MOBILE USERS: m.isthmus.com
Connect with Isthmus on Twitter · Facebook · Flickr · Newsletters · Instagram 
Friday, September 19, 2014 |  Madison, WI: 59.0° F  Partly Cloudy with Haze
Collapse Photo Bar

Europe Circling the Drain

If it's news, but not politics, then it goes here.

Europe Circling the Drain

Postby Ned Flanders » Wed Nov 02, 2011 3:19 pm

"The trouble with socialism is that eventually you run out of other people's money." - Margaret Thatcher

This is where we're headed folks. More regulation and nationalized "health care".

"First to the EU. The underlying dilemma is that governments have promised their citizens more social programs than can be financed with the tax revenue generated by the private sector. High tax rates choke off the economic growth needed to finance the promises. Economic activity gets driven into the underground economy, where it often escapes taxation.

Nowhere is this truer than in Greece, which has a long history of sovereign defaults in the 19th and 20th centuries. There is a bloated public sector, and competitive private enterprise is hobbled by regulation and government barriers to entry. Successive Greek governments ran chronic budget deficits, and the Greek banks lent to the government. Banks in other EU countries, such as France, lent to the Greek banks."

More...

"The sad fact is that there is not enough money in the EU to pay off the public debts incurred by the governments. Most countries have long since squeezed as much tax revenue from their citizens as they can. That is why they have toyed with a tax on financial transactions, the one remaining untaxed activity in all of Europe."

http://online.wsj.com/article/SB1000142 ... 43012.html
Ned Flanders
Forum God/Goddess
 
Posts: 13275
Joined: Wed Jun 13, 2001 2:48 pm

Re: Europe Circling the Drain

Postby fisticuffs » Wed Nov 02, 2011 3:25 pm

This is where we're headed folks. More regulation and nationalized "health care".


Rather we were headed to Europe than Somalia (Republicon wet dreams played out in the real world).
fisticuffs
Forum God/Goddess
 
Posts: 7800
Joined: Sat Jul 24, 2004 2:49 pm
Location: Slightly outside of Madison

Re: Europe Circling the Drain

Postby rabble » Wed Nov 02, 2011 3:28 pm

Europe is in trouble because the US rocked the boat and that wave is still traveling round the world.

So when it hits us again, will the Neds blame those Europe socialists, Obama, or OWS?

Because blame is much more important than preparation or prevention. When you're rich, your priorities shift a little bit.
rabble
Forum God/Goddess
 
Posts: 6157
Joined: Tue Jun 10, 2008 7:50 pm

Re: Europe Circling the Drain

Postby Ned Flanders » Wed Nov 02, 2011 3:36 pm

European nations are top-heavy with government spending. The population is aging and all the "fun" new immigrants aren't assimilating.

Capice?
Ned Flanders
Forum God/Goddess
 
Posts: 13275
Joined: Wed Jun 13, 2001 2:48 pm

Re: Europe Circling the Drain

Postby rabble » Wed Nov 02, 2011 3:37 pm

Ned Flanders wrote:European nations are top-heavy with government spending. The population is aging and all the "fun" new immigrants aren't assimilating.

Capice?

Yup. When we finally go under because of the bailout, we'll blame Europe. Got it.
rabble
Forum God/Goddess
 
Posts: 6157
Joined: Tue Jun 10, 2008 7:50 pm

Re: Europe Circling the Drain

Postby Ned Flanders » Wed Nov 02, 2011 3:42 pm

rabble wrote:
Ned Flanders wrote:European nations are top-heavy with government spending. The population is aging and all the "fun" new immigrants aren't assimilating.

Capice?

Yup. When we finally go under because of the bailout, we'll blame Europe. Got it.


Not at all. Read the piece. We're in deep. Not a time for schadenfreude.

But, we can learn from their mistakes.
Ned Flanders
Forum God/Goddess
 
Posts: 13275
Joined: Wed Jun 13, 2001 2:48 pm

Re: Europe Circling the Drain

Postby pjbogart » Wed Nov 02, 2011 10:41 pm

Ned Flanders wrote:
rabble wrote:
Ned Flanders wrote:European nations are top-heavy with government spending. The population is aging and all the "fun" new immigrants aren't assimilating.

Capice?

Yup. When we finally go under because of the bailout, we'll blame Europe. Got it.


Not at all. Read the piece. We're in deep. Not a time for schadenfreude.

But, we can learn from their mistakes.


Yes! Like the German proposals for a "wealth tax." For the people who've become so obscenely rich during our 30 years of trickle down trickery. Let's try this in the US! Let's say that every person with a net worth of over $5 million has to give 5% of THEIR NET WORTH to taxes for the next three years. It's only a total of 15%, and let's face it... if they didnt' get it by hook and crook, they were the beneficiaries of other people's hook and crook. Like Ned's!

Fortunately, Ned's one of the little people carrying water for his overlords. It won't cost him a dime.
pjbogart
Forum God/Goddess
 
Posts: 6151
Joined: Thu Sep 04, 2003 4:57 pm

Re: Europe Circling the Drain

Postby ArturoBandini » Thu Nov 03, 2011 1:31 am

pjbogart wrote:...Let's try this in the US! Let's say that every person with a net worth of over $5 million has to give 5% of THEIR NET WORTH to taxes for the next three years.
And when that fails to align revenues with spending, what do we do next?
ArturoBandini
Forum God/Goddess
 
Posts: 2251
Joined: Sun Jan 27, 2008 11:54 pm
Location: near west

Re: Europe Circling the Drain

Postby Prof. Wagstaff » Thu Nov 03, 2011 8:18 am

Whatever, Ned...

Can anyone explain to me why anyone ever listens to The Cato Institute? Not only are they run by untrustworthy douchebags but have they ever been right about anything they've predicted? (Remember: These are the guys who argued there was no evidence smoking causes cancer and who advocate privatizing social security, to name but two of their most ridiculous positions.) Heck, can anyone explain to me why anyone listens to any think tank? What kind of track record for these organizations justifies our continued reliance on their supposed wisdom?
Prof. Wagstaff
Forum God/Goddess
 
Posts: 8868
Joined: Tue Feb 19, 2002 6:35 pm

Re: Europe Circling the Drain

Postby rabble » Thu Nov 03, 2011 8:24 am

ArturoBandini wrote:
pjbogart wrote:...Let's try this in the US! Let's say that every person with a net worth of over $5 million has to give 5% of THEIR NET WORTH to taxes for the next three years.
And when that fails to align revenues with spending, what do we do next?


And when that brings us to a point where we can begin rebuilding the infrastructure, what do we do next?
rabble
Forum God/Goddess
 
Posts: 6157
Joined: Tue Jun 10, 2008 7:50 pm

Re: Europe Circling the Drain

Postby wack wack » Thu Nov 03, 2011 8:46 am

Europe sailed on successfully for centuries. Then they decided they needed to band together and change their entire economic systems if they hoped to have a chance for survival as American-inspired capitalism metastasized throughout the world.

And you think its failure somehow proves some point you have to make?

As you are the sad, sorry face of the American conservative around here, it's safe to say that the collapse of European finance is entirely YOUR fault, Flanders.
wack wack
Forum God/Goddess
 
Posts: 3147
Joined: Mon Jan 20, 2003 5:32 pm

Re: Europe Circling the Drain

Postby Ned Flanders » Thu Nov 03, 2011 9:51 am

wack wack wrote:Europe sailed on successfully for centuries.


I guess you must have forgotten the part about WWI and WWII.
Ned Flanders
Forum God/Goddess
 
Posts: 13275
Joined: Wed Jun 13, 2001 2:48 pm

Re: Europe Circling the Drain

Postby gargantua » Thu Nov 03, 2011 12:02 pm

Prof. Wagstaff wrote:Whatever, Ned...

Heck, can anyone explain to me why anyone listens to any think tank? What kind of track record for these organizations justifies our continued reliance on their supposed wisdom?


They listen to them only when they confirm whatever idea or prejudice the listener already had. The track record doesn't matter. It doesn't even have to make sense as long as it validates the view of said listener, or can be used in an attack ad.
gargantua
Forum God/Goddess
 
Posts: 4099
Joined: Sat Apr 13, 2002 1:30 pm
Location: Madison

Re: Europe Circling the Drain

Postby Henry Vilas » Thu Nov 03, 2011 12:11 pm

Looks like the Greek PM is having second thoughts about a referendum.
Henry Vilas
Forum God/Goddess
 
Posts: 19875
Joined: Wed Sep 04, 2002 8:57 pm
Location: Name sez it all

Re: Europe Circling the Drain

Postby ArturoBandini » Thu Nov 03, 2011 12:46 pm

rabble wrote:
ArturoBandini wrote:And when that fails to align revenues with spending, what do we do next?
And when that brings us to a point where we can begin rebuilding the infrastructure, what do we do next?
The federal government already collects around $2 trillion in tax revenues as it stands (even after the Bush Tax Cuts and oil industry subsidies). Even a small fraction of this would constitute an aggressive infrastructure program. No new revenues are needed.
ArturoBandini
Forum God/Goddess
 
Posts: 2251
Joined: Sun Jan 27, 2008 11:54 pm
Location: near west

Next

Return to Headlines

Who is online

Users browsing this forum: No registered users and 0 guests

moviesmusiceats
Select a Movie
Select a Theater


commentsViewedForum
  ISTHMUS FLICKR

Promotions Contact us Privacy Policy Jobs Newsletters RSS
Collapse Photo Bar