European Reality Check

bushi

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According to Max Kaiser, Greece also had to cook their books (all with a great help from our best friends at JP Morgan), to qualify to enter Eurozone. Can't give you the link or more specifics ATM, but there was little evidence anyway (unsurprisingly). But he is usually spot on with his fraud spotting comments, and is usually proven to be right later on. So that Italy swap deal does not surprise me at all. HAve seen the same frantic push from Polish politicians, to join the Euro club (really, how fecking stoopid, or how fecking corrupted one have to be, to be pushing to join Eurozone right now, and in any foreseeable future?).
 

pmbug

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According to Max Kaiser, Greece also had to cook their books (all with a great help from our best friends at JP Morgan), to qualify to enter Eurozone. Can't give you the link or more specifics ATM, but there was little evidence anyway (unsurprisingly). ...

This was widely reported a while back. Goldman Sachs was the firm that developed the creative solutions.

http://www.npr.org/2011/10/04/140948138/how-the-financial-crisis-created-a-new-third-world

http://maxkeiser.com/2012/01/15/“it...-greece-rig-the-figures-to-get-into-the-euro/

http://www.bloomberg.com/news/2012-...oan-shows-two-sinners-as-client-unravels.html

More Goldman Sachs chicanery:

http://www.spiegel.de/international...ed-greece-to-mask-its-true-debt-a-676634.html
 

bushi

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...I am so sorry for black mouthing our dear friends at JPM - must eat my words now :)
 

pmbug

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The new push for a European Union federation, complete with its own head of state and army, is the "final phase" of the destruction of democracy and the nation state, the president of the Czech Republic has warned.

In an interview with The Sunday Telegraph, Václav Klaus warns that "two-faced" politicians, including the Conservatives, have opened the door to an EU superstate by giving up on democracy, in a flight from accountability and responsibility to their voters.

"We need to think about how to restore our statehood and our sovereignty. That is impossible in a federation. The EU should move in an opposite direction," he said.

Last week, Germany, France and nine other of Europe's largest countries called for an end to national vetoes over defence policy as Guido Westerwelle, the German foreign minister, urged the creation of a directly elected EU president "who personally appoints the members of his European government".

Mr Westerwelle, in a reference to British opposition, called for nation states to be stripped of vetoes on defence to "prevent one single member state from being able to obstruct initiatives" which "could eventually involve a European army".

The new offensive followed the unprecedented declaration by the Commission's president, José Manuel Barroso, during his "state of union" address to the European Parliament on 12 September, that he would make proposals for a fully-fledged EU "federation" in 2014. "Let's not be afraid of the word," he said.

Speaking in Hradcany Castle, a complex of majestic buildings that soars above Prague, and is a symbol of Czech national identity, Mr Klaus described Mr Barroso's call for a federation, quickly followed by the German-led intervention, as an important turning point.

"This is the first time he has acknowledged the real ambitions of today's protagonists of a further deepening of European integration. Until today, people, like Mr Barroso, held these ambitions in secret from the European public," he said. "I'm afraid that Barroso has the feeling that the time is right to announce such an absolutely wrong development.

"They think they are finalising the concept of Europe, but in my understanding they are destroying it."
...

More: http://www.telegraph.co.uk/news/wor...opes-democracy-may-be-in-its-final-phase.html
 

pmbug

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Where are all the wealthy peeps going? They've been leaving the USA too FWIW.
 

benjamen

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http://www.telegraph.co.uk/news/ukn...in-ten-Scots-living-off-states-patronage.html

"...the average Scottish household consumes £14,151 more in public services every year than it pays in tax.

Even the families in the middle income groups consume around £20,000 more in state spending than they contribute."

Just like in the U.S., when a politician dares point this out they get slammed by the media.
:rotflmbo:
 

benjamen

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http://finance.yahoo.com/news/franc...RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3

""The competitiveness of France on foreign markets has been damaged for the last 10 years. This is nowhere more obvious than in Europe, where France has lost market share for the last 10 years," said Lamy in an exclusive interview with CNBC in Paris.

"The place where the trade balance of France has deteriorated the most is within Europe, where conditions of competition are roughly level. So contrary to what I hear from time-to-time, they are probably not [struggling because of] China."

Lamy said that in the short term France must become more cost competitive by cutting taxes on businesses "so they regain a bit of margin for maneuver."

France's socialist government under President Francois Hollande is due to outline measures to boost competitiveness on November 6.


However, the government has already detailed plans to increase, rather than decrease, taxes on big companies as part of its 2013 austerity budget, which aims to tackle France's crippling deficit."

:noevil:
 

benjamen

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http://news.yahoo.com/eurozone-unemployment-rises-record-100226649--finance.html

"Unemployment in the 17-country eurozone hit a record high of 11.6 percent in September..."

"Five countries in the eurozone are already in recession — Greece, Spain, Italy, Portugal, and Cyprus — and others are expected to join them soon."

"Spain held the ignominious position of having the highest unemployment rate in the eurozone, at 25.8 percent. Greece may yet surpass that — its unemployment rate mushroomed to 25.1 percent in July... Both countries, which are at the heart of Europe's three-year debt crisis, have youth unemployment above 50 percent."
 

ancona

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They will push and they will push some more. The IMF and EU will not be happy until every last greek is starving to death. In what universe do you expect a country to return to growth with 26% unemployment and as of yesterday, even more government lay-offs and severe pension and salary cuts? More taxes? Again, what the fuck?

When you push a man so far that he has nothing left to lose, you create the perfect conditions for revolution, and that is what is happenning in Greece and Spain, soon to be followed by Italy and Portugal.

These fuckers had better be careful what they wish for here.
 

benjamen

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Suprisingly, if you jack up the tax rate to 50% or more on the wealthy, yes they will leave...
http://www.telegraph.co.uk/news/pol...aires-left-Britain-to-avoid-50p-tax-rate.html

"In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs.

This number fell to just 6,000 after Gordon Brown introduced the new 50p top rate of income tax shortly before the last general election."
 

ancona

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The insane are now running the asylum.

France, which owns a minority position in the largest ship builder in the world, Chantiers de Le Atlantique in St. Nazaire, are pissed because the shipyard may have to close because, well, no one needs any new shipos right now. The workers are demanding the french government nationalize this relic so they can keep their jobsm irrespective of the fact that there are no ships to be built. In addition, some minister or another also threatened to nationalize a steel mill owned by Arcelor Mittal, because they want to close a plant that is sitting idle. What these idiots don't seem to get is that when the government takes over, the taxpayers are the sole subsidizer. Period. There is no magic money fairies out there, but the socialists still believe in them apparently.
 

benjamen

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The insane are now running the asylum.

France, which owns a minority position in the largest ship builder in the world, Chantiers de Le Atlantique in St. Nazaire, are pissed because the shipyard may have to close because, well, no one needs any new shipos right now. The workers are demanding the french government nationalize this relic so they can keep their jobsm irrespective of the fact that there are no ships to be built. In addition, some minister or another also threatened to nationalize a steel mill owned by Arcelor Mittal, because they want to close a plant that is sitting idle. What these idiots don't seem to get is that when the government takes over, the taxpayers are the sole subsidizer. Period. There is no magic money fairies out there, but the socialists still believe in them apparently.

http://finance.yahoo.com/news/frenc...RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3

Indian business can not make money running a factory in France and tries to close said factory.

French government says you can not do that and "nationalizes" (steals) the factory.

French president defends this idea because it is what Barack Obama does.

:rotflmbo:
 

benjamen

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http://finance.yahoo.com/news/comes...RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3

"The ECB downgraded its 2012 GDP forecast to a range of -0.6% to -0.4% from -0.6% to -0.2% previously, its 2013 GDP forecast to a range of -0.9% to 0.3% from -0.4% to 1.4% previously, and said its 2014 GDP forecast was for a range of 0.2% to 2.2% growth in the euro area."

Odd, the media has been telling me Europe is already recovering?
:noevil:
 

pmbug

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Their choices are:
  • Foster incentives for the private sector to grow and hire (if they haven't done it by now...)
  • Hire them directly (can't afford this)
  • Kill them (War, huh! What is it good for?)
 

ancona

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I think all eyes should be on France. As their illustrious President Hollande has declared war on capitalists, we shall see just how many of them flee the socialist state in search of friendlier pastures. The recent threat by one of his ministers to nationalize Chantiers de la Atlantique shipyard is but one shot in what is going to prove to be a war of attrition for big business in France. They are bound and determined to "prove" that government knows best. When they are through, France will have killed off industry and ruined any hope the French People may have had when they elected this socialist jackass.

Just as in France, england has placed punitive levels of tax on the producers to support their unwieldy welfare system, a move that has caused revenues to drop significantly as those who produce want to keep what they earn rather than give it away to the work-shy and work averse people on the dole [some of them for their entire lives].

Watch for the same here in the good old US of A. Obama is just one step away from forcing higher taxes down the throats of Americans who can already ill afford this abomination of a health care law. Does Obama and his socialist minions really think that forcing Ancona to pay a combined 17,000 dollars a year for health care insurance is going to be good for the economy? If so, in what alternate reality does this paradigm actually work? The health care act will literally kill all domestic discretionary spending, and even dip in to non-discretionary spending on things like energy, gasoline, etc. as folks who cannot afford to pay these thousands of dollars stop spending altogether.

Personally, I can afford the 1,400 dollars a month it will cost me, but I will stop all other spending completely. This includes everything. We already cut our own hair at home and we also closely monitor our electricity usage and carpool as much as is practical.

When the rest of the nation is forced to follow in our footsteps, I expect tens of thousands of businesses to go belly up. 2014 and 2015 will signal the start of a depression thats will wipe out millions of folks.
 

benjamen

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Suprisingly, if you jack up the tax rate to 50% or more on the wealthy, yes they will leave...
http://www.telegraph.co.uk/news/pol...aires-left-Britain-to-avoid-50p-tax-rate.html

"In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs.

This number fell to just 6,000 after Gordon Brown introduced the new 50p top rate of income tax shortly before the last general election."

http://news.yahoo.com/depardieu-tax-fight-gets-russian-citizenship-115743682.html

Wow, this guy has already paid around $190,000,000 in taxes in his lifetime! With a more global and open world, it is no suprise this guy would move from a 75% tax regime to one that is only 13%.

:rotflmbo:
 

swissaustrian

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Since the Italian results are out, Eurostoxx50 futures are down 4%, the Euro is down 1.8% and gold in Euros is up 1.6%...
 

benjamen

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Since the Italian results are out, Eurostoxx50 futures are down 4%, the Euro is down 1.8% and gold in Euros is up 1.6%...

That isn't suprising, being that Italy really hasn't worked out it's issues as of yet.

Also, the projections for the Euro zone in general are not very rosy...
http://finance.fortune.cnn.com/2013/02/22/europe-economy-forecast/?iid=HP_River

"The European Commission (EC) published its winter projections Friday."

"...the GDP of the 17-member eurozone is projected to decline by another 0.3% in 2013. Accordingly, and despite forecasting an improving budgetary outlook, the debt burden would maintain its upward trajectory, rising by another 2 percentage points of GDP. Meanwhile, the alarming unemployment situation would worsen, with the overall rate increasing from 11.4% to 12.2%."
 

bushi

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That isn't suprising, being that Italy really hasn't worked out it's issues as of yet.
..like, you know, everyone else has? :rotflmbo:
(sorry could not stop meself :wave:)

...this is a good one, such a cheering up blizzard of facts, how Europe is "sorted out" (and getting "sorted" even more by every passing month/year):



I think that all these retards currently in power, must be running wild scared, trying to figure out what is going on, and which way is the exit.
 

ancona

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I find it to be beyond hilarious that Beppe Grillo has won a huge number of seats in the lower house. As a convicted felon [manslaughter] he cannot be a member, but his coalition is now a power to be reckoned with. It remains to be seen if he and Berlusconi can form a legitimate force in the house, but time will tell. If not, we're looking t a few months of political chaos at best.
 

swissaustrian

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The German Senate has just rejected the ratification of the European fiscal pact - oops.
That is not priced in...
 

pmbug

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tumblr_mit0fcnNPd1qf087qo1_500.png


monacle-trollface-at-computer-9s8ePL.jpg


:rotflmbo:
 

ancona

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These guys are just like the old guys, arrogant and seemingly bulletproof. I constantly wonder how these eurotards make it through the day living with themselves.
 

RealFinney

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I find it to be beyond hilarious that Beppe Grillo has won a huge number of seats in the lower house. As a convicted felon [manslaughter] he cannot be a member, but his coalition is now a power to be reckoned with.

Doesn't the Italian state have some immunity laws? So if you've been convicted, you cannot serve, but once your in position, your above the law?

Crazy.
 

pmbug

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Maybe Beppe Grillo's comments about Italy being out of the Euro are casting a pall on the headline chasers.
 
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