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So who pays?


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Talking to someone the other day who lived and worked in Greece until a couple of years ago.

It seems that the reason Greece is in such a mess, is because they don't pay their taxes and nobody chases them for the money. Been going on for years allegedly. :shock:

 

Peter...

 

I posted this link a few months ago. It will explain all with regards to Greece and why we should give them bugger all and let them sort their own mess out

 

http://www.dailymail.co.uk/news/article-2007949/The-Big-Fat-Greek-Gravy-Train-A-special-investigation-EU-funded-culture-greed-tax-evasion-scandalous-waste.html

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Peter...

 

I posted this link a few months ago. It will explain all with regards to Greece and why we should give them bugger all and let them sort their own mess out

 

http://www.dailymail.co.uk/news/article-2007949/The-Big-Fat-Greek-Gravy-Train-A-special-investigation-EU-funded-culture-greed-tax-evasion-scandalous-waste.html

 

Thanks Baz. Must have missed that one.

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Well, according to Prof Rogoff(?) at Harvard University; we are experiencing a once in a 70-100 year "contraction" in the global economy, similar to the 1930's depression; and it will take around 10 years to get out of, providing the correct medicine is used - and "the medicine" he suggests may seem quite a bitter pill to swallow. He's suggesting "writing off" Greek, Portugese and Irish debts; a much closer integration of the Euro Zone (so basically - an EUSSR!), underwritten principally by Germany; currency devaluation in the US and Europe, with a tolerance for inflation; and an IMF global stimulus of over $4 trillion, rather than the current proposed $2 trillion. So basically, both on a personal and National level; this suggests a rewarding of feckless behaviour and the penalising of prudent behaviour. :shock:

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I guess the course of action to take is the one which is best going forward (as they say)

 

Yes the crisis was caused mainly by the banking sector, but penalising them out of spite rather than necessity is mad. If the best action is to penalise the banks for the greater good and then so be it, do it and lets move on. If it isn't the right course, don't do it, but let us make sure they can't cause the same problems in the future.....

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All this lending and borrowing can end in tears though: after WW1, the Yanks insisted on us paying them back for loans to fight the war. Seems we wanted to drag our heels, until we got paid by the Frogs and Krauts; but the Yanks were insistant, which brought a new low in US - UK relations. To the point, that in 1930, the Yanks drew up a "Plan Red", for a war with the UK and Canada. Seems we paid up; but then along came Adolf, who borrowed a right load of cash from the Yanks to build his autobahns and armed forces - which obviously culminated in WW2. So we had to borrow from the Yanks again, and it took 60 years to pay them back; at the same time it saved the US from the depression and put them in the number one economic spot. Now the Yanks are doing the borrowing, mainly from China - just hope we don't need WW3 to sort things out?! :shock::wink:

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A new twist to the saga: The EU has come up with the idea of taxing the casino speculators in the City, to provide the revenue for bale outs. Problem is, the main "City" will be London. Whilst the idea of taxing those who caused the mess may be a good idea, methinks it should be OUR national Government that taxes OUR Bankers, for OUR benefit; not the EUSSR. :angry:

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As the major financial centre globally; London would take the biggest hit - hence Government concerns. Just another thought on this mess: who exactly are we baling out - is it the Greeks - or is it those who have lent money to the Greeks? And are German politicians anxious to save there own reputations by saving the Euro-zone, something they've supported from the beginning? Seems euro politicians are determined to salvage their pet dream - with OUR money. :angry: :angry:

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There are two options in all this: Either - greater EU integration, with an EU Government exercising a common fiscal policy OR scrap "the dream" and the Euro; and allow Greece to go bust, return to the Drachma and devalue. However, can't see Euro politicians on the Brussels gravy train, wanting to give it all up! :roll: :roll:

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