I strongly suspect the repercussions of this affair will be deeper, and more widespread, than many imagine. Stay tuned...
1 posted on
06/17/2005 1:57:26 PM PDT by
backhoe
To: backhoe
"The length of this document defends it well against the risk of its being read."
Sir Winston Churchill
But they will blame America for their folly.
To: backhoe
I think you are correct.
A large part of the economic strength of Europe overall came from some of the unique characteristics that each countries laws brought to the larger picture.
There is nothing meaner than a European bureaucrat!
3 posted on
06/17/2005 2:04:26 PM PDT by
Pylot
To: backhoe
Alot of work went into that backhoe, thanks.
Bookmarked.
5 posted on
06/17/2005 2:49:40 PM PDT by
processing please hold
(Islam and Christianity do not mix ----9-11 taught us that)
To: All
11 posted on
06/18/2005 3:07:33 AM PDT by
backhoe
(Just an old Keyboard Cowboy, ridin' the trakball into the Dawn of Information...)
To: All
12 posted on
06/18/2005 5:24:32 AM PDT by
backhoe
(Just an old Keyboard Cowboy, ridin' the trakball into the Dawn of Information...)
To: backhoe
To: All
15 posted on
06/19/2005 6:50:32 AM PDT by
backhoe
(Just an old Keyboard Cowboy, ridin' the trakball into the Dawn of Information...)
To: All
16 posted on
06/27/2005 12:33:05 AM PDT by
backhoe
(-30-)
To: All
17 posted on
08/03/2005 12:18:49 AM PDT by
backhoe
To: All
18 posted on
11/07/2005 12:28:24 PM PST by
backhoe
(No Society is more than Two Meals away from a Revolution...)
To: All
It took longer than I thought it would- but "the market" has finally decided:
IRWIN STELZER predicts a coming Euro-zone crackup: its a fine, short, and brisk analysis of the political economy of the EU. The cold facts, says Stelzer, are these:
- Greece, Ireland, and Portugal are now frozen out of credit markets. The yield on Greek two-year bonds is 24 percent and on both Irish and Portuguese bonds of similar maturity around 12 percent. No country can afford to borrow at those rates. Of interest to the White House and Congress might be the speed with which the markets move: Interest rates charged on Greek debt increased by 10 percentage points in the past month.
- The debt burden on these countries is in excess of the 90 percent of GDP that scholars now agree stifles growth. Portugals debt is at 90 percent of its GDP and rising, Greeces is approaching 150 percent, and Irelands debt now appears to be bigger, in relation to its economy, than the reparations imposed on Germany after the First World War, according to economist Anatole Kaletsky.
- These economies cannot grow their way out of the problem. The Greek economy shrank at an annual rate of 4.5 percent last year and is forecast to decline this year at 3.2 percent. Portugals will shrink at an annual rate of 1.5 percent, guesses the International Monetary Fund. And Ireland, despite a robust export industry and a corporate tax rate of 12.5 percent that, at half the EU average, remains attractive to foreign investment, might eke out growth of 1 percent. No way these growth rates produce enough tax revenues to meet debt obligations.
One of the many problems of the risk models used in the run-up to the debt crisis was the assumption of smooth, continuous rises and falls in the price of debt. But institutions, whether firms or sovereigns, tend to grow incrementally, financial instrument by financial instrument and crash by institution.
Hattip: Instapundit
19 posted on
05/09/2011 12:25:47 AM PDT by
backhoe
(Just an Old Keyboard Cowboy, ridin' the trakball into the Twilight...)
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