yet there is just no alternative. The EU cannot simply leave them stranded and fend for themselves after such a fiscal fiasco.
.......What happens when a society loses its ability to self-regulate, and insists on sacrificing its long-term interest for short-term rewards? How does the story end? “We could regulate ourselves if we chose to think about it,” Whybrow says. “But it does not appear that is what we are going to do.” Apart from that remote possibility, Whybrow imagines two outcomes. The first he illustrates with a true story, which might be called the parable of the pheasant. Last spring, on sabbatical from the University of Oxford, he was surprised to discover that he was able to rent an apartment inside Blenheim Palace, the Churchill family home.
The previous winter at Blenheim had been harsh, and the pheasant hunters had been efficient; as a result, just a single pheasant had survived in the palace gardens. This bird had gained total control of a newly seeded field. Its intake of food, normally regulated by its environment, was now entirely unregulated: it could eat all it wanted, and it did. The pheasant grew so large that, when other birds challenged it for seed, it would simply frighten them away. The fat pheasant became a tourist attraction and even acquired a name: Henry. “Henry was the biggest pheasant anyone had ever seen,” says Whybrow. “Even after he got fat, he just ate and ate.” It didn’t take long before Henry was obese. He could still eat as much as he wanted, but he could no longer fly. Then one day he was gone: a fox ate him.
Don't you guys ever talk to anybody in the German Finance Ministry? They've written off Greece and Portugal,
Yes, aside from Ireland and Latvia, there is also Portugal which has turned around its debt and is working towards a better economy. ..
"Now, as a former communist yourself, you probably remember the old soviet leaders getting up to give their speeches and telling everybody that there was a record harvest, or that tractor production figures were terribly good. And they, of course, believed that history was on their side. President Khrushchev got up and said to the West: 'We will bury you'. You know, so much that he believed in his own union. Well, now of course we look back at them and we laugh. And I think, in our tomorrows, people will look back at you and they will say: 'How on earth did this unelected man get all of this power? And how did Europe's political class, sitting in this room, decide that the community method should replace national democracy?".
Well, I don't think you can look at California alone, the United States has its own fiscal crisis and despite what Obama said that it is due to the EU financial crisis, the U.S. created this mess all by itself.
Your information clearly does not originate with Eurostat, which hit the roof when a previously "overlooked" hole of a billion euros in the deficit of the island of Majorca, a Portuguese territory, had to be reluctantly disclosed as part of the bailout audited statement..
Don't you guys ever talk to anybody in the German Finance Ministry? They've written off Greece and Portugal, are carefully checking out Ireland, and they're gleefully quoting to all visitors the devastating Michael Lewis article in November's Vanity Fair: California And Bust. We're next.
Unlike Greece, California is very efficient at tax collection.
georgeob1 wrote:Unlike Greece, California is very efficient at tax collection.
As a fellow Californian I can confirm this.