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France, Greece choose suicide over solvency; are we next?
BizPacReview.com ^ | May 11, 2012 | Michael Dorstewitz

Posted on 05/11/2012 6:16:08 AM PDT by cap10mike

Last Sunday, Greece and France held national elections. Both would determine the countries’ future fiscal course of action. In Greece, voters rejected the two ruling parties that had voiced support for the European Union austerity program. That program was instituted in an effort to keep the EU solvent after Portugal, Ireland, Greece and Spain, known as the PIGS, incurred massive debt as the result of their “cradle to grave” social programs. Since Greece was one of the EU’s original “problem children,” this could probably have been expected.

In France, socialist Francois Hollande was ushered in, while right-of-center Nikolas Sarkozy was given the bum’s rush. Sarkozy’s sin was that, while president, he raised the French retirement age from 60 to 62. Hollande not only promised to lower it back to 60, but to tax those making 1 million euros or more at 75 percent to help pay for it. When delivering his victory speech, the incoming president declared, “Austerity can no longer be inevitable.” Austerity? Retiring at 62 is an act of austerity?

(Excerpt) Read more at bizpacreview.com ...


TOPICS: Business/Economy; Editorial; Foreign Affairs; Government
KEYWORDS: austerity; blogpimp; fiscalpolicy; france; greece
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1 posted on 05/11/2012 6:16:13 AM PDT by cap10mike
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To: cap10mike
PIGS, incurred massive debt as the result of their “cradle to grave” social programs.

They done gone and ran out of other peoples money.

2 posted on 05/11/2012 6:20:39 AM PDT by EGPWS (Trust in God, question everyone else)
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To: cap10mike

Next? We were first, November 2008.


3 posted on 05/11/2012 6:21:36 AM PDT by SampleMan (Feral Humans are the refuse of socialism.)
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To: cap10mike

How do you say Road Warrior time in French and Greek?


4 posted on 05/11/2012 6:27:41 AM PDT by Dr. Ursus
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To: cap10mike
Nobody with brains or talent is advocating stupid spending anywhere. Nontheless people should be aware that there is more than one point of view on the effect of government spending or lack thereof on economies.
5 posted on 05/11/2012 6:29:45 AM PDT by varmintman
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To: cap10mike

The 41% here will be just as resisitant to austerity measures as the general public of Europe. Expect our train to continue hurtling down the track of collapse and prepare accordingly.


6 posted on 05/11/2012 6:29:45 AM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: cap10mike
You know, I disapprove of borrowing too much and then welching - but the catastrophic "chose suicide" motif is wrong.

We heard the same thing about Iceland, which is now one of the happiest and most peaceful places in the world.

Renouncing unpayable debt is not suicide, because its the banks that die, not the debtors.

People, including many here, have accepted that national survival equals survival - no, profitability - of the money center banks, when it is those banks (in their present unconstitutional role) that are a major threat to that survival.

Money systems end all the time. Ours is terminally ill.

As soon as it dies, we can start to get well again.

7 posted on 05/11/2012 6:39:49 AM PDT by Jim Noble ("The Germans: At your feet, or at your throat" - Winston Churchill)
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To: Jim Noble

“We heard the same thing about Iceland, which is now one of the happiest and most peaceful places in the world.

Renouncing unpayable debt is not suicide, because its the banks that die, not the debtors.”

But Iceland is does not hold the world’s trading currency, we do. So if we were to default, it would be catastrophic to the world’s economy and ours.

We will not default, and we will control interest rates by buying up our own debt by the Fed. Devalues the dollar, but the Fed can play that game for a long time.


8 posted on 05/11/2012 6:46:13 AM PDT by WILLIALAL
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To: Dr. Ursus
>>How do you say Road Warrior time in French and Greek?

Greek: Χρόνος οδικών πολεμιστών
French: The French don't have a word for 'Warrior' :)

9 posted on 05/11/2012 7:01:37 AM PDT by vikingd00d (chown -R us ./base)
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To: cap10mike
Deep in the dark heart of decadence, which has Western Civilizaion in a death grip, lurks a death wish. Those infected with it long for death, destruction, annihilation. They find nothing in Western Civilization worth preserving or passing on to their children. Hell! They can't even muster the desire to have children!

We see it clearly in France. Many Americans also harbor this death wish.

Whether or not America will survive depends on how many Americans are infected with this death wish and how powerful it is.

10 posted on 05/11/2012 7:36:27 AM PDT by Savage Beast ("You can, in fact must, shout fire in a crowded theatre. It just has to be the truth. " J. Goldberg)
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To: cap10mike
Deep in the dark heart of decadence, which has Western Civilizaion in a death grip, lurks a death wish. Those infected with it long for death, destruction, annihilation. They find nothing in Western Civilization worth preserving or passing on to their children. Hell! They can't even muster the desire to have children!

We see it clearly in France. Many Americans also harbor this death wish.

Whether or not America will survive depends on how many Americans are infected with this death wish and how powerful it is.

11 posted on 05/11/2012 7:36:27 AM PDT by Savage Beast ("You can, in fact must, shout fire in a crowded theatre. It just has to be the truth. " J. Goldberg)
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To: SampleMan

Yep.

Kinda makes you wonder if the whole planet has wandered into some kind of “stupid zone” in the Universe.


12 posted on 05/11/2012 7:43:44 AM PDT by Dead Corpse (Steampunk- Yesterday's Tomorrow, Today)
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To: vikingd00d
French: The French don't have a word for 'Warrior'

Sure they do...the word is Bosch.

13 posted on 05/11/2012 8:10:13 AM PDT by Night Hides Not (My dream ticket for 2012 is John Galt & Dagny Taggart!)
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To: Night Hides Not
Sure they do...the word is Bosch.

I thought it was Legionnaire.

14 posted on 05/11/2012 8:11:32 AM PDT by dfwgator (Don't wake up in a roadside ditch. Get rid of Romney.)
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To: varmintman
Your cited article is full of holes. To claim that govt spending has a multiplier of 1.5 at this point in time is ridiculous. Th multiplier for all spending is less than 1.0 these days, and the government-spending multiplier is certainly lower than the average, because much of private spending is productive, whereas govt. is in no way productive.

Keynes wanted govt. spending to invigorate the private sector of the economy, not keep govt. bureaucrats in obstructive, rather than productive, jobs.

15 posted on 05/11/2012 8:14:36 AM PDT by expat2
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To: Jim Noble

Question is whether the population at large is productive enough to make good after hitting the debt reset button, or whether a net negative productivity will just drive ‘em back down the hole again.

Getting conned into being liable for someone else’s financial mistakes is one thing.
Being that someone else is different.


16 posted on 05/11/2012 8:15:32 AM PDT by ctdonath2 (Cloud storage? Dropbox rocks! Sign up at http://db.tt/nQqWGd3 for 2GB free (and I get more too).)
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To: vikingd00d
"The French don't have a word for 'Warrior'"

What about guerrier?

17 posted on 05/11/2012 8:15:57 AM PDT by Savage Beast ("You can, in fact must, shout fire in a crowded theatre. It just has to be the truth. " J. Goldberg)
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To: dfwgator

Your answer’s better...wish I’d thought of it.


18 posted on 05/11/2012 8:17:11 AM PDT by Night Hides Not (My dream ticket for 2012 is John Galt & Dagny Taggart!)
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To: Dr. Ursus
How do you say Road Warrior time in French and Greek?

"je surrendeur" :-) (dunno about Greek)

Coming soon to a neighborhood near you.

19 posted on 05/11/2012 8:40:34 AM PDT by Oatka (This is America. Assimilate or evaporate.)
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To: Savage Beast

“They can’t even muster the desire to have children!”

I’m curious, how many kids do you have?


20 posted on 05/11/2012 9:23:08 AM PDT by Owl558 ("Those who remember George Satayana are doomed to repeat him")
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