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Austerity Programs for the EU?

bennyhill said:
I would suggest yes! America is the land of greed and selfish greed. If the EU and Asia have their own agencies, then at least banks can make comparison. I for my part have zero trust in Moodys etc.
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Well, you do have the swiss banks that help folks from all over the world hide their money from their own govts.....
 
If countries raise taxes so high that citizens are forced to hide their money there will always be banks, but I recommend Singapore to Switzerland. Less control from the EU.

America raiting agencies are as honest and independent as the mafia. I dont trust them and they dont trust themselfs either. In their contract it states that there raitings should not be used as a basis for making a business decisoin. Isnt that swell?
 
bennyhill said:
If countries raise taxes so high that citizens are forced to hide their money there will always be banks, but I recommend Singapore to Switzerland. Less control from the EU.

America raiting agencies are as honest and independent as the mafia. I dont trust them and they dont trust themselfs either. In their contract it states that there raitings should not be used as a basis for making a business decisoin. Isnt that swell?
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I have often said that Wall street is the new face of organized crime....and I tell anyone who wants investment advice to pay off all your debt and stay out of debt as much as possible. Un-needed new cars are out of the question, better to buy second hand and use the difference to pay down the mortgage.

Once you are debt free, THEN you can afford to gamble your earnings on "investments"....
 
I agree with you 100% but Im old fashioned when it comes to money.
 
If all only send what they have off the bank or under their pillow, the economy would enter into a tail spin. Doesnt make sense but ecomomies are buildt upon overspending.
 
bennyhill said:
If all only send what they have off the bank or under their pillow, the economy would enter into a tail spin. Doesnt make sense but ecomomies are buildt upon overspending.
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Think of all the jobs that will be lost....in the banking and finance industries....
There would be a period of adjustment, but personally I think we could do without about half of those jobs...
Once we start eliminating non-factory jobs like we did the factory jobs, the Wall Streeters would have more competition for those jobs, and wages for non-production type jobs would drop a lot.
Works for me...
 
donsutherland1 said:
Actually, based on the empirical evidence, the question as to how much value the ratings agencies actually provide is highly pertinent. The debacle with asset-backed/mortgage-backed securities is, sadly, not the exception. For example, in their seminal study on banking crises and currency crises, Carmen Reinhart and Kenneth Rogoff found that the Institutional Investor and Moody's sovereign ratings did worst in providing early warning of banking crises and currency crashes. For the former crises, real exchange rates and real housing prices did best (that the U.S. financial crisis erupted in the wake of the bursting of the nation's housing bubble and what had been a sustained decline in the value of the U.S. dollar that began paring the rush of capital inflows that had been occurring during the run-up of the housing bubble is par for the course). The latter were best predicted by a combination of real exchange rate trends, banking crises, magnitude of current account deficits. When it came to sovereign debt crises, again the ratings agencies were typically far behind the curve, often caught by "surprise" i.e., ratings downgrades followed the onset of the Asian financial crisis and Greece's debt was downgraded to junk status only after Greece was in the throes of a debt crisis.
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They may not be good with foreign debt, but for the most part ( there have been glaring exceptions) they do a decent job on corporate debt.
 
We're reaching the end of economic growth, no new land or resources left to discover. For economic growth we have consumed the earth and we can all see how our societies have improved for the better..., how the third world is getting more and more prosperous, how our paradise is becoming an utopia. Globalisation and specialisation, presented as the wonders of our time; isn't it great we can bypass all the rules we make and dispose our toxic waste in Africa?! My country is committed to waste billions on illegal immigration and foreign aid, no dutchmen has to be jealous of any staged photo ops the coming 4 years, we have the best of both worlds.

I'm sure no one is ever going to come to the idea that maybe 5 billion of these ugly humans ought to be enough for this earth, and how shortage of resources diminishes 'economic growth'.

We have to bring the human population back. In the meantime, we have to accept economic decline, with fewer people to divide he cake, we may even become more prosperous. We have to create an economic system that's sustainable.
 
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