So how did Bush manage to destroy the economies of all these EU countries as well as our own?
So if I borrow $15M from you and you're in another country it's part of that but I used it to build a manufacturing facility so it's an investment with a returning profit (hopefully). Contrast with government debt that is less an investment and more a cost of living-maintaining credit card.Yeah, that´s total external debt (private and public) and not government debt, so it doesn't mean much. Only shows that places like Ireland and Great Britain recieve a lot of foreign investment, and that people borrow from banks in other countries.
Actually Ryan it makes perfect sense. Half of the way I look at the world is through the tragedy of the commons paradigm and yet again it's in FTW. Although each of these unions influence the federal budget, only in the most unusual of circumstances could a single one making concessions be the actual make or break. For the most part if a given union bends over or bitches and complains and doesn't bend over it won't matter. Only by a large number of them making concessions do things get better. So, if each is negotiating only for itself and it can cause enough of a hassle to not have to take much of a hit it will keep its money and benefits and as long as the others make sufficient allowances the budget can be repaired.
So, although all of them acting like cry babies will bring the nation to its knees the impact of a single union acting like a baby or an adult won't really make much difference.
This adds an interesting variable. In a country of 11.5M people 5% are in the same union. The problem with unions is once they get to big they ARE the "enemy", right? If they got big enough they'd basically be arguing with themselves.Greece's largest union with around 600,000 members, GSEE is expected to approve Panagopoulos' call for a February 24 general strike later Thursday.
This adds an interesting variable. In a country of 11.5M people 5% are in the same union. The problem with unions is once they get to big they ARE the "enemy", right? If they got big enough they'd basically be arguing with themselves.
Greece exceeds the "European Union limit" of 3% GDP on deficit. What does that limit mean; are there any consequences? They've been above it for a long time. Is it another toothless standard?
http://finance.yahoo.com/banking-bu...VkZXVyb3A-?sec=topStories&pos=6&asset=&ccode=Greece exceeds the "European Union limit" of 3% GDP on deficit. What does that limit mean; are there any consequences? They've been above it for a long time. Is it another toothless standard?
Europe's Growth and Stability Pact, which sets the rules for euro membership, limits the size of budget deficits. It was supposed to prevent such problems. But it was largely toothless, especially after Germany and France found it convenient to violate its terms when it suited their economic needs
If my memory is correct, only one Olympics in the last few decades ever turned a profit, and the vast majority of the rest were dismal money losses. The concept is really dumb: build a bunch of very expensive one time use buildings and hope to turn a profit in 2 weeks of use.They apparently expected that they would make it up from tourist revenues, but it didn't even come close, and the government has been in massive debt ever since.
If my memory is correct, only one Olympics in the last few decades ever turned a profit, and the vast majority of the rest were dismal money losses. The concept is really dumb: build a bunch of very expensive one time use buildings and hope to turn a profit in 2 weeks of use.
oh yea it is. we're fucked and getting raped with taxes. worse part is, we get nothing back. the NHS sucks ass, our roads are crappy and for a supposedly 1st world country talking about achieving a target of 2mbit broadband speeds as a min by 2012 is pathetic!
http://finance.yahoo.com/news/Greek...9.html?x=0&sec=topStories&pos=3&asset=&ccode=
Customs are going to strike 48 hours which will lock up imports other than fuel and drugs. Truckers have been choking off the border for a few weeks, too.
http://www.telegraph.co.uk/finance/...re-but-for-the-grace-of-God-goes-Britain.html
Some are saying Greece is in a debt spiral now and has reached that critical point at which they cannot get out, the only proper way out a gift--not a new loan--of money to relieve some of this debt.
I don't know the details of the "austerity plan" beyond what has been said in these articles but a fuel tax, public servant pay freezes, and expanding retirement age to me sound like very practical and fair ways to deal with an imploding economy.
The US is not Greece but parallels will be drawn, though even if valid I think many will ignore them.
are you stupid?
What do you propose the UK do to improve the NHS? Do you think it would be good to scrap the NHS and adopt the American health care system? What do most Brits think about the American system?
Greece has overspent like much of the rest of the world in the last couple of decades. Greece was just one of the worst cases of overextended government without properly taxing to pay for it. I think the Economist said that they have one of the highest government employee / civilian employee ratios (I'm too lazy to look it up now).
Greece wants to cut back spending and just at the exact same time the farmers and other workers decide that they want MORE protectionism and entitlements from government. The farmers are blocking roads with farm equipment. The truckers and customs are blocking imports. Basically the Greece population is going to destroy their economy in an attempt to preserve and in fact worsen the unsustainable overspending.
Europe is in negotiations to bail out Greece. I'm just wondering if it is too little, too late, because Europe can't really afford the bailout in this recession.
I think that's fair, but the US also has the advantage of being a world-power. We may be broke, but our govt probably has a few more tricks up its sleave than greece
Debt per capita
UK $172k
US $41k
Greece 35k
How come the UK isn't being singled out?
This is bad news for America and China. When Europe or the world is in trouble, the dollar rises and we become less competitive.