France 'totally bankrupt', says labour minister Michel Sapin

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    Jan 29, 2013 3:07 AM GMT
    http://www.telegraph.co.uk/finance/financialcrisis/9832845/France-totally-bankrupt-says-labour-minister-Michel-Sapin.html
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    Jan 29, 2013 7:33 AM GMT
    Is that a news? Héhé
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    Jan 29, 2013 7:54 AM GMT
    Guess they'll be eating nothing but cake from now on...
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    Jan 29, 2013 7:54 AM GMT
    Isugemi saidHéhé


    løl
  • istw

    Posts: 20

    Jan 29, 2013 8:53 AM GMT
    Ha, I am wondering why the EUR/USD is higher and higher recently even if these market consensus of Euro is collapsing. oops:

    Capture.JPG
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    Jan 29, 2013 9:39 AM GMT
    France.

    icon_lol.gif
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    Jan 29, 2013 9:56 AM GMT
    It has been like this for too many years. Financial markets are still confident on the country's future, since France has never borrowed money with such low interest rates...
    Many other major markets face the same situation, with a huge national debt : Japan, the UK, the US... And for some, also a huge household debt : the US...
    We all live beyond our means, one day we'll have to pay for it, like Spain or Greece now.
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    Jan 29, 2013 10:15 AM GMT
    ^
    Not all of us live beyond our means.
  • GQjock

    Posts: 11649

    Jan 29, 2013 5:53 PM GMT
    How's that austerity program doing for you over there EU?

    Spain's unemployment reached 26% this month
    Greece is having armed riots in the streets
    Britain is likely going to go into a triple dip recession soon which will probably kill the chances for the conservatives in their next election

    What has Europe employed that we have sidestepped ... at least so far?

    It's called austerity .... which Europe has embraced wholeheartedly as a means to combat their recession
    and Europe's plight should be a warning to ANYONE who thinks that you need to starve the beast when a recession hits
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    Jan 29, 2013 6:23 PM GMT
    GQjock saidHow's that austerity program doing for you over there EU?

    Spain's unemployment reached 26% this month
    Greece is having armed riots in the streets
    Britain is likely going to go into a triple dip recession soon which will probably kill the chances for the conservatives in their next election

    What has Europe employed that we have sidestepped ... at least so far?

    It's called austerity .... which Europe has embraced wholeheartedly as a means to combat their recession
    and Europe's plight should be a warning to ANYONE who thinks that you need to starve the beast when a recession hits


    Right... European austerity? Where? Where do you get your facts from? MSNBC? Go sell crazy to someone who's buying.

    http://www.usnews.com/opinion/articles/2012/06/01/the-myth-of-european-austerity

    However, it turns out that those blasting Europe's experience with spending restraint omit some critical facts. Contrary to what you may have heard, spending cuts have largely been lacking in Europe's economic crisis response. Instead, in most European nations, austerity has mostly taken the form of higher taxes. We shouldn't be surprised Europe is struggling: when you raise taxes in a weak economy, it has a negative effect on investment and economic growth.

    Critics of "austerity" would have you believe Europe is suffering because they have embraced radical frugality, cutting public spending and turning away the poor and needy. The evidence proves that's not true.

    Yes, European nations are struggling with economic woes, but those woes don't stem from spending restraint—they stem from a broad variety of factors, including high levels of taxation, fractious E.U. politics and the hard demographic realities of an aging population demanding greater levels government support.

    Austerity critics hope to derive lessons for the United States from the other side of the Atlantic, but they overlook critical differences between the United States and Europe. For one, most American voters have a more skeptical view of government spending. In polling conducted last month by the Tarrance Group for my organization, Public Notice, respondents expressed little confidence in the federal government's fiscal management skills, estimating that 47 percent of every federal dollar is wasted.

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    Jan 29, 2013 6:50 PM GMT
    To add - here are the supposed spending cuts/austerity in the UK/France -

    uk-france-spending-cuts.jpg?w=500&h=341
  • wild_sky360

    Posts: 1492

    Jan 29, 2013 8:15 PM GMT
    Or consider an IMF proposal that was floated out by Ambrose Evans-Pritchard in The Telegraph a few months ago to reset the sovereign debt of the entire world back to zero. The resulting boom would be as unprecedented as the worldwide bankruptcy.

    This is for real. Banish the entire casino financier class to North Korea as condition of amnesty.

    http://www.telegraph.co.uk/finance/comment/9623863/IMFs-epic-plan-to-conjure-away-debt-and-dethrone-bankers.html
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    Jan 29, 2013 8:28 PM GMT
    GQjock said
    It's called austerity .... which Europe has embraced wholeheartedly as a means to combat their recession
    and Europe's plight should be a warning to ANYONE who thinks that you need to starve the beast when a recession hits


    I'd almost think you were trying to call out gay republicans.
  • mr_bijae

    Posts: 229

    Jan 29, 2013 8:35 PM GMT
    credo said
    Not all of us live beyond our means.


    ^ this.
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    Jan 29, 2013 8:40 PM GMT
    More on French healthcare...

    http://www.businessweek.com/stories/2007-07-08/the-french-lesson-in-health-care

    http://online.wsj.com/article/SB124958049241511735.html
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    Jan 29, 2013 8:56 PM GMT
    riddler78 said
    GQjock saidHow's that austerity program doing for you over there EU?

    Spain's unemployment reached 26% this month
    Greece is having armed riots in the streets
    Britain is likely going to go into a triple dip recession soon which will probably kill the chances for the conservatives in their next election

    What has Europe employed that we have sidestepped ... at least so far?

    It's called austerity .... which Europe has embraced wholeheartedly as a means to combat their recession
    and Europe's plight should be a warning to ANYONE who thinks that you need to starve the beast when a recession hits


    Right... European austerity? Where? Where do you get your facts from? MSNBC? Go sell crazy to someone who's buying.

    http://www.usnews.com/opinion/articles/2012/06/01/the-myth-of-european-austerity

    However, it turns out that those blasting Europe's experience with spending restraint omit some critical facts. Contrary to what you may have heard, spending cuts have largely been lacking in Europe's economic crisis response. Instead, in most European nations, austerity has mostly taken the form of higher taxes. We shouldn't be surprised Europe is struggling: when you raise taxes in a weak economy, it has a negative effect on investment and economic growth.

    Critics of "austerity" would have you believe Europe is suffering because they have embraced radical frugality, cutting public spending and turning away the poor and needy. The evidence proves that's not true.

    Yes, European nations are struggling with economic woes, but those woes don't stem from spending restraint—they stem from a broad variety of factors, including high levels of taxation, fractious E.U. politics and the hard demographic realities of an aging population demanding greater levels government support.

    Austerity critics hope to derive lessons for the United States from the other side of the Atlantic, but they overlook critical differences between the United States and Europe. For one, most American voters have a more skeptical view of government spending. In polling conducted last month by the Tarrance Group for my organization, Public Notice, respondents expressed little confidence in the federal government's fiscal management skills, estimating that 47 percent of every federal dollar is wasted.


    I don't know about UK and France but from my experience of living in Spain and watching how things have changed in last few years I can say the writer hasn't really got any clue about whats going on here. Drastic cut in health system, public transportation, public servant's salary do make up for austerity.
    How come high level of taxation isn't a austerity measure? I don't get it.

    Here for you:
    http://www.bbc.co.uk/news/10162176
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    Jan 29, 2013 9:20 PM GMT
    Shagglot saidI don't know about UK and France but from my experience of living in Spain and watching how things have changed in last few years I can say the writer hasn't really got any clue about whats going on here. Drastic cut in health system, public transportation, public servant's salary do make up for austerity.
    How come high level of taxation isn't a austerity measure? I don't get it.

    Here for you:
    http://www.bbc.co.uk/news/10162176


    Budgets are plans. In many of those cases, these supposed cost saving measures never actually materialized - as you can see from even spending in the UK and France (see graph above) that are cited by the article you referenced. Certainly there are a few countries in Europe that have had to cut spending after years without fiscal restraint including Spain where this was also compounded by artificially low costs of borrowing allowed for a spectacular burst. Is it a surprise then that the EU drove moderate bargains with the worst offenders like Spain to allow for more debt spending?

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    Jan 30, 2013 3:17 AM GMT
    I've always wondered how one can borrow and spend one's way to prosperity. What would happen if I tried it?icon_confused.gif
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    Jan 30, 2013 3:22 AM GMT
    Zeut Alors!
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    Jan 30, 2013 3:36 AM GMT
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    Jan 30, 2013 3:37 AM GMT
    Well they can't be as broke as Zimbabwe.....whose bank account currently has a balance of $217.....no lie.
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    Jan 30, 2013 3:48 AM GMT
    BlackCat90 saidWell they can't be as broke as Zimbabwe.....whose bank account currently has a balance of $217.....no lie.


    ...if they donated all of that money to one of the feed the children campaigns, they would feed, house, clothe, educate and provide healthcare for like a million kids!icon_rolleyes.gif
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    Jan 30, 2013 4:17 AM GMT
    Don't worry,Obama will have us bankrupt soon enough.
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    Jan 30, 2013 4:32 AM GMT
    mx5guynj saidDon't worry,Obama will have us bankrupt soon enough.



    He's not so much the issue. If we started to actually tax the 45% or at least not "pay" them we could be much better. Oh and the three wars we have would also help.
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    Jan 30, 2013 9:28 AM GMT
    mx5guynj saidDon't worry,Obama will have us bankrupt soon enough.


    Nevermind the wars, the countless lives lost and families destroyed, and the tax cuts your man, George W. pused for. icon_rolleyes.gif That's President Obama to you, little bitch.