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That's not true for all member countries. For example Germany has benefited a lot from the EU's weak currency and will most likely face a huge inflation if they get a floating exchange rate.
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Wealthier member nations like Germany and France are paying a lot of money to carry weaker economies like Greece.Comment
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Once Italy is shut out of the bond markets (right about now) the Germans, who really hold the purse strings, will have to start printing money, and signing cheques.
The big sweat is the Germans using leverage, while they have it, to impose some kind of reform and discipline on their neighbors.
This too will pass, but the consequences are a loss of democratic accountability in sovereign states. This will be the festering sore in the next decades.
At least Americans get to chose their leader....spinning glue back into horses. . .Comment
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please remind me - what was the previously chosen "leader" biggest accomplishment?Originally posted by Pumpfish View Post
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US FISCAL CLIFF. A FOOLS GUIDE.
Lesson 1:
* US tax revenue: $2,170,000,000,000
* Federal Budget: $3,820,000,000,000
* New debt: $1,650,000,000,000
* National debt: $14,271,000,000,000
* Recent budget cuts: $38,500,000,000
Lets now remove 8 zeros and pretend its the household budget:
* Annual family income: $21,700
* Money family has spent: $38,200
* New debt on credit card: $16,500
* Outstanding balance on credit card: $142,710
* Total budget cuts so far: $385
Got it???? .........Ok now,
Lesson 2:
Here's another way to look at the debt ceiling:
Lets say you come home from work and find there has been a sewer back-up in your neighbourhood.....
...and your home has sewage all the way up to the ceiling.
What do you think you would do??????
Raise the ceiling....
..... or remove the shit?you can't polish a turd, but you can roll it in glitter...Comment
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I hear you.
And I like some of your suggestions
Will there be debt forgiveness as well?
For all the people who borrowed $1m to buy a wooden shack in shitsville because property prices only go up?
.....at least your suggestion tries to solve the problem
I was just explaining for all the folk who hear 'fiscal cliff' and think they want to visit it next time they tour the USA....you can't polish a turd, but you can roll it in glitter...Comment
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Who needs debt forgiveness when all the debt is in useless banker dollars?Comment
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You know that the last couple of years Credit Suisse has paid most of its managing directors their bonuses in 'sub-prime and distressed debt'
Those Bankers have made more money on owning that bad debt, than any other thing they've touched in the last 3 years.
Go figure....you can't polish a turd, but you can roll it in glitter...Comment
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Why shouldn't people be able to make money from loaning it?Comment
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Yes but how many times?you can't polish a turd, but you can roll it in glitter...Comment
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The best solution I can give is to let people who lend carelessly lose all their money when their debtors default, rather than what we chose to do instead.Comment
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100% agreed.
That one statement, I believe, would have resulted in a much clearer idea of where we are, and where we are going with this mess.you can't polish a turd, but you can roll it in glitter...Comment
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flat tax makes way too much sense for a country where almost half the people are living on outdated entitlement programs.Comment
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didn't fact check and probably not the whole story but seems noteworthy:
tax avoidance is triple the national deficit annuallydying and coming back gives you considerable perspectiveComment
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