbelieveably huge €188 billion of 'toxic debts'. €110 billion has been dedicated almost exclusively to Italy.
God help us all in a now open market. Naked an vunerable to the sharks.
Plenty of world famous leaders will soon be hanging their heads in shame as they walk away to their multi-million Euro castles.
How about the rest of us???
Well said Jin Liqun, the supervising chairman of China Investment Corporation, China's sovereign wealth fund
"If you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of the worn out welfare society. I think the labour laws are outdated. The labour laws induce sloth, indolence, rather than hardworking. The incentive system, is totally out of whack.
"Why should, for instance, within [the] eurozone some member's people have to work to 65, even longer, whereas in some other countries they are happily retiring at 55, languishing on the beach? This is unfair. The welfare system is good for any society to reduce the gap, to help those who happen to have disadvantages, to enjoy a good life, but a welfare society should not induce people not to work hard."
Jin Liqun, the supervising chairman of China's sovereign wealth fund
I like his pop at 55 year old Greek pensioners
Absolutely
However, I wonder if he'd be so critical of his socialist chums in the British public service unions, who expect British tax payers to pay for their pensions while they can't afford to invest in their own retirement provision
I don't think the Chinese "Communists" are quite as orthodox as their old pals were in the former Eastern Bloc I doubt very much if they fraternise with 2 faced Champagne Socialists such as the likes of Bob Crow, Mark Serwotka, Len McCluskey & CoAbsolutely
However, I wonder if he'd be so critical of his socialist chums in the British public service unions, who expect British tax payers to pay for their pensions while they can't afford to invest in their own retirement provision
I think the present Chinese Govt is fairly $$ orientated
If the politicians can actually behave and put a government in place, then Greece will very soon receive it's first Euro-Rescue installment of 8 billion Euro.
In the current climate of chaos, crisis and drama what will the money be used for? How is it going to be put to best use?
No-one really knows, but pretty good estimates can be made about the outcome of the 'divvy-up'.
Those people with credible knowledge have reckoned that around 18% will go straight to the ECB directly, 20% will be used to fund to current overspend.
Around 22% goes to Greek institutions, (actually all of that is held with the ECB, which means in practice there's no meaningful benefit for Greece as yet).
Around 40% goes to a number of banks and insurance companies outside of Greece.
So there it is, around 58% of all the bailout rescue going outside of Greece.
Hmm, does anyone else out there think someone's making a shedload of money whilst the greek debt just gets pushed into the future again.
Well, Berlusconi will go..............
might go .....soon............definitely maybe.
Another delinquent group of players getting ready for the 'scrum'. Whilst Don Silvio dances, the the bond rate reaches new high above 7%.
Looks at first like it could be a good investment yield....Well it maybe attractive as a quick bet if you have the nerve and the money to move ultra quick.
Given the size of risk (3rd biggest economy in Europe). The huge mess can probably only be resolved if the ECB will step in with an unlimited promise to buy buy and buy all those bonds.
Don't be confused by terminology, bonds means I.O.U.'s means more borrowing.
Let's hope that with the departure of Don Silvio and the emergence of new honest broker, that the unions will now join in the spirit of national unity and help unravel
Italian debt, which in a large part they have contributed to.
Whilst propaganda, paparazzi and truffatore remain at the top of the agenda how can Italian politians possibly come together.
One man's asset is another man's liability.
Seems we are all graduating in financial management these days and all understand the implications relating to debt exposure.
Especially when it comes to banks.
The big question is who has most exposure to these banks, and then the banks that have exposure to those banks etc etc.
Scary times indeed.
Anyone else feeling upbeat about gold??
With the continued 'Punch and Judy' shows in Greece and Italy, together with a high risk of even more Euro-contagion, might it be a good time to consider if gold will become ever more appreciated?
I want to remain positive, so that's why we need to consider the future inflation and currency devaluations that will almost certainly result from the financial episodes of 2011.
Those on fixed incomes will always vulnerable, but now those with unprotected assets will join that group. Probably that's most of us then.
Gold is just one possible protection in times of economic meltdowns.
Anyone fancy an expedition to Pinas to seek out Yamashita's Gold.
If I had the money I'd invest in "red" gold, infinitely more fun
The only red gold I know about is thatIf I had the money I'd invest in "red" gold, infinitely more fun
life giving medication:-
Full of protien:-
Healthy and Nutritious:-
Tasty and satisfying:-
One and only original Red Gold:-
This is red gold Terpe
Ah ha, thanks Ian. Now I know. Wish I still could afford even an oldy, but alas no more.This is red gold Terpe
Seems I have at least one like-minded person out there.
Thank you very much for you support.
Although I may write these posts in an almost light-hearted manner, make no mistake the principles are deadly serious.
Today I moved a significant portion of my GBP 'pot' to other areas including Philippine Peso's and various gold investments backed by government guaranteed certificates. Thank you HSBC.
Sources tell me that that the ECB may well have bought over €1.8 billion in Italian (70%), Spanish and Portuguese bonds this morning.
And all this amid rumours of an Austrian downgrade, and, wait for it, horror upon horrors ,strong suggestions that France is also looking at a downgrade anytime soon. Well look at the French exposure.......... no need to be rocket scientist.
Hmm, looks like those lightweight showmen of politicians have screwed up again. Now the ECB has gone where angels fear to tread and possibly used up even more 'firepower' to achieve what? Absolutely nothing.
My best guess is that the markets smell blood and will likely expect Snr. Draghi and the ECB to be fooled again, possibly into buying double
(€4 billion) tomorrow.
Pity the ECB cannot buy French bonds just yet. Oh dear another cat out of the bag. Watch this space.
Ah, almost forgot to mention the total USA debt is now almost $15 trillion. Can you imagine that? I can't , no matter how hard I try.
Forget expert fancy analysis just imagine a set of scales with dollars on one side and the euro and equities on the other.
Says it all really.
I hear that David Cameron has already stated today that all of us here in UK need to prepare ourselves for "all eventualities".
I wonder if he reads here?
Whoever had those first idealist visions of the scheme for a Federal Europe must wondering how that vision has now mutated beyond all recognition.
Mutant Ninja European policies have not only confounded every single 'ordinary' person throughout the Union, they have made everything so much worse and so very complex.
We Europeans are not actually the close homogenous bunch we're thought to be. Different cultures, languages, history and dreams.
I make no apology to keep banging on about this, (that's why it's posted in Rant) but the so called debt crisis contagion is naturally and organically spreading simply due to a lack of understanding of diversity. Each new policy is actually linking the member countries ever more closely.
But look, it's not being done in any kind of measured way, or in any kind of agreed way or in fact in any kind of thoughtful way. It's completely haphazard and does not fit into any tactic or strategy.
Totally knee-jerk in reaction to the last policy move failure and with a unbelievably limited understanding of what we're getting into.
A true recipe for disaster, and one which has been followed now for a long long time.
Why is it that none of these 'clever, experienced and highly paid people' can't see it.
I'm begining to think that maybe Cameron has a hint of the potential disaster, but he's no longer a member of the inner circle and has been told that if he's not in the club and doesn't play the game then he shouldn't try to change the rules.
Herein lies another challenge for Blighty.
Please God help them before it is too late to fix.
The rich get richer. The poor get poorer.
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