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Austerity hurts in the short term, but kicking the can down the road will eventually result in a much more painful event. And if these countries had not kicked the can so far down the road already, they would not need to institute such painful measures today. But it is good that they institute an organized system of debt reduction now, and avert a massive collapse later.
I disagree. The big problem is the weakness of the economy (which in turn is partly to blame on the Euro as it is too strong a currency for some countries), not spending. And now with investments breaking away and hundreds of thousands of educated young people emigrating, the foundation for a future economy is being destroyed.
Here in Portugal the call for new elections is getting louder and louder, the days of the current government are numbered...
The Euro has to go, if possible in an orderly manner.
I started a thread on this a few days ago. The situation is scary because people have always viewed their insured deposits as safe. However what most folks don't realize is that your deposits are merely loans to the banks. Sometimes loans go bad. I mean even if the Cypriots don't approve the plan folks will take their deposits out the next time the banks open. The banks in Cyprus are going to collapse.
I disagree. The big problem is the weakness of the economy (which in turn is partly to blame on the Euro as it is too strong a currency for some countries), not spending. And now with investments breaking away and hundreds of thousands of educated young people emigrating, the foundation for a future economy is being destroyed.
Here in Portugal the call for new elections is getting louder and louder, the days of the current government are numbered...
The Euro has to go, if possible in an orderly manner.
The euro has to go. The Euro elites are just going to have to acknowledge their experiment failed. The southern country's economies are simply not strong enough to be tied to the efficient economies of Germany, France and the rest of Northern Europe. The Greeks, Spaniards even Italians need their own currencies and the ability to devalue accordingly.
The euro has to go. The Euro elites are just going to have to acknowledge their experiment failed. The southern country's economies are simply not strong enough to be tied to the efficient economies of Germany, France and the rest of Northern Europe. The Greeks, Spaniards even Italians need their own currencies and the ability to devalue accordingly.
Also, if a currency as large and influential as the Euro collapses it could cause an economic catastrophe that history has never experienced.
Now this Cyprus mess, before that all those ill-fated austerity measures in several countries, that have lead to deep recession... Those responsible are obviously not up to the task, ignoring all common sense and warnings from independent experts.
And to what end? Only to save the Euro, that monstrosity of a currency that only benefits a few...
Disagree Ireland and Latvia show austerity works. Austerity was going to happen one way or the other. Where were these countries going to finance Kensyian projects even if they wanted to?
Another reason to own a big, heavy gun safe. They're not just for your AR's anymore.
The old coffee cans buried in the backyard or stuffing the old mattress may come back into vogue soon. I have a stash on hand and have for a long time. Always keep a stash "just in case". Now it may get bigger "just in case". I read where Germany actually wanted 40% and only got 9.9% of folks deposits. Only. Unbelievable.
Scary crap isn't it. Stealing money from the people right out of there bank accounts. Notice how you have to go to Zero Hedge to find news like this. Not a word from our MSM. Just another reason I don't waste my time with them.
But the idiots in this forum can care less about this stuff, it's way above there comprehension level.
I was going through the threads and every subject is really stupid, not even worth responding to.
It's funny, I first heard of this on Friday and have been keeping watch. There was even a video of the ATM runs and apparently a man attempted to use a bulldozer to get into the bank.
I know Russian firms have been attempting to invest in sponsored business in Cyprus, it's said that 15-20% of the money stems from Russian corporations. Some articles are saying that this policy is specific to Cyprus and should not be expected to be implemented anywhere else in the EU. I think they are trying to keep Greece, Italy, Spain, Portugal, and France's citizens from freaking the hell out. Cyprus's economy was doing well until Greek exposure took its toll. Some in the EU are suggesting that the money be taken from unsecured bond holders, wouldn't that primarily be the government, which would come from the people anyway. At least with this the overseas corporations and individuals who decided to get 5% on their savings wouldn't be affected, yet.
Scary crap isn't it. Stealing money from the people right out of there bank accounts. Notice how you have to go to Zero Hedge to find news like this. Not a word from our MSM.
You really aren't that bright as the issue is covered every where.
In fact every single one of the MSM outlets have covered it, genius.
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