France and Greece say NO to austerity

[fork me]

That would explain why Norway and Switzerland are so impoverished then.......

Norway and Switzerland are unique examples. Norway has a far greater share of the North Sea oil than we have with a much much smaller population. That's the only reason for their financial position. Switzerland is the World's banker, a huge proportion of the World's cash (legal, illegal and "grey") is in Switzerland. Even so, they are currently struggling with the fact that the Swiss Franc is overvalued affecting exports and are talking about revaluing it.

 

[fork me]

I thought we exported a lot of our oil as it was a higher grade and imported lower grade oil from the middle east as it benefitted the exchequer

We do, but we are still a NET importer, meaning we import more than we export. So the amount we export wouldn't be enough for us on its own.

 

[fork me]

How much did that cost?

Whatever it was it was some, and everyone else is paying more tax and/or having benefits cut because, apparently, the money has run out. You don't give tax breaks to the rich if the money has genuinely run out. You only do that if you don't give a f*** about the man in the street, just about helping out your rich buddies.

 

[fork me]

There, I've corrected your post to be factually correct and therefore slightly fairer.

No, you've actually made it LESS accurate. Once all taxes are put together, the low to middle earners pay MORE tax.

 

[User removed 4]

Norway and Switzerland are unique examples. Norway has a far greater share of the North Sea oil than we have with a much much smaller population. That's the only reason for their financial position. Switzerland is the World's banker, a huge proportion of the World's cash (legal, illegal and "grey") is in Switzerland. Even so, they are currently struggling with the fact that the Swiss Franc is overvalued affecting exports and are talking about revaluing it.

They did revalue it, about 3 months ago, do keep up.

 

[Chicken Runner61]

I can't see Greece being in the Euro unless the EC waive all or most the money owed - Some people are saying the bailouts are not even legal because of the term involved now.

 

[Westdene Seagull]

No, you've actually made it LESS accurate. Once all taxes are put together, the low to middle earners pay MORE tax.

YOU stated that high earners got a tax cut which was correct. The point at which you start paying tax was also increased so my statement ( or alteration of your statement ) was also correct. Your original post made no mention about the total amount of tax paid by anybody. It's only now you've decided to add that part - no doubt for some political reason.

 

[fork me]

YOU stated that high earners got a tax cut which was correct. The point at which you start paying tax was also increased so my statement ( or alteration of your statement ) was also correct. Your original post made no mention about the total amount of tax paid by anybody. It's only now you've decided to add that part - no doubt for some political reason.

Yes, the "political reason" is that as far as tax is concerned the important thing is how better off or worse off someone is in total, taking all taxes into account, not just one. Yes, the starting point WAS raised, but this is way offset by increases in other taxes. The upper bracket tax rate, however, was reduced, which DIDN'T happen for people on low and middle income. Now YOU claimed that my mentioning that was not fair as lower eareners also got a tax cut, but then cvlaimed the goalposts had been moved when I mentioned other taxes. It was YOU that first moved the goalposts - no doubt for some political reason.

 

[melias shoes]

How about producing more STUFF, instead of expecting gambling on the future value of the euro (or bank shares) to deliver prosperity for everyone?

Exactly. If you have no manufacturing infrastructure then you will Not prosper.

 

[chucky1973]

Euro up to 1.254 to the pound, highest for 3.5 years, how long can it keep increasing?

 

[osgood]

"its the end of the EU as we know it,and i feel fine a !"

good fekkin riddance

 

[cunning fergus]

The Euro is dead, as predicted by Paul Krugman back in 1998 :

THE EURO: BEWARE OF WHAT YOU WISH FOR

For all the seven long years since the signing of the Maastricht treaty started Europe on the road to that unified currency, critics have warned that the plan was an invitation to disaster. Indeed, the standard scenario for an EMU collapse has been discussed so many times that it sometimes seems to long-time eurobuffs like myself as if it has already happened - perhaps because it is modeled on the real crisis that afflicted the European Monetary System back in 1992.

Here's how the story has been told: a year or two or three after the introduction of the euro, a recession develops in part - but only part - of Europe. This creates a conflict of interest between countries with weak economies and populist governments - read Italy, or Spain, or anyway someone from Europe's slovenly south - and those with strong economies and a steely-eyed commitment to disciplined economic policy - read Germany. The weak economies want low interest rates, and wouldn't mind a bit of inflation; but Germany is dead set on maintaining price stability at all cost. Nor can Europe deal with "asymmetric shocks" the way the United States does, by transferring workers from depressed areas to prosperous ones: Europeans are reluctant to move even within their countries, let alone across the many language barriers.

The result is a ferocious political argument, and perhaps a financial crisis, as markets start to discount the bonds of weaker European governments.

In the light of the above, a few housekeeping items:

1) Change as much sterling as you can into in USD and stash them in a safe hidden in your house;
2) Arm yourself, the Police wont work for f*** all..................250,000 rounds should be enough;
3) Watch as many US prison documentaries as you can, those in control in the future will have the same mentality as the inmates;
4) Form a close network with your friends and family with the sole aim of persuing the politicans who advocated the benfits of the EU. Find them and kill them and all of their family.............sell any young female family members to the local fast food/taxi cab outlet.......remember to ask for dollars.
5) Happy Christmas.

 

[Questions]

Is this good for my Corfu holiday next month ?

 

[Brixtaan]

Whatever it was it was some, and everyone else is paying more tax and/or having benefits cut because, apparently, the money has run out. You don't give tax breaks to the rich if the money has genuinely run out. You only do that if you don't give a f*** about the man in the street, just about helping out your rich buddies.

I'd be pissed off to say the least if I had earned £250,000 and had to give £125,000 to the govt. If that's not unfair I don't know what is, aside from the question of disincentavising people who are going to earn this country money.

 

[fork me]

I'd be pissed off to say the least if I had earned £250,000 and had to give £125,000 to the govt. If that's not unfair I don't know what is, aside from the question of disincentavising people who are going to earn this country money.

Maybe you would, but that has never happened in the UK. A 50% tax bracket doesn't mean 50% of your total earnings, it means 50% of what you earn over a certain amount.

 

[Lower West Stander]

Yes - buts its not just 50% income tax. National insurance contributions and the removal of the threshold mean the marginal rate is closer to 58%

 

[chucky1973]

pound v euro has fallen 2 days on trot now, not sure what to do, deutsche bank predict it to continue to fall, but Barclays say stay calm it will recover. Now stands at 1.244, down from 1.254 on Tuesday?

What to do? Do I change or do I stay in the game for a while?

 

[Chicken Runner61]

pound v euro has fallen 2 days on trot now, not sure what to do, deutsche bank predict it to continue to fall, but Barclays say stay calm it will recover. Now stands at 1.244, down from 1.254 on Tuesday?

What to do? Do I change or do I stay in the game for a while?

Reckoning is that Euro is going to fall further, personally I would spread the risk by buying a bit now a bit next week etc etc.


It could all be a bun fight coz if Greece does go Spain will be next and if that happens .......

I heard a rumour that there is already a load of Greek Drachmas ready to be issued and they are already think of having loads of extra bank holidays so money can't be withdrawn stopping runs on the banks.
Today Bankia is reported to have had a run on it