Spending more of an ever an dwindling pile of ever shrinking value currency does not sound like it has a great future does it?
but the leftists are blind to reality
Socialism is an ugly thing.
Free Trade Communist Globalism does not work. Those who still think it works after this EU robbery of Cyprus will the loudest ones calling to be bailed out
Just how far class warfare has gone. It's not immoral if you steal from a rich person.
It’s amusing watching Putin and Medvedev get into a tizzy about this, considering that Cyprus is one of the most popular destinations for the Russian Mafia and oligarchs to deposit their dirty money. I read that over half of the assets in Cyprus are Russian...
Wouldn’t be surprised if Putin himself was in danger of losing his money.
Hmmmm - Europe went through two disastrous, world changing wars that killed nearly 75 million people in 25 years, allowed Communism to take over Russia and nearly the world, destroyed the British empire and untold billions of dollars of wealth, (or whatever currency you wish to denote it in), ruined countless lives, nearly resulted in a world wide race based dictatorship, yada, yada, yada.
And they really want to poke the Germans through the bars one more time? Really?
Just wait and see what happens when the banks re-open for business...bye, bye Miss American Pie, drove my chevy to the levy and the levy was dry...
leftists are all theorists. From the writers in 19th century Europe to the political leadership world wide, including the White House. As theorists they have no interest or background in the real world. If the theory looks good and polls well it will succeed. And when it doesn't, the normal out come, reasons for the failure start with unidentified right-wing reactionaries and go down hill from there.
It's already cost them more than "a single cent." This kind of rhetoric renders the argument essentially, hot air.
There was no way to create monetary union without political union in the first place. Allow for state sovereignty and one of said "sovereigns" will eventually seek to plunder the others with reckless fiscal policy. That was completely understood by every one of the current union member states. That is why the Maastricht Treaty specified specific fiscal targets. It's failure is that it lacked specific enforcement means. So, loser members blew off the fiscal targets almost before the ink was dry.
Friedman pointed out that such a system leads directly to higher unemployment, because there is no mechanism for devaluation of the currency because of loose fiscal policy. Gad do I miss his clarity in the public debate.
Thing that gets me here is no one is talking about risk/interest rates. Banks pay low rates due to security, and low risks. Risk almost did not exist. Now throw 9.9% risk (and how often?)... what do interest rates have to be to cover that. The banks can not afford it.
Switzerland here comes the money. Until Switzerland creates a fear of risk.
The interest motive has been pretty small for quite some time and now EU members can be robbed through the banks, a little at a time. Why wouldn't anyone/everyone in the EU take their money out ASAP.
They have been given an entirely untrustworthy promise that other countries won't be involved. The check is in the mail, I promise I'll still respect you in the morning. That may slow it down, but the runs will start and move fast with the next country that is “taxed” in this manner.
IMO this will spread way past the EU—the only question is how fast.
I can't help but wonder if the geniuses in charge are really this dumb or if somebody thinks a world wide depression is in his interest.
So the people in Europe are mad that the the Socialists they elected are Socializing?
Sounds like what is going on in the US....
I believe that if Putin does nothing (publicly) then it's a green light for others to start doing it too.