Originally posted by Mich the Tester
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Why do people blame bankers and not Euro politicians for Europe's economic mess?
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Hard Brexit now!
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Originally posted by Mich the Tester View PostThe EFSF offered bonds this morning; they were three times oversubscribed and the yield is 0.2%. Crisis.Comment
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Originally posted by sasguru View PostNonsense. The facts are that those regimes did indeed send people to their deaths in "deaths in gulags, extermination camps or muddy empty rice fields" all in the name of building a better society.
The reality is that so far the system that has provided the most stability and prosperity to many is some form of capitalism.
It's not perfect because humans aren't perfect, but utopian schemes always seem to come unstuck when set againt the reality of the human animal.
Several millions of years hence we may evolve enough to try something better.
To suggest that totalitarian regimes have a monopoly on organised genocide is disingenuous. The earliest concentration camps were set up by the Americans for the natives, they were later used by the British in the Boer war and in Australia, where we exterminated most of the Aboriginal population.
Dogmatic free market capitalism is no less idealistic and utopian than any other system, IMO.While you're waiting, read the free novel we sent you. It's a Spanish story about a guy named 'Manual.'Comment
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Originally posted by AtW View PostThe point is that the currency market is largely unaffected.
This is because it is a lot bigger and it is much harder to manipulate it, so spekulants attack bonds sales of individual countries instead.
Now imagine Italy, Greece and others had their own currencies ... the attacks would still happen .
The reason Italy's bond rates are high is simply that investors think there's a risk they won't be paid back so dodgy countries have to pay more interest to attract buyers.Hard Brexit now!
#prayfornodealComment
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Originally posted by sasguru View PostYou, like so many economically illiterate people on here, seem to assume there's a cabal of bad guys sitting around deciding who to "attack next".
The reason Italy's bond rates are high is simply that investors think there's a risk they won't be paid back so dodgy countries have to pay more interest to attract buyers.And what exactly is wrong with an "ad hominem" argument? Dodgy Agent, 16-5-2014Comment
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Originally posted by Mich the Tester View PostWhy did that risk suddenly get much bigger this summer?
You still want to exonerate the PIIGS for running up insustainable debts, don't you?
Because it's easy to blame evil speculants.Hard Brexit now!
#prayfornodealComment
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Originally posted by sasguru View PostBecause the risk of Greece defaulting/leaving the Euro rose sharply and Italy having the 3rd largest debt in the world was the obvious next domino.
You still want to exonerate the PIIGS for running up insustainable debts, don't you?
Because it's easy to blame evil speculants.
Italy is a different matter; it's a pretty strong economy with a tulipe government. That second bit has changed now. I just don't follow this idea that all the 'PIIGS' are somehow connected by sticking their names into a rather insulting acronym or that they are 'dominoes'.And what exactly is wrong with an "ad hominem" argument? Dodgy Agent, 16-5-2014Comment
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Originally posted by Mich the Tester View PostI don't want to exonerate anybody at all, but I dispute this idea of 'dominoes'. Greece's debts were indeed ridiculous, and helped to some extent by the chappies at Goldman Sachs who constructed some wierd book cooking tricks to help them into the Euro.
Italy is a different matter; it's a pretty strong economy with a tulipe government. That second bit has changed now. I just don't follow this idea that all the 'PIIGS' are somehow connected by sticking their names into a rather insulting acronym or that they are 'dominoes'.
The fact is they haven't grown much at all in the last 10 years and so investors are justifiably worried about the state of their debt.Hard Brexit now!
#prayfornodealComment
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Originally posted by sasguru View PostAnd I suppose Italy's debts are perfectly reasonable?And what exactly is wrong with an "ad hominem" argument? Dodgy Agent, 16-5-2014Comment
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Originally posted by sasguru View PostYou, like so many economically illiterate people on here, seem to assume there's a cabal of bad guys sitting around deciding who to "attack next".
If Soros was put in jail back when he broke GBP then most of this tulip would not have happened.Comment
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