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“Southern Europe Does Almost Nothing—Except Complain”

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Wolf Richter   www.testosteronepit.com

“While Eastern Europe is largely implementing the necessary reforms, Southern Europe does almost nothing—except complain,” said Bulgarian Finance Minister Simeon Djankov in an interview, a withering blast aimed at neighboring Greece.

And in Greece, “The risk of bankruptcy is still existent,” said Fotis Kouvelis, the leader of Democratic Left, smallest of the three parties in the coalition government. His way of reminding the bailout Troika—the EU, the European Central Bank (ECB), and the IMF—to open the money spigot all the way, or else! The Troika inspectors are scheduled to return to Athens next week to have another look [read.... Greece Flails About, Troika Inspectors Paint “Awful Picture,” Merkel Draws A Line, German Industry & Voters Back Her: It’s Almost Over For Greece].

In September, armed with the inspectors’ final report, the Troika will decide whether or not to make the next bailout payment to Greece. If the decision is no, Greece will default and most likely return to the drachma.

“We demand an extension,” Kouvelis said, summarizing eloquently the strategy since the June elections. Instead of implementing with fiendish dedication the reforms that the prior government had agreed to in exchange for the second bailout package, the new government insists on renegotiating those reforms and then delaying those renegotiated reforms, while insisting on the continuous flow of other people’s billions. He complained about the recession, and that therefore structural reforms couldn’t be implemented.

But neighboring Bulgaria is one of the EU’s fastest growing economies. It has the second lowest national debt of all EU countries and even sports a budget surplus. Individual and corporate income tax rates are 10%. And it’s one of only three EU countries in compliance with the financial stability criteria in the Maastricht treaty. The very criteria that were supposed to have prevented the debt crisis ravaging the Eurozone. So the fiscal union treaty, pushed through by Chancellor Angela Merkel but hung up in the German Constitutional Court, is supposed to accomplish the same thing that the Maastricht treaty already failed to accomplish: force countries to obey limits on deficits and debt.

But Bulgaria has been in compliance, in part due to Djankov, who became Finance Minister in 2009, after a 14-year stint at the World Bank. When asked if his country, still one of the poorest in the EU, wasn’t balancing its budget at the expense of the people, he said: “That is a false and dangerous contradiction that the Southern Europeans recently added to the debate. Countries like Germany, Finland, or also Bulgaria have growing economies and still adhere to the deficit rules. Balanced budgets and growth are not a contradiction. Prerequisite is that the necessary reforms are implemented.”

Spain has been trying to do that. But people resist. With unemployment at 24.4%, their government on the brink of financial doom, and their banks collapsing, Spaniards have turned to protests. Yesterday, firefighters were on the forefront. While some battled the police, others protested tongue in cheek, and with a good laugh, making their point with perfect visual clarity—and with a lot of bare skin. Read.... Naked Firefighters Protest Salary Cuts (VIDEO - they use their hands or helmets to cover up their equipment).

And in Greece, reforms just aren’t implemented. Even the privatization of bloated state-owned enterprises is bogged down. 28 projects by 2015: electricity provider DEI, the postal service, airports, railroads, ports, hospitals.... For €19 billion, an amount that keeps shrinking. But this year, only two projects are on the list: the national lottery and the former International Center of the Olympic Press, a mere building.

And so, Costas Mitropoulos, the frustrated CEO of the Hellenic Republic Asset Development Fund, which was put in place a year ago to implement the privatizations, resigned. “The newly elected government has not given the support needed,” Mitropoulos wrote in his letter of resignation. “Instead, they have indirectly yet systematically reduced the prestige and credibility in the eyes of potential investors.”

And the argument that Bulgaria has an advantage over Greece because it has its own currency doesn’t hold water. After losing value at an exponential rate, the lev was pegged to the Deutsche Mark in 1999 at 1:1 and then to the euro at the DM’s conversion rate. And the peg has held! Alas, Bulgaria was scheduled to adopt the euro by January 1, 2012. A deadline that came and went. So was Djankov hesitating to adopt the euro? “Hesitating?” he said. “More than that. We put the process on ice. We first want to see what the future rules of the Eurozone look like.”

If it sticks around. In December 2001, when I was in Germany on business, bank showcases were filled with feel-good euro agitprop. Euros would enter circulation on January 1, and this was part of the campaign to persuade Germans to surrender their Deutsche Marks. Some were apprehensive, but my business contacts were gleeful: the euro would become the dominant reserve currency, and oil would be priced in it! Read.... Now Even Counterfeiters Are Giving up on the Euro.

 


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Sun, 07/22/2012 - 09:29 | Link to Comment brettd
brettd's picture

The Jesuits, Marists, Franciscans and Dominicans will take issue with your assertion that Jews control school curriculum.

Sat, 07/21/2012 - 11:56 | Link to Comment FeralSerf
FeralSerf's picture

Why would you be so sure about the Roman connection?  Are you a Zionist shill?

The "Grand Jewish conspiracy" is rooted in Eastern Europe, not the southeastern Mediterranean.  The so-called Jews (Jooze) are not really "Jews" or Semites.  They are Kazars or Ashkenazim that originated north of the Caucasus in Ukraina and Kazakhstan.  They are interlopers, liars, fakes and frauds.  They prey on the false sympathies and beliefs that they have built up among the Christians.

Sat, 07/21/2012 - 05:51 | Link to Comment JOYFUL
JOYFUL's picture

Get a grip...racial hegemonism is a sionist trap...buy into it and yu dance to their tune, not whiteys'...half of south-eastern europe spent several centuries under muslim rule and has significant numbers of muslims as part of their indigenous(enthnically europoid) population...right up to the gates of Vienna...our forefathers managed to avoid succumbing to that demographic wave, and if we can't pull it out this time, there's no point in blaming them!

when we blame other races or cultures for our downfall, we give more power to the perpetrators of that downfall - and it ain't jew or muslim ...the sabbatean\frankist cult behind the downfall of the west is a holdover amalgam of several races which supplanted torah judaism with an heretical talmudist cult, a satanic subculture which has given notice to anyone paying attention that they intend to genocidally eliminate christian muslim and jewish cultures alike...they hide within each of those groups like a viral infection waiting to explode.

it's a krazed, kriminal agenda, and the only way it can succeed is by applying the principle of divide n rule over the target groups and let them destroy each other. Our moral and economic decay is a result of these khazarian kooks having examined and exploited every weakness in the Europoid haplogroups and breeding degeneration of our dna through their bio-chemical warfare against us(phony food\pharmaceuiticals\flouride\fukushimas\phony vaccines)...the only thing Vienna is overrunning with is sionist propaganda - and yu just bought a whole shitload of it!

It's 'game over' for Whitey when Whitey rolls over and gives up the struggle for our peeples survival - that ain't gonna happen bud - some of us still got enough of our forebears' tenacity to take us through the coming storm and out the other side...even if the west goes down, we can still pull enough of our peeple through to start again.....and we'll need those other races and cultures to help to do it...just as we had to many times before. Yu gotta make more friends than enemies...it's called survival instinct, and contrary to the phony history we are spoonfed, it's what got us this far!

done deal? Phuk that! Beebe and the rest of the sionist kriminal kaste will be delighted with yur defeatist soundtrack and Wolf's blame the other guy scriptwriting for their whitey snuff flick! But this ain't Hollow-wood - and it ain't over yet. Muzzies, Hebes, n us have a common calling for a different kind of cinematic experience...death to the kabbalist killer klowns.

Sat, 07/21/2012 - 01:51 | Link to Comment AnAnonymous
AnAnonymous's picture

It is quite easy to tell otherwise: Arabs are white people, white people being overrun by white people?

Maybe it means Indo Europeans overrun by Arabs?

___________________________________
First world European standards of living cannot and will not be maintained in the absence of European peoples.
___________________________________
Indo European peoples are not European peoples. They are Asian. Their ancestors came from Asia.

European peoples are other peoples.

US citizens have triggered a race to depletion of resources. It is then ensured that downward, standards of living are going to be impacted. So it is not so much in the absence of Indo European people (who, when they happen to be US citizens, claim they can do without resources) but in the absence of resources to support their US citizen standards of living.

Sat, 07/21/2012 - 06:56 | Link to Comment JOYFUL
JOYFUL's picture

...Indo European peoples are not European peoples. They are Asian. Their ancestors came from Asia. European peoples are other peoples...

When an exponent of Han Citizenism opens their mouth to expostulate upon stuff, it can be very dangerous for Han Citizens...not only will flies flock in, but the very dubious quality of the b/s which falls out can lead to shame and recrimination...

When our Tocharian Europoid brethern were living the good life in Kizil and the other oasis kingdoms of the once verdant Gobi, they took care to maintain their environment through proven methods of Indo-European husbandry...their flocks n other four legged friends were well fed, and the fields were fat with abundant crops of all description...the sacred waters of the Tien Shah mountains were canalized and husbanded as a precious resource.

Sadly, barbarian invaders from the east imposed themselves upon this outlier province of Europa, gradually using their force of numbers to kill off the warriors, enslave the woman, depopulate the cities and desertify the once blooming ecosystem...not even familiar with the simple cart, these dense dullards gradually managed to educate themselves through their captured Indo-European wives and fought bitterly amongst themselves to see who could breed more ïndo-european type features in their families...Yes indeed, Indo-European citizenism was all over Asia...once upon a time. SO, why even call it Asia? Indo-Europeans should reclaim Indo-Europa from that fringe group of  "asians" -misnamed like those mixed Cauacasian\Mongol\Tibetan\Uighur Red Men in western Indo-Europa were...and Hans should be content to be considered a [very] watered down element of the big Indo-European family!

even today... a de facto double standard exists in the Han citizen psyche...the more "mongoloid" looking the han citizen, the less 'face' they have....the Hakka chinese, famous for the beauty of their women, are to be found blobbing up all over internet chat rooms talking about their caucasian antecedents and racial separateness from the Han ....

The Han citizen...famous for opening cans of worms - do they eat the worms? Who knows...more inscrutable Han Citizenism at work...just like building massive empty cities, or equipment that falls apart as soon as package is opened~!

Sat, 07/21/2012 - 14:30 | Link to Comment AnAnonymous
AnAnonymous's picture

SO, why even call it Asia? Indo-Europeans should reclaim Indo-Europa from that fringe group of "asians" -misnamed like those mixed Cauacasian\Mongol\Tibetan\Uighur Red Men in western Indo-Europa were...and Hans should be content to be considered a [very] watered down element of the big Indo-European family!

________________________

Indo Europa? Why not Eurasia?

Indo Europeans can do whatever business they want in Asia with the Chinese once they pack up from Europe to move back to Asia where they belong.

Chinese are Asians. Indo Europeans are Asians. None of them are Europeans.

Sat, 07/21/2012 - 23:34 | Link to Comment JOYFUL
JOYFUL's picture

...once they pack up from Europe to move back to Asia where they belong.

At last we can agree on something...

I'm already back in the hood bud...and inchin my way towards yu...O, to be home agin in the sweet pastures of our Indo-European paradise, where the rush of cool mountain streams and the soft singing of the famous Kuchean dancing girls enlivens the spirits and soothes the weary warrior!

figure by the time I'm finished building that army of mounted Indo-European horsemen and have advanced as far as the Pamirs, we gonna do some bizness alright...

 

Sat, 07/21/2012 - 08:26 | Link to Comment akak
akak's picture

BRAVO!!!

The insidious and duplicitous Chinese Citizenism worm has, once again, been stepped on and squashed as the insignificant vermin that he is --- now if only he would recognize his status.

Make me laugh!

Sat, 07/21/2012 - 06:18 | Link to Comment BeetleBailey
BeetleBailey's picture

Come on douche...where do you live? What fucking country of utopian bullshit do you dwell/lurk in? Jesus ......your claptrap is laughable.

Sat, 07/21/2012 - 06:36 | Link to Comment AnAnonymous
AnAnonymous's picture

I live on planet Earth, which is ruled under US citizenism, leading to a US world order.

Speaking of utopia... US citizenism is right here, right now.

Sat, 07/21/2012 - 19:51 | Link to Comment tulip_permabull
tulip_permabull's picture

I notice you've lost the accent. Those Berlitz tapes really are something, aren't they?

Sat, 07/21/2012 - 07:19 | Link to Comment negative rates
negative rates's picture

Perhaps, but the utopia is a long way off, we actually don't know just how far off, but a long ways away from here. And i'm talkin like well over 10,000 days, even if all goes as planned. If it goes as not planned, forget about it, it's then revolutionary.

Sat, 07/21/2012 - 01:09 | Link to Comment Nachdenken
Nachdenken's picture

Why save when someone else is working to pay for you.  Why change your system when it is the known evil and you have learned to curse and crib and live with less.

 

Sat, 07/21/2012 - 00:54 | Link to Comment jonjon831983
jonjon831983's picture

lol... game over man, game over.

 

Ref Wolf's article: http://www.testosteronepit.com/home/2012/7/19/even-counterfeiters-are-giving-up-on-the-euro.html

 

Maybe the counterfieters realized they can't fake gold as easily. (Tungsten is expensive!)

Sat, 07/21/2012 - 00:51 | Link to Comment valkir
valkir's picture

Can give you inside info.Bulgaria is stable now.Stable in the misery.1 milion young people /1/8 of population/were forsed to go abroad looking for beter life.?housands of factories doesnt exist anymore.Average salary is 350 $.Average amount for retiree is 100 $.Price of gas,food,electricity, etc are expensive than Germany or USA.Only some services are cheaper so far.How people survived?Almost anyone has own property.Property taxes are 30-40 $/year.Most of the people have own gardens,vineyards,anyone outside big cities has own herd of animals-hogs,cows,chickens.Forgot to tell you,biggest investor in the country are...immigrants.And most important-Bulgaria went to bankruptcy 20 years ago,pass the hyperinflation later,was forsed to go to currency board,and CB cannot print national currency-lev.

Start building your survival gardens......bitchez./moon gardening can help some of you,who doesnt have boats.../

Sat, 07/21/2012 - 01:57 | Link to Comment caustixoid
caustixoid's picture

Usually I like Wolf's articles, but Valkir confirms my fears that Mr.ex-world-bank finance minister is just another sellout to the western banksters:  glowing macro-economic 'discipline' and ever worsening conditions for average people.  Let me guess what else he's done:  neutered unions, privatized public utilities and herded his country towards the Euro.  Sorry, I'm not buying the Bulgarian miracle.

Sat, 07/21/2012 - 04:18 | Link to Comment CharlieSDT
CharlieSDT's picture

I'm in Bulgaria and the people here for the most part seem happy and healthy (except the gypsies).  People have jobs, they eat heathy cheap food, and they party hard.  Drinks and food are cheap.

 

1 beer at the bar in BG = 1 euro

1 beer in Greece > 5 euros.

 

That extra 4 euros per round not being stolen by the banksters go a long way.

Sat, 07/21/2012 - 11:39 | Link to Comment FeralSerf
FeralSerf's picture

You have just described a typical society that exists on subsistence agriculture and low wage, semi-skilled sweatshop labour.  It could be Thailand or Viet Nam as well

Sat, 07/21/2012 - 00:29 | Link to Comment steve from virginia
steve from virginia's picture

 

So ... Does Wolf Richter suggest that outcomes would be different if the Greeks eliminated their government? Would Greece be 'fun' again if it sold off its post office, its airports, its truck drivers' union?

Wouldn't they simply be broker than they are now? 

What do the Greeks owe the financial charlatans? Any deal that was offered by them is a fraud. There is no 'bailout' only more and more loans. The default/writeoffs were also a fraud.

How about cutting the financials' heads off with a samurai sword on TV? Start w/ LaGarde and work down.

 

Sorry, the Latvian model does not work. Try again. BTW, if you think the Greeks are diabolical now just wait until they become Europe's smugglers' paradise. You will never see such good heroin in Europe.

Sat, 07/21/2012 - 01:55 | Link to Comment AnAnonymous
AnAnonymous's picture

The aim is not so much about turning Greece in a 'fun' place once again.

The aim is, in a world where inputs of resources can no longer be that easily added to an economy through the economy, to make for some other US citizen people.

Everything the Greeks get no longer to consume is resources that can be consumed by other US citizen nations.

It is not so much about getting 'fun' back to Greece, it is about keeping some other US citizen places 'fun'

Sat, 07/21/2012 - 08:39 | Link to Comment prole
prole's picture

Please kill yourself and then both Tibet and ZH can be a fun place again

Sat, 07/21/2012 - 00:22 | Link to Comment q99x2
q99x2's picture

The picture probably looked like Merkel.

Sat, 07/21/2012 - 00:11 | Link to Comment ReactionToClose...
ReactionToClosedMinds's picture

there is enough woe in the world ....Bulgarian terror bomb, Aurora, Colorado Batman movie shooting, Syria, etc., I'd rather not get into a shouting match tonight.

But personally, I find Wolf Richeter to be among the very best of the internet media commentators, for which I thank ZH for highlighting.  If it means anything to Richter, I put him close to Michael Yon.  But Yon faces different complexities than Richter ...namely the ongoing issue of his physical safety for what he does.  But the substantive 'eye on the ground' reporting he does goes beyond anything that one reads in the traditional media.

Thank you again ZH, Richter and Yon and others ....

 

 

Sat, 07/21/2012 - 08:10 | Link to Comment GCT
GCT's picture

Reality is a bitch.  I happen to like Wolf's articles most of the time.  If I look at Europe right now the problem does indeed lie in the southern countries.  Greece has not implemented its agreed plan and yet they want more money.  I am sure to get junked but they are broke and the corrupt politicians will not change anything and continue to siphon off bailout money for their cronies.

I am sure someone will come along and tall me how this is all Germany's fault.  They made the loans but people forget the Greek's signed on the dotted line. The question is when will the Greeks realize the "we will defualt if you do not give us more money", will no longer work.  I agree with many posters that the banks that made the loans should take the hit. The same thing is going to happen to us once the drama in Europe is complete. 

Sat, 07/21/2012 - 12:33 | Link to Comment OneTinSoldier66
OneTinSoldier66's picture

"but people forget the Greek's signed on the dotted line."

 

Exactly which Greeks signed on the dotted line? I live in a country where my Government is $16 Trillion Dollars in debt. I never signed on the dotted line for that. Nor signed up for making what is supposed to be my money, the dollar, worthless by printing it up out of thin air. I never signed up for having the debt of my Government(debt which I never agreed to), 'monetized' into what is now 'their currency', thereby making it into a financial debt instrument. I never condoned such a Ponzi or counterfeiting scheme, ever!

 

The Government did. The Federal Government has made it obvious that it's not my money, it's theirs. It's not my country, it's theirs. Leon Panetta Secretary of Defense for the U.N./N.A.T.O. did his level best to make it clear a few months ago that, it's not my military, it's theirs.

 

The Federal Government does this without my consent. I would never sign on the dotted line for such things.

 

Did the Greek Authorities and Government really have the consent of the governed when the dotted line was signed? Is there a possibility that a deal was made and the dotted line was signed by elitists without the consent of the governed?

Sun, 07/22/2012 - 16:33 | Link to Comment GCT
GCT's picture

Onetinsoldier  I am not dissing the Greeks, but I can read and nothing is changing.  I call it as I see as everyone here does from their point of view based on what they read or see.  Democracy ahh what a word, when our politicians we elect sign on the dotted line we are responsible for the fricking debts even though we did not sign.

When we elect a representative we allow them to govern us.  I dispise what is happening to us.  The Greeks should string up all of their representatives but they too got in on the easy money.  Most everyone did. 

I do not know what the Greeks feel but I would prefer to be in charge of my own destiny instead of relying on others to tell me what to do now.  Therein lies the rub most prefer to be lead as opposed to leading.  The Greeks got lead to this point and still think the EU is going to save them.  Some Greeks know the scam and now prefer to barter and trade their production to eat and live.  This is coming to the USA once the European mess is over with.  Now there may be a short stint screwing Japan next but the USA is not untouchable.  We are in fact in worse shape.

 

Sat, 07/21/2012 - 11:31 | Link to Comment FeralSerf
FeralSerf's picture

Those "Greeks that signed on the dotted line" for billions of euros were Greeks in name only.  They were loyal, not to Greece, but Zionist Goldman Sachs bankers.  Much of the so-called debt that the Greeks are allegedly obligated is fraudulent.  The Kosher Nostra strikes again and many Greek Goyim land in the mutton stew.

Sat, 07/21/2012 - 09:25 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

blame greece all you want, like misbehaving children an adult needs to say NO. not no and here have some candy and behave.  I am pulling for the Greeks squize em dry nikos squize em dry.

Sat, 07/21/2012 - 00:44 | Link to Comment otto skorzeny
otto skorzeny's picture

plus- he has a cool name-Wolf- I mean that's kick-ass. not to mention it was Hitler's nickname- doubly cool

Sat, 07/21/2012 - 06:23 | Link to Comment Colonial Intent
Colonial Intent's picture

Otto Skorzeny,

Was'nt he the nazi guy who ordered over 100 american prisoners to be executed during the battle of the bulge?

Sat, 07/21/2012 - 13:41 | Link to Comment Lednbrass
Lednbrass's picture

No, you flaming fucking idiot- the guy that took the fall on that was Jochen Peiper but clearly a lack of knowledge doesnt prevent you from running your mouth. The actual order came from a low level officer on the scene.

US troops executed a large number of Germans after surrender also- it was hardly confined to one side or the other.

Tue, 07/24/2012 - 05:56 | Link to Comment Colonial Intent
Colonial Intent's picture

Yeah otto only knew of the order before it was 'executed'...........

It's 'Joachim' actually.

Tue, 07/24/2012 - 16:54 | Link to Comment Lednbrass
Lednbrass's picture

Joachim is the full name, but he went by and is generally referred to as Jochen, which is the familiar form just as a James may choose to generally be referred to as Jim.

Skorzeny knew of the order? What? Acoording to what, the voices in your head? He wasnt even there you blithering fool. By what logic, everyone in the military knows each other? WTF?

Once again, having no fucking idea what the hell you are talking about does not stop you from speaking- which is unfortunate because you are an idiot and it really should.

Wed, 07/25/2012 - 04:04 | Link to Comment Colonial Intent
Colonial Intent's picture

Sorry now  i understand, otto was one of those 'good' nazi's that prescott bush always talked about.

That must be why you dropped war crimes charges for so many nazi's so they could help you in your military r&d programs.

Otto made a deal, he was guilty and it got dropped.

Like all the other nazi's you took under your wing in america.

 

Wed, 07/25/2012 - 04:13 | Link to Comment Colonial Intent
Colonial Intent's picture

Good to know i can kill and torture as many of your soldiers as i like and then just trade some info to your leaders to get away with it all, what a high value you put on your soldiers lives that must be why USA soldiers are allowed to rape anyone who isnt american and get away with it.

ICC anyone?, no that would limit our options in fighting al quaeda, who are evildoers.....

Am trying hard to be as rude and abusive as your previous posts were (in response to my simple polite question) but somehow i lack the repressed impotence of your own national character, maybe i should try invading vietnam, oh no that would only work if i had a decent army to fight with, i wonder if general giap will lend me his?

Thu, 07/26/2012 - 16:06 | Link to Comment Lednbrass
Lednbrass's picture

What a strange person.

Somehow you equate a statement pointing out the hypocrisy of post war charges of prisoner shooting with an endorsement thereof. Can't say I get that, but whatever.

I was rude because you made statements that had no bearing on reality whatsoever, and attacked the other guy using the Skorzeny handle for reasons that do not exist. I don't think you know much about who Skorzeny was and what he did, yet that did not stop you from slamming the guy. He was an enemy that merited respect. You deserved what you got, if you don't know what you are talking about don't speak-particularly in this neighborhood.

If that bothers you, might I recommend frequenting a Teletubbies-themed website as opposed to one using Fight Club?

Sat, 07/28/2012 - 08:04 | Link to Comment Colonial Intent
Colonial Intent's picture

+1 to ya but It aint me who needs the thick skin,

I posted

Otto Skorzeny,

Was'nt he the nazi guy who ordered over 100 american prisoners to be executed during the battle of the bulge?

You posted

I was rude because you made statements that had no bearing on reality whatsoever, and attacked the other guy using the Skorzeny handle for reasons that do not exist.

Which part of my post did you feel was attacking him?

I didnt imply anything you and he inferred the meaning.

imho

Tue, 07/24/2012 - 05:57 | Link to Comment Colonial Intent
Colonial Intent's picture

nice to know yanks think its ok to execute pow's if the other side does it.

Fri, 07/20/2012 - 23:25 | Link to Comment JOYFUL
JOYFUL's picture

One could choose to dissect and refute the many and varied distortions, mistruths and absurdities* of a typical Wolf Ritcher screed,

or one could cut to the chase and simply observe that Mr Ritcher does little other than complain about southern Europe...pretty much all of the time.

While the rantings of this pint-sized verbal pugilist may be of little consequence of themselves, they do serve to underline the tactics of the moneypower as transmitted by it's minions....

divide n rule, as always, in this case, setting the peeples of Europe against each other with phony narratives about 'other peoples billions'...while the Beagle Boys get away with the loot - and use the stolen proceeds to buy up all of Duckburg to boot!

what a joke! The only billions that anybody in Euromerika has is billions of debt piled higher every day courtesy of corrupt politicos doing the bidding of their pharisee puppetmasters...as will soon enough be revealed, when the banks follow up on the success of JPM in setting up the denounement of Kosher Kapitalism - outright institutionalised theft a la MFG...

*Bulgaria? you've got to be kidding~! Their economic miracle is entirely dependent upon the vibrant black market economy (at least 40%) that Wolf so abhores! Like neighboring Turkey, they are simply reaping the rewards of watching their euro neighbors collapse from the weight of bureaucratic overkill and the inevitable economic stagnations that accompanies it....a couple of years inside the eurozone will fix them right up!

Sat, 07/21/2012 - 01:57 | Link to Comment AnAnonymous
AnAnonymous's picture

or one could cut to the chase and simply observe that Mr Ritcher does little other than complain about southern Europe...pretty much all of the time.

_______________________________

US citizens tend to grow jealous when other behave the same way as themselves.

It is US citizen eternal nature.

Sat, 07/21/2012 - 04:14 | Link to Comment CharlieSDT
CharlieSDT's picture

Just STFU you retard.

Sat, 07/21/2012 - 09:27 | Link to Comment DeadFred
DeadFred's picture

Calling him a retard is slander against all the good retards of the world.

Sat, 07/21/2012 - 00:04 | Link to Comment AldousHuxley
AldousHuxley's picture

warm weather places don't intice population to work hard.

Who the hell wants to be stuck in a cubicle or research lab when the weather is so beautiful in Florida?

 

same shit with greece.

 

germans and british are miserable so they have to invent war weapons to attack and earn enough money to retire in Florida/Greece.

Sat, 07/21/2012 - 02:02 | Link to Comment AnAnonymous
AnAnonymous's picture

warm weather places don't intice population to work hard.

_____________________

There is working hard and the US citizen way of working hard.

US citizen way of working hard comes as a means to increase the performance of efficient consumption. It matters a lot in the race to depletion of resources.

Working hard means consuming a lot.

US citizen greeks work long hours but do not consume that much through their long hours of work.

So they are losing the race.

Working hard in US citizen economics: work long hours to consume as much inputs as it can be.

Sat, 07/21/2012 - 08:09 | Link to Comment Offthebeach
Offthebeach's picture

We don't work that hard and we don't consume enough.
Or not.
Or at variable rates, and times.
As we wish, or feel to do.
( It's a liberty thing. You'll never comprehend. )

We now return you to your proto-marxist( the loser Karl, not Grocho) hive mind, AA.

Sat, 07/21/2012 - 01:45 | Link to Comment Peter Pan
Peter Pan's picture

I would like to see the US government impose the same kind of austerity on its own budgetary process and its people before we start to comment on Greece. What is good for the goose must be good for the gander.

The bottom line is that neither austerity nor profligacy can be good solutions unless they are preceded by a debt write off.

After a good sized write off, interest rates must be allowed to be at a level that encourages either well paying investments or a quick repayment to avoid paying too much for something which has no return (eg a holiday).

Furthermore, higher equity requirements must be the order of the day for any borrower.

Sat, 07/21/2012 - 01:36 | Link to Comment Psyman
Psyman's picture

The cultures of the Anglosphere and Germanic countries produce obedient slaves to be exploited by the ruthless business classes.  The people are miserable and wallow in that misery.  The languages encourage certain kinds of thinking and activity that other languages do not.  Don't pin it all on the weather.  Climate is a significant factor in the development of a culture and how human beings react to their environment, but there are other factors.

Sat, 07/21/2012 - 02:05 | Link to Comment AnAnonymous
AnAnonymous's picture

The 'ruthless' business classes are themselves a product of the culture imposed there.

The others are not obedient slaves, they are partners whose participation is incentized through various bonuses and effectively delivered on promises.

A US citizen middle class has its share of the loot.

Besides, English people are Germans...

Fri, 07/20/2012 - 21:14 | Link to Comment sethstorm
sethstorm's picture

Which is what business also does with regards to perceived skill levels of workers and their refusal to train them.

In both cases, nothing gets done.

Sat, 07/21/2012 - 00:48 | Link to Comment otto skorzeny
otto skorzeny's picture

it cracks me up that these same businesses that piss and moan about the govt. regulations and all that shit are the first ones to scream-"there aren't enough skilled workers for us to hire". you invest the $ and do it your goddamned self instead of waiting for the govt to do it. there are alot of people out there that would gladly go through training if it meant $20 bucks an hour and benis.

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