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Old 07-30-2012, 06:10 PM   #61
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I was puzzled by this as there seems to be little evidence of a skulking yoof underclass

apparently there is a huge black economy and many work unofficially .......
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Old 07-31-2012, 06:54 AM   #62
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Originally Posted by rblong2us View Post:
I was puzzled by this as there seems to be little evidence of a skulking yoof underclass

apparently there is a huge black economy and many work unofficially .......
..yep, it seems to be the way the dynamics goes everywhere: govts are tightening the screws - with more regulations, taxing and what nots. The more you have of it in the economy, the more "marginal businesses" are pushed into "gray economy" - not full-on criminals, just regular joe shmos, who just could not afford to be in order with all that government drag.

Secondly, many of them can only scrap together enough to make it to the next paycheck, if they still avail for the welfare paychecks (ie, they need X dollars a month to survive/be comfy, but since working illegally, they still qualify to Y dollars of welfare payments, ergo: they are willing to take on jobs that are paying X-Y. And this distortion is ONLY possible because of welfare. With the absence of it, these sub-minimal wages would not exists, since nobody would take on them) Been there, seen that.
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Old 08-09-2012, 10:23 AM   #63
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Love them or hate them, Goldman Sachs usually has more information to make their decisions than we do...
http://finance.yahoo.com/news/goldma...121410493.html

"Goldman Sachs discloses the firm's credit and market stance for Italy, Greece, Ireland, Portugal and Spain each quarter because those five countries are viewed by investors as Europe's riskiest. The filing today showed that the firm's total market exposure to the five countries also swung to a negative $977 million as of June from a positive $2.68 billion three months earlier as the bank reduced its position in bonds and stocks and purchased more credit derivatives."


What do they know that we do not?
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Old 08-10-2012, 08:25 AM   #64
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Odd, when you raise your top rate to 75%, the wealthy start to leave??
http://thenewamerican.com/world-news...leaving-france

Apparently it is immoral to be wealthy...
"Well, it's quite interesting because he's been very clear that he doesn't expect to raise almost any revenue at all from the tax rate. He says what he wants to do is impose a sort of morality on high earners and on what he calls indecent wages."

The neighboring countries love this...
"It is a ridiculous proposal, but it’s great for us. It’s a huge loss for France because people and businesses come to Belgium [which shares its western border with France] and bring their wealth with them."

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Old 08-10-2012, 10:36 AM   #65
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cut nose; spite face
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Old 08-16-2012, 01:56 PM   #66
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Wow, talk about rats fleeing a sinking ship:
http://www.marketoracle.co.uk/Article36054.html

"Some veteran observers are claiming that this escalation of physical flight-of-capital out of the Eurozone peripheral nations is reminiscent of war time stories last heard of during the time of fascist dictators like Mussolini in Italy and General Franco in Spain in the 1930s and 1940s."

Watch the pretty flames as Europe burns...



As an aside:
http://www.smh.com.au/world/nose-for...813-244at.html
They used to use dogs to sniff out drugs. Now the new illegal contraband they are sniffing for is money?!
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Last edited by benjamen; 08-16-2012 at 02:04 PM. Reason: second article
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Old 09-06-2012, 08:09 AM   #67
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http://www.telegraph.co.uk/finance/f...out-terms.html

"In an escalating game of brinkmanship, Spanish finance minister Luis de Guindos said his country is not yet willing to sign a Memorandum giving up fiscal sovereignty to EU inspectors."

Translation: We want free money, with no drawbacks.

"Capital flight has been running at an annual rate of 50pc of GDP, more than twice the rate in Indonesia during the Asian meltdown in the 1990s.

Foreigners have sold Spanish securities worth 19pc of GDP over the past quarter. Spanish residents have shipped funds worth 16.7pc of GDP into foreign bank accounts."

Translation: The rats are fleeing the sinking ship

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Old 09-06-2012, 08:14 AM   #68
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Pigs may not fly yet, but Euro capital certainly does!
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Old 09-06-2012, 10:16 AM   #69
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Originally Posted by PMBug View Post:
Pigs may not fly yet, but Euro capital certainly does!
That is not the only thing flying in Spain.

Food is flying off the grocery store shelf (without payment)
http://www.24hgold.com/english/contr...utor=Mac+Slavo

Tax rates are flying upwards in record increments
http://www.24hgold.com/english/news-...ntributor=Mish

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Old 09-06-2012, 10:22 AM   #70
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My lad generally spends a few weeks in Southern Spain during the winter so he can practise MX Freestyle riding.

Hes got fed up with me asking if he sees evidence of 50% youth unemployment or a general downturn, as he just didnt see anything except cheap apartments as evidence of any problem.

He recently had an email from a friend over there who owns a dirtbike business.
He has moved out of his premises and rented em to someone who supplies granite worktops ........ because in June-July it was like a switch got thrown and everything just stopped.
No one is spending money ( apart from the odd idiot 'needing' granite worktops ) and the local authouities, who grade, water and manage the many motocross practise tracks have run out of money.
It has all simply stopped and the effect on everyone is much like we have seen in Greece.

Anyone here able to correlate / confirm this ?
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Old 09-07-2012, 08:19 AM   #71
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Wow, the Germans are really mad about the latest ECB decision!
http://www.businessinsider.com/germa...-draghi-2012-9

I need some marshmellows to roast over the fire that is Europe.
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Old 09-07-2012, 08:31 AM   #72
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The Germans had a strong and painful (Weimar Republic) history with the consequences of Draghi's proposed solution. They have not forgotten.
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Old 09-08-2012, 07:39 PM   #73
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It is amazing what you can run across while researching! As bad off as they are now, the Italians had to cheat just to get into the Euro in the first place.

http://www.economist.com/node/349065...ory_id=3490654

"In 1996 and 1997 Italy (yes, again) was desperate to reduce its public-sector deficit so that the country would qualify for entry into the euro. One unintended boost came from the sale of the postal bonds described above—bizarrely, because they matured after the euro deadline, they were not counted as current debt. But the stroke of genius by officials in Italy's finance ministry was to enter into a secret trade that simultaneously brought in cash, took some debt off the books and deferred the repayment of the cash and the debt until after the euro deadline had been successfully reached.

Many economists were amazed when Italy defied expectations to qualify for the euro. And its admission into the system has been worth an incalculable fortune. It has brought huge savings via systematically lower interest rates and greater economic efficiency. Had Italy not qualified, its economy might have crumbled. Certainly, its public-sector finances would be in dire straits.

The trade itself was fairly simple, though complicated enough to ensure that it came to light only in late 2001, when Gustavo Piga, an economics professor, stumbled across it while studying public-debt policies. Essentially, Italy used a swap to defer interest payments on an issue of $1.7 billion of yen-denominated bonds that it had made in 1995, at the same time taking an up-front payment for the swap that was later repaid with interest. Thus was Italy able to make it into the euro, merely at the price of a big repayment on the swap in 1998."

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Old 09-12-2012, 07:52 AM   #74
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http://hat4uk.wordpress.com/2012/09/...ays-must-read/

Quotes from the ESM Charter:

"Article 32, para 3: The ESM, its property, funding and assets, wherever located and by whomsoever held, shall enjoy immunity from every form of judicial process."

"para 4: The property, funding and assets of the ESM shall, wherever located and by whomsoever held, be immune from search, requisition, confiscation, expropriation or any other form of seizure, taking or foreclosure by executive, judicial, administrative or legislative action"

"Article 35, para 1: In the interest of the ESM, the Chairperson of the Board of Governors, Governors, alternate Governors, Directors, alternate Directors, as well as the Managing Director and other staff members shall be immune from legal proceedings with respect to acts performed by them in their official capacity and shall enjoy inviolability in respect of their official papers and documents."

‘The archives of the ESM and all documents belonging to the ESM or held by it, shall be inviolable. The premises of the ESM shall be inviolable.’

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Old 09-12-2012, 07:55 AM   #75
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benjamin, sa posted a quality video that explained the esm clearly:

http://www.pmbug.com/forum/f4/%5Bvid...explained-819/
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Old 09-12-2012, 08:04 AM   #76
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Originally Posted by PMBug View Post:
benjamin, sa posted a quality video that explained the esm clearly:

http://www.pmbug.com/forum/f4/%5Bvid...explained-819/
I can not view videos from most locations I view this website from.

I guess I will have to do it the old fashion way and read my news.
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Old 09-12-2012, 08:07 AM   #77
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You need to explore job opportunities at the Securities and Exchange Commission and then you can watch all the porn youtube videos you like while at work.
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Old 09-13-2012, 11:26 AM   #78
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http://www.24hgold.com/english/news-...ntributor=Mish

Wow, this article made my head hurt! How are Italian companies supposed to get anything done?!

One important part of the article was regarding the expiring tax shield on the small businesses in Italy. Note that small businesses in Italy comprise almost half of all employment in that country (compared to ~30% Euro wide). What will happen in January if these small businesses have to pay even more taxes?

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Old 09-24-2012, 09:24 AM   #79
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http://www.zerohedge.com/news/athens...all-operations
http://www.ekathimerini.com/4dcgi/_w...09/2012_462397

"The municipality of Acharnes in northern Athens has decided to suspend all of its operations after running out of money."

"Acharnes Municipality will remain closed indefinitely, until the financial problem can be resolved,” the local authority said in a statement."

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Old 09-24-2012, 09:49 AM   #80
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