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Title: Satyajit Das: “Progress” of the European Debt Crisis
Source:
Naked Capitalism
URL Source: http://www.nakedcapitalism.com/2011 ... -the-european-debt-crisis.html
Published: Jul 13, 2011
Author: Satyajit Das
Post Date: 2011-07-13 09:57:01 by lucysmom
Keywords: Austerity Dosen, Privatization Fails, Snowball In Hell
Views: 8285
Comments: 16
In Oscar Wilde’s Importance of Being Earnest, Lady Bracknell memorably remarks that: “To lose one parent… may be regarded as a misfortune; to lose both looks like carelessness.” The Euro-zone’s need to rescue three of its members (Greece, Ireland and Portugal) with three others increasingly eyed with varying degrees of concern (Spain, Belgium and Italy) smacks of institutionalised incompetence. snip In Greece, the austerity program has led to a deep recession with Gross Domestic Product (“GDP”) falling by 4.5% in 2010 and forecast to fall by over 3.0% in 2011, a result worse than the IMF plan forecast. Unemployment, currently around 15%, is expected to rise further. Greek public finances have deteriorated as tax revenues have fallen faster than government spending. The 2009 budget deficit was revised from 13.6% of GDP to 15.4% and public debt went from 115% of GDP to 127%. Slow progress means that the 2010 budget deficit came in at 10.5% of GDP, against a target of 8.1%. Debt is now close to 145% of GDP, a level above that expected to be reached by 2013 under the EU/ IMF “rescue” plan. Despite some progress, structural reforms are proving difficult and slow to implement. A plan to privatise Euro 50 billion of assets looks optimistic, with a number of even Euro 15 billion looking difficult to achieve. snip Ireland’s initial self imposed and subsequently EU mandated austerity has had similar effects to that in Greece. GDP has fallen by around 20% from its highest point and unemployment is in the mid-teens. According to optimistic commentators, living standards have deteriorated only to the levels of the early 2000s. Emigration out of Ireland has risen, reversing the trend of recent years. snip The problems faced by the troubled peripheral economies include low rates of growth and high levels of indebtedness with rising debt servicing costs. The combination of reduction of government spending and higher taxes is literally strangling these economies. The austerity programs prescribed by the economic automatons of the EU, ECB and IMF, as a condition of the bailouts, reinforce this pernicious slide into economic oblivion.
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#1. To: Badeye, A K A Stone, hondo68, Fred Mertz, Godwinson, go65, war, no gnu taxes, Skip Intro, ferret mike, jwpegler, brian s, mcgowanjm, Capitalist Eric, Mininggold (#0)
If austerity programs lead to economic oblivion in Europe, why would GOP led austerity programs lead to prosperity in the US?
Von Mises associates any Government involvement in markets as "Socialism" , to mislead people into thinking Government is the enemy , when infact empire is the enemy and empire is Privatized.
Search Results 1. Instant view: News Corp withdraws bid for BSkyB Telegraph.co.uk Reuters - 18 minutes ago LONDON (Reuters) - News Corp has withdrawn its $12 billion bid to buy out the 61 percent of broadcaster BSkyB it does not already own after the government ... 7518 related articles Rupert Murdoch, News Corp Drop Bid For BSkyB46; - Huffington Post In Retreat, Murdoch Drops TV Takeover46; - New York Times I'll do austerity if the Top 50 000 start first...8D
Austerity is for little people.
Von Mises associates any Government involvement in markets as "Socialism" , to mislead people into thinking Government is the enemy , when infact empire is the enemy and empire is Privatized.
Which is why Corporations/14thAmendmentPersons must be eliminated... And a MAX Wage must be instituted... Charles Hughes Smith: "The eventual buyer: global Corporate America, of course. 3. Crony capitalism doesn't like competition; it seeks monopoly or a shadow cartel, imposed and maintained by the regulatory agencies of the Central State. The naive and sentimental view of Capitalism is that it thrives on competition; this is incorrect. Capitalism actually thrives on monopoly, as that's what it takes to skim fat, low-risk profits. Competition mucks everything up, which is why Corporate America arranges for regulatory strangulation of small-business competitors via its partner, the Central State (Federal regulatory agencies). Since government bureaucracies are a priori delighted to extend their reach, power and budget, it doesn't take much persuasion for them to tighten the screws on potential competitiors with absurdities like "food safety" regulations, which require hit-teams of government agents to descend on criminal conspiracies such as organic dairies. "
See bp refuses to pay any more claims on Gulf....;}
They need to burn a few socialists at the stake to stimulate the economy.
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
Another example of the "real conservative's" vision of freedom - burn the opposition.
Von Mises associates any Government involvement in markets as "Socialism" , to mislead people into thinking Government is the enemy , when infact empire is the enemy and empire is Privatized.
You have it backwards. It was the largess BEFORE that led to them taking drastic steps in an attempt - which might not work given they went so far over the edge previously - to save their economies.
Proxy IP's are amusing.....lmao
The IMF has a long history with austerity and resulting failure. It's good though, for those wanting to buy a country's assets at fire sale prices.
Von Mises associates any Government involvement in markets as "Socialism" , to mislead people into thinking Government is the enemy , when infact empire is the enemy and empire is Privatized.
The IMF's premise is fundementally flawed, and the results were preordained. But lets not confuse that with my initial observation, okay?
Proxy IP's are amusing.....lmao
Okay! Defend your observation.
Von Mises associates any Government involvement in markets as "Socialism" , to mislead people into thinking Government is the enemy , when infact empire is the enemy and empire is Privatized.
Yes indeed. For once you get it right. It's corporatism on a global scale, aka "New World Order."
“If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.” The State can no longer hide the consequences of their 100-year lie. VERY interesting times are ahead.
But lets not confuse that with my initial observation, okay? Okay! Defend your observation. Defend against what?
Proxy IP's are amusing.....lmao
Against reason, of course.
Von Mises associates any Government involvement in markets as "Socialism" , to mislead people into thinking Government is the enemy , when infact empire is the enemy and empire is Privatized.
And you wonder why I call you goofy....
Proxy IP's are amusing.....lmao
What makes you think I wonder?
Von Mises associates any Government involvement in markets as "Socialism" , to mislead people into thinking Government is the enemy , when infact empire is the enemy and empire is Privatized.
The austerity programs prescribed by the economic automatons of the EU, ECB and IMF, as a condition of the bailouts, reinforce this pernicious slide into economic oblivion.
#2. To: lucysmom (#1)
#3. To: mcgowanjm (#2)
I'll do austerity if the Top 50 000 start first...8D
#4. To: lucysmom (#1)
#5. To: lucysmom (#3)
Austerity is for little people.
#6. To: lucysmom (#1)
Despite some progress, structural reforms are proving difficult and slow to implement.
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#7. To: hondo68 (#6)
They need to burn a few socialists at the stake to stimulate the economy.
#8. To: lucysmom (#1)
If austerity programs lead to economic oblivion in Europe
#9. To: Badeye (#8)
You have it backwards. It was the largess BEFORE that led to them taking drastic steps in an attempt...
#10. To: lucysmom (#9)
The IMF has a long history with austerity and resulting failure.
#11. To: Badeye (#10)
But lets not confuse that with my initial observation, okay?
#12. To: lucysmom (#9)
It [the IMF is] good though, for those wanting to buy a country's assets at fire sale prices.
-- Joseph Goebbels --
#13. To: lucysmom (#11)
#14. To: Badeye (#13)
Defend against what?
#15. To: lucysmom (#14)
#16. To: Badeye (#15)
And you wonder why I call you goofy....
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