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Huan Yi
Member Ascendant

since 2004-10-12

Posts 6688
Waukegan

0 posted 2011-10-01 09:27 AM

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Will someone explain in simple terms
where the EU plans to come up with
four trillion euros.

“The plan is, in fact, for EFSF to operate like the Federal Reserve and simply print trillions of euros and hand them to the banks."

http://birdflu666.wordpress.com/2011/09/24/efsf-needs-to-be-4-trillion-euros-say s-daniel-gros/

Is that it?

“The real cause of the eurozone and US debt crisis is our privatised money system.”

What does that mean?

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Huan Yi
Member Ascendant

since 2004-10-12

Posts 6688
Waukegan

1 posted 2011-10-11 06:49 PM

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"There's a lot of talk at the moment about solidarity, that Slovakia must show solidarity with other countries," Mr Sulik told foreign journalists last week.

"The average pension in Slovakia is less than 400 euros (£350). The average pension in Greece is 1,400 euros (£1,200) - three, four times higher," Mr Sulik said.

"It's impossible to explain to a Slovak pensioner that he or she has to contribute - in the form of higher VAT for example - towards Greek pensions. Or towards Italian MPs' salaries, the highest MPs' salaries in Europe," he added.

"That's not solidarity. That's a perverse concept of solidarity," he explained.”

http://www.bbc.co.uk/news/world-europe-15266300

I’ve seen this expressed another way: why should Germans have to work into their 70’s
so Greeks can retire at 50.

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Huan Yi
Member Ascendant

since 2004-10-12

Posts 6688
Waukegan

2 posted 2011-11-01 05:19 PM

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“Greece's government is holding an emergency meeting following a day of turmoil triggered by PM George Papandreou's announcement of a referendum on the proposed EU bailout.”

http://www.bbc.co.uk/news/world-europe-15538809

Given today's news
I'm a little sick of Greece.

They cooked their books to get
into the EU, to stay in, and
get other people's money to
have the good life. The EU worked
up a deal where they got a 50%
forgiveness of past debts, and more
of other people's money. And now
the latest drama.

Why can't the EU just walk away
and wish Greece luck?

Let’s put it another way;
what short of Athens demanding
human sacrifices to their dead gods
could get the EU to walk away from Greece?

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[This message has been edited by Huan Yi (11-01-2011 06:42 PM).]

Huan Yi
Member Ascendant

since 2004-10-12

Posts 6688
Waukegan

3 posted 2011-11-01 11:43 PM

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“Why is Greece in trouble?

Greece has been living beyond its means in recent years, and its rising level of debt has placed a huge strain on the country's economy.

The Greek government borrowed heavily and went on something of a spending spree after it adopted the euro.

Public spending soared and public sector wages practically doubled in the past decade.

However, as the money flowed out of the government's coffers, tax income was hit because of widespread tax evasion."

http://www.bbc.co.uk/news/business-13798000

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Grinch
Member Elite

since 2005-12-31

Posts 2929
Whoville

4 posted 2011-12-03 08:53 PM

quote:
“The real cause of the eurozone and US debt crisis is our privatised money system.”

What does that mean?

A privatised money system is one where private banks create money.

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