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Old 2010-02-25, 11:36   Link #6261
ChainLegacy
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Yeah, thinking about it I myself may have borrowed some elements from the Japanese playbook of verbal conflict. Americans get thrown off and become more accepting of what you have to say if you concede some points to them.
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Old 2010-02-25, 12:52   Link #6262
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Originally Posted by ChainLegacy View Post
Yeah, thinking about it I myself may have borrowed some elements from the Japanese playbook of verbal conflict. Americans get thrown off and become more accepting of what you have to say if you concede some points to them.
the irony is the Japanese playbook is written by a American (Edward Deming).

Deming try to reform the auto industry back in the 40s and 50s and was told to take a hike. He went to Japan as part of the American rebuilding effort and the Japanese listen to every word he said and then name a award after him. And the rest as they say is history.
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Old 2010-02-25, 18:46   Link #6263
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* Schwarzenegger hammers fellow Republicans over stimulus hypocrisy
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Old 2010-02-25, 19:04   Link #6264
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OMG, hypocrisy in congress what is the world coming to
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Old 2010-02-25, 19:29   Link #6265
Zu Ra
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Would rather prefer Governator than Palin run for office in 2012 . Regardless of my personal disposition he did run on a Republican ticket despite being married to a Kennedy . Thats quite commendable he could have easily used his wife's pull and name among Democrats .


EDIT :

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Originally Posted by Irenicus View Post
The rule is natural born citizens only, either jus soli or jus sanguinis.
Aware of that technicality concerning Naturalization and Presidency ^^
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Old 2010-02-25, 20:58   Link #6266
Irenicus
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Originally Posted by Zu Ra View Post
Would rather prefer Governator than Palin run for office in 2012 . Regardless of my personal disposition he did run on a Republican ticket despite being married to a Kennedy . Thats quite commendable he could have easily used his wife's pull and name among Democrats .
He can't. Neither can I. The rule is natural born citizens only, either jus soli or jus sanguinis. Jus(t) came here doesn't work.

Put quite a dent on my world domination plans, too. Damn close-minded Americans.
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Old 2010-02-25, 22:39   Link #6267
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I would have preferred if he wielded a chaingun into the Congress and shot up the place and said, "Your blocking of the stimulus plan, has been, TERMINATED!"

On the other note...

China = Another Dubai Bubble? Chanos China Smackdown Watch, Part XXIV

Quote:
In making his now-(in)famous comment that China is in a bubble that looks like “Dubai times a thousand,” prominent short-seller James Chanos crystallized the debate over the country’s economy and inspired a torrent of both praise and criticism.

Chanos, who runs the hedge fund firm Kynikos Associates, was quoted making the Dubai quip in a profile in the New York Times in early January. The paper’s own columnist Thomas Friedman responded a week later with a quip of his own: “First, a simple rule of investing that has always served me well: Never short a country with $2 trillion in foreign currency reserves.”

The latest to join in piling on Chanos is Jonathan Anderson, the respected emerging-markets economist for UBS and a longtime China watcher. In a report this week, Anderson deployed an impressive array of charts to make the point that “China looks nothing like Dubai.” While Dubai had rapid growth in bank lending and property deals for several years before its bubble burst, he says, China hasn’t had those symptoms until that last 12 months or so - and the government is already trying to cool things down.

Rather than looking like Dubai on a continental scale, China is having more of a “mini Dubai moment,” Anderson argues. Things are going to slow down this year, which means that “‘big China bears’ could easily look like heroes for a while during 2010,” he says, “even if their more dire predictions are proven very wrong at the end of the day.”

As far as sound bites go, it’s fair to say, “mini Dubai moment” has nothing on “Dubai times a thousand.” But to be fair, Chanos’ argument is more than a sound bite. In an hour-long presentation at Oxford University’s China Center on January 28, Chanos fleshed out his views. (You can watch a video of talk here or here.)

In that talk, Chanos said the “Dubai times a thousand” line was “tongue in cheek.” The serious point he was trying to make, he said, is that “We’ve now seen residential real-estate speculation really take hold in China.” And given the recent excesses in the property market, that point is hard to argue with.

Chanos said his position on China is more nuanced than some might think. “This is not a call for an impending crash. That’s not what we’re saying. What we are saying is that there are classic pockets of overheating and overindulgence,” Chanos said in his talk. “We have without a modicum of doubt a credit-driven property bubble going on in China right now,” particularly in commercial real estate.

But he wasn’t shy about responding to critics in the talk, dismissing Thomas Friedman’s “never short” line by pointing out that there has never been a nation with $2 trillion in foreign exchange reserves before, so there’s not much of a historical basis for such a rule. “Unfunded liabilities for the government dwarf their $2.4 trillion in foreign reserves, so the perception that they’re sitting on this pool of money is just misleading,” he added. (Some analysts might take issue with his math.)

For the moment, the Chanos-is-right camp is still ahead on catchy slogans. One of its members is the investor-blogger Vitaliy N. Katsenelson, who recently put together a presentation calling China “the mother of all black swans.”
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When three puppygirls named after pastries are on top of each other, it is called Eclair a'la menthe et Biscotti aux fraises avec beaucoup de Ricotta sur le dessus.
Most of all, you have to be disciplined and you have to save, even if you hate our current financial system. Because if you don't save, then you're guaranteed to end up with nothing.

Last edited by SaintessHeart; 2010-02-25 at 22:57.
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Old 2010-02-26, 00:36   Link #6268
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Google vs Italy

http://torrentfreak.com/can-google-s...-sites-100225/

If Google win this, I think it'll set a worldwide precedent, making torrent site much more 'safe'. Anyway, I *hope* that's what will happen.

Just for the record, I don't believe myself to be a freeloader. If something is worth it, I'll part with the cash. But with so much stuff out there, it's nice to check out the goods before handing over any readies.
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Old 2010-02-26, 00:48   Link #6269
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Large Hedge Funds Shorting Euro


LOS ANGELES (MarketWatch) -- Large hedge funds are betting on a drop in the euro, expecting that the European currency will fall to parity with the U.S. dollar, according to a Wall Street Journal report late Thursday. The report cited unidentified people quoting comments from "all-star hedge-fund managers" representing the likes of SAC Capital Advisors LP and Soros Fund Management LLC at a recent New York gathering. Some of those managers said the euro, which traded at $1.51 in December but was at $1.36 Thursday amid concerns about Greek sovereign debt and other issues, could soon fall to $1.00. However, the report added that "few traders expect the value of the euro to totally collapse, the way the British pound did in 1992."
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Old 2010-02-26, 05:29   Link #6270
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Quote:
Originally Posted by mg1942 View Post
Large Hedge Funds Shorting Euro


LOS ANGELES (MarketWatch) -- Large hedge funds are betting on a drop in the euro, expecting that the European currency will fall to parity with the U.S. dollar, according to a Wall Street Journal report late Thursday. The report cited unidentified people quoting comments from "all-star hedge-fund managers" representing the likes of SAC Capital Advisors LP and Soros Fund Management LLC at a recent New York gathering. Some of those managers said the euro, which traded at $1.51 in December but was at $1.36 Thursday amid concerns about Greek sovereign debt and other issues, could soon fall to $1.00. However, the report added that "few traders expect the value of the euro to totally collapse, the way the British pound did in 1992."
I doubt the Euro would collapse. If it did, the whole world would be in for another recession. Hopefully all the punters who hedged for Euro's collapse will drive it value down low enough for others to make large amounts of currency purchases over the forex.

Here is a good write-up about what would exactly happen.

Well, it looks like Greece is in for the Battle Of Thermopylae : Economy Version...

EU Tells Greece Austerity Plan Isn't Enough

Quote:
ATHENS—The European Union is pushing Greece to urgently adopt new measures amounting to an extra €4 billion ($5.42 billion) if it is to achieve its goal of slashing its staggering budget deficit by four percentage points this year, a senior government official said Friday.

"They [the EU] are telling us the current measures will only cut two percentage points. They are pushing very hard for another package of around €4 billion," the official, who asked not to be identified. "Greece thinks a package of €2 billion to €2.5 billion will be enough to achieve the targets," he said.

Officials from the EU, the International Monetary Fund and the European Central Bank had been in Athens since the start of the week to evaluate Greece's progress in cutting its budget deficit—an issue that has hit the euro and financial markets across the world because of fears that Greece could become the first euro-zone country to default on its debt payments.

"The inspectors flew out Thursday night. The final package will be discussed with [European Economic Affairs Commissioner] Olli Rehn who will be here on Monday. It will most likely be announced within the same week," the official said.

Greece is under intense pressure from the EU and financial markets to bring down its budget gap, which hit an estimated 12.7% of gross domestic product last year, four times above EU limits. The Socialist government has pledged to cut that deficit to 8.7% of GDP this year, and below the EU's 3% limit by 2012.

In order to meet those goals, the government has announced a series of spending cuts and tax increases that it believes will produce a combined €8 billion to €10 billion in savings and additional revenue.

So far, those measures include a freeze on civil service wages, cutting public-sector entitlements by 10% on average, a fuel tax increase, and closing dozens of tax loopholes for certain professions—including some civil servants—who now pay less than their fair share in taxes.

But Greece's European partners remain unconvinced. Since the EU issued its rhetorical support for Greece on Feb. 12, EU members including Germany and France have demanded that Greece take further steps to close its budget gap before they commit to any specific financial support for the country. The new measures are likely to include an increase in the current value-added tax rate of 19%, more cuts in civil service entitlements, and higher duties on luxury items, like boats and expensive cars.

Greece is also mulling a further increase in fuel taxes, while the EU has also asked Athens to cut one of two extra months of pay that public-sector workers now get over and above their normal 12-month salary—a move the government is resisting.

EU finance ministers, who have ultimate authority over the EU's budget rules, told Greece that its planned austerity measures, including a public-sector wage freeze, a cut in bonus pay, and pledges to fight tax evasion, aren't sufficient for a budget cut worth 4% of GDP this year.

EU officials privately say Greece seems to be dragging its heels, hoping to improve its public finances with only a bare minimum of effort. The officials also fear that the Greek Parliament could block the administration's planned cutbacks.

European Commissioner for Economic and Monetary Affairs Olli Rehn Thursday said he hopes to see a report from the commission delegation by the end of the week.

"Commissioner Rehn will be in Athens Monday and will pursue discussions at the highest political level on the measures Greece needs to meet its ambitious budget targets," said Mr. Rehn's spokesman, Amadeu Altafaj. Mr. Rehn earlier this month said Greece's planned budget cuts "go in the right direction," but noted that further measures are needed.
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When three puppygirls named after pastries are on top of each other, it is called Eclair a'la menthe et Biscotti aux fraises avec beaucoup de Ricotta sur le dessus.
Most of all, you have to be disciplined and you have to save, even if you hate our current financial system. Because if you don't save, then you're guaranteed to end up with nothing.
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Old 2010-02-26, 06:57   Link #6271
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^ It looks like Greece and the EU may have a fall-out if this keeps going. With so much confusion between EU countries (which are not really united if I may say so), it's no wonder Europe is practically in shambles right now. I don't exactly expect the Euro to die like the GBP, but it will fall pretty low. Eventually, the big guys in charge will understand how bad an idea it was to adopt the Euro.
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Old 2010-02-26, 09:41   Link #6272
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Originally Posted by Yoko Takeo View Post
^ It looks like Greece and the EU may have a fall-out if this keeps going. With so much confusion between EU countries (which are not really united if I may say so), it's no wonder Europe is practically in shambles right now. I don't exactly expect the Euro to die like the GBP, but it will fall pretty low. Eventually, the big guys in charge will understand how bad an idea it was to adopt the Euro.
I'm actually surprised that a fallout did not already happen - making a bailout, should one be needed, impossible. The deputy prime minister, Theodoros Pangalos, made a statement about how Greece did not get compensation for being occupied in WWII and for having its gold taken in response to how Germany is viewing the crisis. Now considering Germany is being looked upon as one of its possible "saviors", that's not exactly a good thing to say in order to change people's minds. It's also in a bit of poor taste, IMHO, to talk about Italy's problems in comparison.

There were also strikes in response to the Greek government's plans to cut back spending, so any conditions placed on any kind of bailout to cut costs could be a problem and may be a nonstarter. Would the EU then just either (1) give the money or (2) backstop Greece without setting any conditions? Greece's sovereign ratings are looking to be lowered as well, so raising funds through selling debt, if that happens, will be more expensive.
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Old 2010-02-26, 10:36   Link #6273
SaintessHeart
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Quote:
Originally Posted by Yoko Takeo View Post
^ It looks like Greece and the EU may have a fall-out if this keeps going. With so much confusion between EU countries (which are not really united if I may say so), it's no wonder Europe is practically in shambles right now. I don't exactly expect the Euro to die like the GBP, but it will fall pretty low. Eventually, the big guys in charge will understand how bad an idea it was to adopt the Euro.
Adopting the Euro is not a bad idea actually. When it first came into use in the early 1990s in 16 of the 27 member states of Europe, it became the other currency to compete the US in terms of strength after the Japan bubble burst. It helps gather growing economies to contest the US's production and financial capability, forbidding the USD to have a total dominance in the forex market, and in such world trade then creating a monopoly, which is disastrous to global competition. How would you like it if you piss the SINGLE form of global credit off, and the country's banks/government pegs your currency so low against to theirs? It is as good as saying goodbye to your local economy.

Unless you want to adopt the RMB. Heck they don't even have proper security or protocols in printing their banknotes, that is why their valuation is crazy.

Quote:
Originally Posted by LynnieS View Post
I'm actually surprised that a fallout did not already happen - making a bailout, should one be needed, impossible. The deputy prime minister, Theodoros Pangalos, made a statement about how Greece did not get compensation for being occupied in WWII and for having its gold taken in response to how Germany is viewing the crisis. Now considering Germany is being looked upon as one of its possible "saviors", that's not exactly a good thing to say in order to change people's minds. It's also in a bit of poor taste, IMHO, to talk about Italy's problems in comparison.

There were also strikes in response to the Greek government's plans to cut back spending, so any conditions placed on any kind of bailout to cut costs could be a problem and may be a nonstarter. Would the EU then just either (1) give the money or (2) backstop Greece without setting any conditions? Greece's sovereign ratings are looking to be lowered as well, so raising funds through selling debt, if that happens, will be more expensive.
IMO they got their plan wrong. The Greeks think that 2 million euro is enough to backset a 2.5 million deficit. Sure, provided you invest every single cent of the 2 mil, and reap returns by the end of this year.

What the country needs is some form of production infrastructure. It can't rely on tourism to feed their country, neither can they rely on the Pope like Vatican. For a start, they can put some money into building microplants and manufacture stuff. For a start, they can make use of the lower cost of the Euro to get raw materials and convert them into something like steel plates or something. Invest in some form of local production capability first.

Secondly, make use of incentives instead of material rewards to stave off civil worker strikes. These people serve their country out of their own will, so the most importantly keep them happy until the economy picks up. They will back the government when the time comes.

Thirdly, a little socialism wouldn't hurt. Keep a reasonable percentage income tax instead of a fix amount, which means the richer will have to pay more, and the poor pay less. In turn, work with the private companies to reap income from overseas, give them incentives to invest locally rather than throwing their money outside (tax holidays, value/free-training for hiring locals/tax for hiring foreign workers). This gives the country a small financial boost, but not too small till negligible.

P.S I would suggest they look to Japan and offer to manufacture figurines. Or work with a certain anime company to create some Greek history related anime - Grecian history is rather rich and good source for generating a pseudoculture - which in turn helps to generate interest for tourism.
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When three puppygirls named after pastries are on top of each other, it is called Eclair a'la menthe et Biscotti aux fraises avec beaucoup de Ricotta sur le dessus.
Most of all, you have to be disciplined and you have to save, even if you hate our current financial system. Because if you don't save, then you're guaranteed to end up with nothing.

Last edited by SaintessHeart; 2010-02-26 at 10:48.
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Old 2010-02-26, 10:48   Link #6274
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Quote:
Originally Posted by SaintessHeart View Post
Adopting the Euro is not a bad idea actually. When it first came into use in the early 1990s in 16 of the 27 member states of Europe, it became the other currency to compete the US in terms of strength after the Japan bubble burst. It helps gather growing economies to contest the US's production and financial capability, forbidding the USD to have a total dominance in the forex market, and in such world trade then creating a monopoly, which is disastrous to global competition. How would you like it if you piss the SINGLE form of global credit off, and the country's banks/government pegs your currency so low against to theirs? It is as good as saying goodbye to your local economy.

Unless you want to adopt the RMB. Heck they don't even have proper security or protocols in printing their banknotes, that is why their valuation is crazy.
Correction: the Euro was first introduced to international financial markets on January 1, 1999 and the coins and banknotes were released on the same day in 2002.

In terms of competition against other larger financial powers, namely the US, it can be a good thing if those countries using the Euro were acting as one nation. The fact of the matter is that the Euro, and the European Union at that, were created was to imitate the US, but the truth is that this can never happen. Each country in Europe has its own history and culture, unlike in the US where the states have been part of a union for much of US history. They can't work well together as the US states do, and this recent crisis in Greece is proof enough. Despite the Euro's presence, each country still has its own individual economy. The theory you presented is correct, but as we can see, it didn't work like that in practice considering nothing much has changed for the EU member countries except for maybe Germany after the Euro was introduced after all.
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Old 2010-02-26, 11:00   Link #6275
SaintessHeart
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Originally Posted by Yoko Takeo View Post
Correction: the Euro was first introduced to international financial markets on January 1, 1999 and the coins and banknotes were released on the same day in 2002.

In terms of competition against other larger financial powers, namely the US, it can be a good thing if those countries using the Euro were acting as one nation. The fact of the matter is that the Euro, and the European Union at that, were created was to imitate the US, but the truth is that this can never happen. Each country in Europe has its own history and culture, unlike in the US where the states have been part of a union for much of US history. They can't work well together as the US states do, and this recent crisis in Greece is proof enough. Despite the Euro's presence, each country still has its own individual economy. The theory you presented is correct, but as we can see, it didn't work like that in practice considering nothing much has changed for the EU member countries except for maybe Germany after the Euro was introduced after all.
I need to stop drawing resources from my memory. It looks like it is failing.

The reason I guess why the other countries want to adopt the Euro is because they want to feed on Germany's growth, and thus the reason why the Euro failed : they did not contribute enough to the Euro's strength.

If a country is unable to back a currency by a gold system, it has to back it with something called productivity : basically a "my-dollar-is-worth-more-than-your-shit-paper-because-I-can-produce-more-and-better-stuff-than-you". A value is created if something is backed by something material. Then the material is backed by its quality, uniqueness of resource or both. The more stuff you add to it, be it the quality of the resource or workmanship, changes its value.

On a smaller note, that is how branding came about, until it was desensitised by the political style of marketing : comparing it to other brands and stating the useless points of what other brands cannot do and what yours can. It is kind of interesting that almost 90% of the people in this world bought that trick.
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When three puppygirls named after pastries are on top of each other, it is called Eclair a'la menthe et Biscotti aux fraises avec beaucoup de Ricotta sur le dessus.
Most of all, you have to be disciplined and you have to save, even if you hate our current financial system. Because if you don't save, then you're guaranteed to end up with nothing.
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Old 2010-02-26, 11:11   Link #6276
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Quote:
Originally Posted by SaintessHeart View Post
I need to stop drawing resources from my memory. It looks like it is failing.

The reason I guess why the other countries want to adopt the Euro is because they want to feed on Germany's growth, and thus the reason why the Euro failed : they did not contribute enough to the Euro's strength.

If a country is unable to back a currency by a gold system, it has to back it with something called productivity : basically a "my-dollar-is-worth-more-than-your-shit-paper-because-I-can-produce-more-and-better-stuff-than-you". A value is created if something is backed by something material. Then the material is backed by its quality, uniqueness of resource or both. The more stuff you add to it, be it the quality of the resource or workmanship, changes its value.

On a smaller note, that is how branding came about, until it was desensitised by the political style of marketing : comparing it to other brands and stating the useless points of what other brands cannot do and what yours can. It is kind of interesting that almost 90% of the people in this world bought that trick.
That's the difference between the US and the EU, you see. Each state in the US defers to a single government whose leader is based in Washington DC. The EU has no such leader, but simply a delegation of country representatives, each one with their own government. Like you say, other countries did not contribute to the Euro's strength, oftentimes because it couldn't. Take some countries like Slovakia, Slovenia or even Malta, all of which have adopted the Euro but don't exactly have much to contribute compared to Germany, France or Italy. You can't compare their productivity to bigger players in the Eurozone at all, nor do they have vast reserves of gold. Plus, each one has its own government rather than relying on a single governing body the way a (poorer) state in the US would. There's too much of a separation and individuality in Europe compared to the US.
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Old 2010-02-26, 11:16   Link #6277
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Originally Posted by Yoko Takeo View Post
That's the difference between the US and the EU, you see. Each state in the US defers to a single government whose leader is based in Washington DC. The EU has no such leader, but simply a delegation of country representatives, each one with their own government. Like you say, other countries did not contribute to the Euro's strength, oftentimes because it couldn't. Take some countries like Slovakia, Slovenia or even Malta, all of which have adopted the Euro but don't exactly have much to contribute compared to Germany, France or Italy. You can't compare their productivity to bigger players in the Eurozone at all, nor do they have vast reserves of gold. Plus, each one has its own government rather than relying on a single governing body the way a (poorer) state in the US would. There's too much of a separation and individuality in Europe compared to the US.
Sorry but I guess my point wasn't clear. My intention is to state that they can learn from the US or/and China, otherwise, if they want economic co-operation minus a standard trade currency, they should learn from SEA (which is quite tough since the place has quite some regional co-op that extends to political and regional stability issues like anti-extremism, and in the 1960/70s, anti-communism). Each of the member states have to CONTRIBUTE to the strength of the currency rather than just RIDING on it while the pizza, wine and shredder makers do all the work.

Regarding productivity, Greece has some undeveloped production capability, as stated in my previous-previous post. They should use the next devaluation of the Euro as their advantage. Too bad for Germany though.
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When three puppygirls named after pastries are on top of each other, it is called Eclair a'la menthe et Biscotti aux fraises avec beaucoup de Ricotta sur le dessus.
Most of all, you have to be disciplined and you have to save, even if you hate our current financial system. Because if you don't save, then you're guaranteed to end up with nothing.
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Old 2010-02-26, 11:24   Link #6278
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Originally Posted by SaintessHeart View Post
Sorry but I guess my point wasn't clear. My intention is to state that they can learn from the US or/and China, otherwise, if they want economic co-operation minus a standard trade currency, they should learn from SEA (which is quite tough since the place has quite some regional co-op that extends to political and regional stability issues like anti-extremism, and in the 1960/70s, anti-communism). Each of the member states have to CONTRIBUTE to the strength of the currency rather than just RIDING on it while the pizza, wine and shredder makers do all the work.
It won't work in Europe like it does in the US. There won't be the kind of economic co-operation among EU countries like the theory states. The crisis in Greece and other countries' reluctance to help should be proof of that. That's the point I'm trying to make
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Old 2010-02-26, 11:31   Link #6279
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Originally Posted by Yoko Takeo View Post
It won't work in Europe like it does in the US. There won't be the kind of economic co-operation among EU countries like the theory states. The crisis in Greece and other countries' reluctance to help should be proof of that. That's the point I'm trying to make
The problem with Greece is that it isn't generating material value in its economy and relying on limited number of industries. It could help itself in SOME way, but probably not all.

The rule of the thumb of a small country's economy is to invest in multiple avenues to generate income, and not just throw money in a handful of industries. Greece is doing the latter and has become overly reliant on it.

Besides, they are giving their civil servants too much material benefits. That would be an incredibly difficult problem to fix because humans are by nature greedy. And humans are the pillar of every country : they are called citizens.
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When three puppygirls named after pastries are on top of each other, it is called Eclair a'la menthe et Biscotti aux fraises avec beaucoup de Ricotta sur le dessus.
Most of all, you have to be disciplined and you have to save, even if you hate our current financial system. Because if you don't save, then you're guaranteed to end up with nothing.
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Old 2010-02-26, 11:37   Link #6280
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Quote:
Originally Posted by SaintessHeart View Post
The problem with Greece is that it isn't generating material value in its economy and relying on limited number of industries. It could help itself in SOME way, but probably not all.

The rule of the thumb of a small country's economy is to invest in multiple avenues to generate income, and not just throw money in a handful of industries. Greece is doing the latter and has become overly reliant on it.
A lot of countries are over-reliant on a particular indistry, and most of that time, that's because they don't have anything else to trade. Also, what can a country like Greece, which has been having problems long before the Euro was even introduced, invest on? And not just Greece, but countries like the ones I mentioned. This is why it was a bad idea for countries to adopt the Euro. If anything, it should've been limited to a smaller number of countries that could contribute something to it.

Quote:
Originally Posted by SaintessHeart View Post
Besides, they are giving their civil servants too much material benefits. That would be an incredibly difficult problem to fix because humans are by nature greedy. And humans are the pillar of every country : they are called citizens.
It's no different in Italy and, for example, France (Narona can correct me on this if I'm wrong). The problem with them is that when you get a job, you get a job for life and receive too many benefits, which is what's causing a lot of problems for businesses, both big and small. This is especially true in the public sector, and people can even find a job if they don't have experience or qualifications. All you need are friends with high positions.
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