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Greek bailout money held back
Comments
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It also helps that pretty much all Americans speak English so moving for work is pretty simple.
Try getting a job as an office clerk in Sweden or Frankfurt if your office in Athens closes. You don't even use the same alphabet!
I see you've deftly avoided the difference in work ethic between Greeks and Sweden/ Germany
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40% of US Federal revenue is from "payroll taxes", the US version of NI if you like, paid by employers and allocated to Medicare and social security. Thus redistributing money from high-wage low-unemployment areas to low-wage high-unemployment areas.
In Europe, the Germans can out-compete your train factory and close it down and the unemployment cost isn't their problem."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
Entering the realms of mythology now. Time was, they would have said the northern gods were more powerful than the Olympian gods. Are you sure it's not that?I see you've deftly avoided the difference in work ethic between Greeks and Sweden/ Germany"It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
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40% of US Federal revenue is from "payroll taxes", the US version of NI if you like, paid by employers and allocated to Medicare and social security. Thus redistributing money from high-wage low-unemployment areas to low-wage high-unemployment areas.
In Europe, the Germans can out-compete your train factory and close it down and the unemployment cost isn't their problem.
Payroll taxes in the US include income tax withholding so aren't the same as NI i'm afraid.0 -
But EU revenue is only a small proportion of total European taxation. I'm arguing that it needs to be the lion's share.
For that you'd need political union and a new treaty. That ain't gonna happen sometime soon.A majority of the 50 states would be bust if subjected to the same reckoning used in Europe. ....
The only reckoning that matters as far as states are concerned is whether someone is willing to buy their bonds. Greece is 'bust' because no one wants to buy their bonds anymore. (Not unless they've got a very tasty double digit yield anyway.)0 -
No, I think nations are a bad thing. If they're all European train factories for European workers, let the best one win, so long as the workers are all still Europeans when they're redundant, and don't suddenly revert to being Brits.Unless you think competition is a bad thing."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
There are only two choices. Do whatever it takes, or tear up the treaties and give up. There's no point in insisting in keeping going but refusing to finish the job.For that you'd need political union and a new treaty. That ain't gonna happen sometime soon.
But eurozone countries aren't in a position to take full responsibility for servicing separate debts. The logic of the situation demands that the EU issue the bonds and distribute the money.The only reckoning that matters as far as states are concerned is whether someone is willing to buy their bonds. Greece is 'bust' because no one wants to buy their bonds anymore. (Not unless they've got a very tasty double digit yield anyway.)"It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
There are only two choices. Do whatever it takes, or tear up the treaties and give up. There's no point in insisting in keeping going but refusing to finish the job.
There are a number of a different options.But eurozone countries aren't in a position to take full responsibility for servicing separate debts. The logic of the situation demands that the EU issue the bonds and distribute the money.
I would insist that the contrary is the case, and that the entire eurozone has operated on the basis that each member services its own debts.
I perfectly understand that your solution to the problem of Greece is to state that if the EU (or at least the eurozone EU) became just like the USA then the problem would just go away. The problem is that the eurozone is not the USA, and is not going to become like the USA in the forseeable future, so as a solution it leaves something to be desired.0 -
There are any number of non-viable options, but the trick is to find one that works.There are a number of a different options.
Politicians like to think they can make something work by fiat, but they can't
That makes no sense, because a member state could be put into an impossible position by collective decisions outside its own control. Member states no longer have the knobs and levers, they're in Frankfurt now, if they're anywhere at all.I would insist that the contrary is the case, and that the entire eurozone has operated on the basis that each member services its own debts.
Oh yes, it would like to take its time, but that's a luxury it doesn't have. Events have overtaken it, and it will have to decide very soon now whether it's going forwards or backwards.The problem is that the eurozone is not the USA, and is not going to become like the USA in the forseeable future, so as a solution it leaves something to be desired."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0
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