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Keyword: austerity

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  • Why New York Times Economist Paul Krugman Is Partly Right But Mostly Wrong

    05/06/2012 7:10:32 AM PDT · by SeekAndFind · 4 replies
    The Economic Collapse Blog ^ | 05/05/2012 | Michael Snyder
    In recent days, New York Times economist Paul Krugman has been doing a whole bunch of interviews in which he has declared that the solution to our economic problems is very easy. Krugman says that all we need to do to get the global economy going again is for the governments of the world to start spending a lot more money. Krugman believes that austerity is only going to cause the economies of the industrialized world to slow down even further and therefore he says that it is the wrong approach. And you know what? Krugman is partly right...
  • What Is The Consequence Of Printing Money That Nobody Wants? (Lock Your Door)

    05/01/2012 5:31:48 AM PDT · by blam · 6 replies
    Sovereign Man ^ | 5-1-2012 | Tim Price
    What Is The Consequence Of Printing Money That Nobody Wants? (Lock Your Door) by Simon Black April 30, 2012 London, England [Editor's note: Tim Price, a frequent Sovereign Man contributor and Director of Investment at PFP Wealth Management in London, is filling in for Simon today.] In a week that saw Britain slide into its first double-dip recession since 1975, we quite fittingly also saw evidence of the sort of insular bigotry and protectionist narrow-mindedness that one associates with that same ugly, painful decade, when Barry Sheerman, Member of Parliament, said: “I’m getting increasingly worried about the free movement of...
  • Spain to Close Border for Summit of the European Central Bank (Fear of Protests)

    04/24/2012 8:22:45 PM PDT · by Fitzy_888 · 1 replies
    Prensa Latina ^ | April 24, 2012 | Staff
    Spain will restore border controls to France on Saturday, during a summit of European Central Bank (ECB) to be held on 3 May in Barcelona, said Monday the Ministry of Interior. The measure, which will run until next May 4, will involve the temporary suspension of the Schengen Agreement on free movement of citizens among the 27 European Union countries. According to the conservative government of Mariano Rajoy, the land boundaries with France will be reinforced at the border of La Jonquera, Port Bou, Puigcerdá, Camprodon, Les and Canfranc and air borders of Girona and Barcelona airports. The Schengen Agreement...
  • Suicides in Greece increase 40%

    04/06/2012 12:19:03 PM PDT · by mamelukesabre · 21 replies
    boingboing ^ | 10:33 am Friday, Apr 6 | David Pescovitz
    Until now, Polyzonis's self-immolation was the most vivid image of a singular public act of protest in a country that's been shaken by anti-austerity violence. But Greece was jolted even more Wednesday after a 77-year-old man took his own life in the busy Syntagma Square, central Athens, the scene of several violent clashes between anti-austerity protesters and the police in recent months. Just a few hundred yards away from the Greek Parliament, retired pharmacist Dimitris Christoulas shot himself with a handgun amid the morning rush hour, in what was apparently a protest over the financial crisis gripping the nation… Christoulas's...
  • Eurocrats Carry On Up The Khyber, Determined and Delusional, says Farage (Spoof video edited in)

    03/15/2012 7:40:26 PM PDT · by Razzz42 · 3 replies
    YouTube fundraising account for EU Indpendence Party ^ | Mar 14, 2012 | Uploaded by europarl
    European Parliament, Strasbourg, 13 March 2012 (YouTube video)
  • A New Poll Shows That Most People Prefer Austerity To The 'Millionaire Tax'

    02/23/2012 7:05:26 PM PST · by SeekAndFind · 27 replies
    Business Insider ^ | 02/23/2012 | AP
    WASHINGTON (AP) — Most people like President Barack Obama's proposal to make millionaires pay a significant share of their incomes in taxes. Yet they'd still rather cut spending than boost taxes to balance the federal budget, an Associated Press-GfK poll shows, giving Republicans an edge over Democrats in their core ideological dispute over the nation's fiscal ills. The survey suggests that while Obama's election-year tax plan targeting people making at least $1 million a year has won broad support, it has done little to shift people's basic views in the long-running partisan war over how best to tame budget deficits...
  • Athens - The Morning After: 48 Buildings On Fire, 150 Looted, Hundreds Arrested

    02/13/2012 5:56:19 AM PST · by Zakeet · 41 replies
    Zero Hedge ^ | February 13, 2012 | Tyler Durden
    Greece: once the origin of Western civilization. Now, a burned-down debt penal colony owned by Goldman Sachs... There is a silver lining to Athens' ever uglier transition to a third world country: the massive GDP boost that awaits it as it sets off to fix broken windows and burned down buildings. In fact, we eagerly await Krugman's OpEd praising some of the more recent developments out of Greece in the past 48 hours. Granted, the country will need to get even more bailout funding from the Troika for said GDP boost to occur, but who cares about details anymore. From...
  • Athens buildings burn as lawmakers weigh austerity

    02/12/2012 12:53:20 PM PST · by NormsRevenge · 61 replies
    Yahoo ^ | 2/12/12 | Harry Papachristou and Yannis Behrakis - Reuters
    ATHENS (Reuters) - Historic cinemas, cafes and shops went up in flames in central Athens on Sunday as black-masked protesters fought Greek police outside parliament, while inside lawmakers looked set to defy the public rage by endorsing a new EU/IMF austerity deal. As parliament prepared to vote on a new 130 billion euro bailout to save Greece from a messy bankruptcy, a Reuters photographer saw the buildings engulfed in flames and huge plumes of smoke rose in the night sky. The air over Syntagma Square outside parliament was thick with tear gas as riot police fought running battles with youths...
  • Greek police union wants to arrest EU/IMF officials (symbolic only, for now)

    02/10/2012 11:20:57 AM PST · by dynachrome · 7 replies
    Reuters ^ | 2-10-12 | Lila Chotzoglou
    Greece's largest police union has threatened to issue arrest warrants for officials from the country's European Union and International Monetary Fund lenders for demanding deeply unpopular austerity measures. ---------------------------------------------------------- The threat is largely symbolic since legal experts say a judge must first authorize such warrants, but it shows the depth of anger against foreign lenders who have demanded drastic wage and pension cuts in exchange for funds to keep Greece afloat. "Since you are continuing this destructive policy, we warn you that you cannot make us fight against our brothers. We refuse to stand against our parents, our brothers, our...
  • Lawmakers Proposed $1 Tril In New Spending Last Year

    01/17/2012 8:05:16 AM PST · by Slyscribe · 7 replies
    Investor's Business Daily ^ | 01/17/2012 | John Merline
    Despite endless talk of spending cuts and fiscal restraint in Washington over the past year, lawmakers continued to act as though the government doesn't spend nearly enough. They introduced 874 bills in the House and Senate that would have boosted annual federal spending by more than $1 trillion if they'd all been signed into law, according to an analysis done for IBD by the National Taxpayers Union Foundation. In contrast, lawmakers offered up just 215 bills to cut spending last year that would have reduced federal outlays by about half a trillion had they all been signed into law.
  • Austerity, This Is Not Moving beyond the Budget Control Act

    12/20/2011 3:18:02 PM PST · by LucianOfSamasota · 3 replies
    National Review ^ | December 20, 2011 | Andrew Stiles
    Given a lot of the rhetoric coming out of Washington and mainstream media outlets these days, one could be forgiven for believing that the United States has entered a new age of unprecedented austerity. This is hardly the case. Indeed, despite the best efforts of an insurgent Republican majority in the House of Representatives — elected in 2010 as a rebuke to Democratic fiscal recklessness — federal spending continues to rise.
  • Due To Austerity, The Italian Catholic Church May Have To Begin Paying Property Tax

    12/10/2011 6:25:48 PM PST · by SeekAndFind · 8 replies
    Business Insider ^ | 12/10/2011
    ROME (AP) — Italy's Catholic Church has shifted gears and shown a willingness to revisit its tax-exempt status amid renewed criticism that much of its vast real estate holdings isn't subject to local property taxes. The criticism has grown recently following Premier Mario Monti's proposal to restore a property tax on first and second homes as part of his sweeping austerity measures to help reign in Italy's massive debt. With ordinary Italians being asked to make sacrifices, the church is coming under fire to do its part and give up what some consider an unfair privilege. Critics, most prominently Italy's...
  • ECB's Big Bazooka Would Halt, Not Solve Debt Crisis

    12/07/2011 7:26:19 AM PST · by Slyscribe · 3 replies
    Investor's Business Daily ^ | 12/6/2011 | Jason Ma
    Hopes that a reluctant European Central Bank will ultimately take up its "bazooka" and agree to massive sovereign bond buying have helped keep the euro zone debt crisis from a full meltdown. But such bold action would only prevent a sudden collapse. Years of managing market expectations and fears would follow, along with long-term painful austerity measures and other reforms to keep countries on the path to fiscal discipline.
  • General strike to protest austerity measures (Greece)

    12/01/2011 8:40:15 AM PST · by dynachrome · 5 replies ^ | 12-1-11 | unattrbuted
    Public services are to be paralyzed again on Thursday as thousands of workers walk off the job to protest an ongoing austerity drive in the seventh general strike this year. As usual, tax offices, courts and schools will shut down, hospitals will operate on emergency staff and customs officials will walk off the job. The national rail network will suspend operations all day as will the Proastiakos suburban railway service. Ferries too will remain moored in port as seamen join the 24-hour walkout. Flights are unlikely to be heavily disrupted.
  • Welcome to Austerityville:Can a technocrat save the Michigan city that democracy failed?

    11/24/2011 10:01:13 AM PST · by JerseyanExile · 7 replies
    Slate ^ | Nov. 23, 2011 | David Weigel
    To get to city hall, you drive up I-75, past the empty Silverdome where the Detroit Lions used to play, and into a nondescript concrete municipal building. The city clerk was laid off a few days ago, but the door to her office hangs open. The mayor, Leon Jukowski, gives me a brief tour of the desks where people no longer work. Cubicles sit empty, little tchotkes and calendars left behind when their owners were laid off. “At one time we had 800, 900 city employees,” says Jukowski. “We have 150 now. And we have the same services that we...
  • Spanish right wins election by landslide: exit poll

    11/20/2011 11:56:52 AM PST · by Arthurio · 67 replies
    Spain's right stormed to a landslide election victory Sunday, an exit poll said, as voters toppled yet another eurozone government engulfed in a deepening debt crisis. Bowed by a 21.5 percent jobless rate, a stalled economy and spending cuts, the 36 million-strong electorate ended the Socialists' seven-year rule with a shattering defeat, the exit poll showed. Opposition leader Mariano Rajoy's Popular Party took an absolute majority of between 181 and 185 seats in the 350-member Congress of Deputies, said projections based on an exit poll by public broadcaster RTVE. The ruling Socialist party PSOE won between 115 and 119 seats,...
  • France cuts frantically as Italy nears debt spiral

    11/07/2011 5:33:57 PM PST · by TigerLikesRooster · 28 replies
    Telegraph ^ | 11/07/11 | Ambrose Evans-Pritchard
    France cuts frantically as Italy nears debt spiral France has unveiled the toughest austerity measures since World War Two despite the looming danger of a double-dip recession, vowing to slash borrowing by €65bn over the next five years in a last-ditch effort to save the country's AAA rating. By Ambrose Evans-Pritchard, International business editor 9:23PM GMT 07 Nov 2011 "We wish to protect the French against the grave problems facing other European countries. Bankruptcy is not an abstract word," said premier Francois Fillon. The belt-tightening plan -- the second package since August, taking total cuts to €112bn -- include a...
  • Civil Disobedience in Greece Grows Over Government's Austerity Measures

    10/28/2011 10:06:48 AM PDT · by markomalley · 31 replies
    AP/Fox News ^ | 10/28/11
    Greeks have launched a wave of civil disobedience against the embattled government's austerity measures designed to appease international creditors, which provided rescue loans to the country. The latest example of rebellion is the Athens municipality of Nea Ionia, where authorities are urging people not to pay a much reviled new property tax being charged through electricity bills. "Our constituents can't pay, they don't have the ability to," Nea Ionia mayor Iraklis Gotsis said. "We consider the new tax to be illegal. But in essence, the truth is our people just can't pay."
  • Europe's rescue euphoria threatened as Portugal enters 'Grecian vortex'

    10/27/2011 4:56:10 PM PDT · by bruinbirdman · 5 replies
    The Telegraph ^ | 10/27/2011 | Ambrose Evans-Pritchard
    Monetary contraction in Portugal has intensified at an alarming pace and is mimicking the pattern seen in Greece before its economy spiralled out of control, raising concerns that the EU summit deal may soon washed over by fast-moving events. Data released by the European Central Bank show that real M1 deposits in Portugal have fallen at an annualised rate of 21pc over the last six months, buckling violently in September. Data released by the European Central Bank show that real M1 deposits in Portugal have fallen at an annualised rate of 21pc over the past six months, buckling violently in...
  • Greece adopts austerity bill amid protests (union rules changed, abbrogates agreements two years)

    10/21/2011 10:12:06 AM PDT · by longtermmemmory · 11 replies
    The parliament approved a painful set of austerity measures on Thursday, defying violent protests in central Athens and a general strike which shut down much of the country. The government won the parliamentary vote with 154 votes in favor and 144 against, despite the decision by one deputy in the ruling party to oppose one article in the package. The victory should ensure the European Union and International Monetary Fund release a vital 8 billion euro loan tranche which the government needs to keep paying its bills past November. The mix of deep pay and pension cuts, tax hikes and...