13 trillion of european toxic debt

Discussion in 'Current Affairs, News and Analysis' started by big_mac4824, Feb 11, 2009.

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  1. 13 Trillion of European toxic debt - surely can't be ? How does that compare with US levels ?
  2. One could argue that the US has very cunningly bankrupt the entire western hemisphere to a similar degree that they did during, and post, WW2.
  3. I wouldn't be sorry to see the EU and the Euro destroy themselves because of this. It does make you wonder why decent economies like Germany and France wanted to get in bed with the PIGS in the first place ??????
  4. BiscuitsAB

    BiscuitsAB LE Moderator

    probably to try and save the Euro
  5. The Euro is dead.

    Why? Because there are more lower league Countries feeding at the trough than at any other time. The original Poor Four of the EEC are all now well and truly fecked. So much like the UK's growing dependance on Public Sector Jobs and the Benefit culture which will soon see us run out of Tax Payers that are paying taxes on money earnt from the private sector. The ECB will soon also be coughing up more than it's swallowing in.

    You can only survive on over drafts for so long.
  6. What? You mean that the EU expanding far too fast, and allowing countries to join that couldn't support themselves, might turn out to be a mistake? :roll:
  7. With a third of employees in France in the public sector,I would hardly call the economy of France decent.

    Wait for some large strikes to hit France,as they surely will,and they will be further into the mire.
  8. France isn't perfect by a long way but it still has a decent manufacturing base. Energy-nuclear reactors world leader, chemicals, shipbuilding, French car industry (not just screwdriver plants), Airbus, arnaments and cheese.
  9. What's cricket got to do with it?
  10. See That Britain is now considered in the same league as the PIGS, OR PIIGS.
    Also I do remember saying some months ago that I did have concerns that they who Controlled Bush caused this to happen, knowing that no matter how bad it got the US will pull out sooner and be better placed to take advantage of the Financial Perfect Storm.
  11. When the German people wake up and realise that they are having to bail out the rest of Europe there will be trouble.

    What should the ECB do, allow sovereign default, or hand over the dosh?

    obviously they will do everything humanly possible to keep the integrity of the Eurozone intact, but this document raises the possibility that the money might run out.

    No doubt in my mind that Trichet will have to slash ECB rates close to zero.
    I said a couple of weeks ago that we have passed the high water mark for the Euro.

    Pound should now head up to 1.25 and stand by for dollar/euro parity. Focus will now shift on to europe, pigs and all.
  12. Grownup_Rafbrat

    Grownup_Rafbrat LE Book Reviewer Good Egg (charities)

    The septics don't seem to have any qualms about insisting that their public money is spent on stuff manufactured in their country, thus kickstarting their economy. We and the EU, on the other hand, seem to want to give our public money to anyone and everyone, including the Chinese, Indians, Septics, etc., whilst keeping our own skilled workers unemployed.

    Of course they will recover quicker!
  13. The cut on VAT was a farce, Broon now wants to increase the public sector, I do not think this will work, here is one to ponder, what if he raised the Super TAX bracket from 40k to 60 k, this IMO would actually increase spending as the majority of middle England is being taxed to death, the problem with Liabour it is all about the fast buck, and short sightedness.

    The difference with Germany is 80 percent of their economy is manufacture based, who is going to buy what they produce when it costs so much? No wonder Merkel is sweating, I predict by mid july Germany and the euro will be crashing worse than Britain, but by then brown should have sold us completely to europe, so we will all be in the same boat!!
  14. Grownup_Rafbrat

    Grownup_Rafbrat LE Book Reviewer Good Egg (charities)

    Super Tax? That went out in the seventies, I think.

    Personally I think he needs to put a 50% rate of tax on all earnings over £100,000 if he insists on keeping the current complex regime. Ideally he would replace the lot, allowances, bands, loopholes and all with

    'How much income did you make?'
    'Give us 20% of it'.

    Full stop. End of story.

    Reduces the size of HMRC at a stroke, frees up resources for chasing frauds, criminals, VAT cheats, etc., and makes everyone pay according to their means.

    Suspect that's far to socialist for NEW Labour.