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Holland: "An Economy On The Brink"
Infamous for little boys plugging holes with their fingers and grown-ups plugging their mouth with their foot (D-Boom), it seems Holland, Berlin's most important ally in the goal of greater fiscal discipline in Europe, has fallen into an economic crisis itself. As Spiegel reports, the once exemplary economy is suffering from huge debts and a burst real estate bubble, which has stalled growth and endangered jobs.
The statistics make for some worrisome reading: no nation in the euro zone is as deeply in debt as the Netherlands, where banks have a total of about €650 billion in mortgage loans on their books; consumer debt amounts to about 250% of available income - by comparison, in 2011 even the Spaniards only reached a debt ratio of 125%; unemployment is on the rise; consumption is down; and growth has come to a standstill.
The trouble for Holland is that despite their proclamations of the need for Fiscal conservatism, even EUR46 billion in austerity measures are apparently not enough to keep the nation's deficit within the EU debt limit. The Dutch were long among Europe's most diligent savers, and in the crisis many are holding onto their money even more tightly, which is also toxic to the economy, as "one of the main problems is declining consumption."
The nationalization on SNS in February brought this reality home and as Spiegel reports, "there is no end to the crisis in sight."
Source: Spiegel
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There is only one significant bank which isn't on the government teat yet: Rabobank. The Lie-bor scamsters.
They will have to be saved eventually as well since own 1/3rd of Dutch mortgages and are the biggest mortgage lender.
It will probably be what sends the Dutch economy into the abyss.
I heard the Dutch are planting flowers that look like Bitcoins.
Party like it's 1634! (grog, wenches)
Note to Holland: Pass legislation allowing banks to temporarily increase the value of all assets on their books by 3x....problem solved.
their net international investment position is strong though.. http://epp.eurostat.ec.europa.eu/tgm/graph.do?tab=graph&plugin=0&pcode=t...
Tulips bitchez
On your organ or garbage chute?
They can't keep this up much longer. None of them. Stealing from depositors is the very last ditch attempt at repairing their balance sheets. There's no solution to fix any of this. It needs to be allowed to die. The Dutch have formally endorsed euthanasia on people. They should work on legislation to euthanize this financial house of cards. Much of the disease comes from Holland anyway. The Dutch are very progressive people. They'll figure it out.
i don't have a right on eutanasia, but i want it
Bank run bitchez! Run!
Man, but the women are nice there...and pretty!
An oddly appropiate song for European banking system deposits, Cyprus, Holland and Europe in general.
Beach Boys - Leaving This Town from the album Holland.
https://www.youtube.com/watch?v=IgmgqCUdgqM
So basically if real estate falls apart, the Netherlands banking system is toast. I think they should do exactly what I think all other countries should do. Buy all the mortgage loans at par and refinance them on terms that allows all the printed money to be paid back fully with little profit (20-30% principal reduction; 4% rate) over the term of the mortgages. Gives the banks the fresh capital they need to be fixed and allows homeowners to contribute more to the economy as their cash flow is immediately increased. Just might reverse the job losses.
Take mortgage profits away from banks and that money will enter the economy and spur the needed growth.
Fed is doing this (buying mortgages) but simply keeping the profits for itself.
Ma Ma Mia, My My...
Mitchell?
The question is does dieselboom switch to a new tactic of rolling out Zwarte Piet out of season to distract the populace before they implement capital controls.
Dieselbloom is a socals party puppet. COVER!
Now, that's a Dutch Treat.
UN passes sweeping International arms treaty viewed by some to override second amendment.....
http://www.washingtontimes.com/news/2013/apr/2/un-passes-international-a...
"American gun rights activists, though, insist the treaty is riddled with loopholes and is unworkable in part because it includes “small arms and light weapons” in its list of weaponry subject to international regulations. They do not trust U.N. assertions that the pact is meant to regulate only cross-border trade and would have no impact on domestic U.S. laws and markets."
Nothing the UN does supercedes US law or the constitution.
Nothing.
If the US Senate ratifies the treaty then it effectively gains footing on the same level as an amendment to the Constitution.
That sounds like BS to me. And any Senate that ratifies that treaty, regardless of the constitutional impact, is not going to be in office very long.
Obvious solution: Giant Platinum Tulip.
We are working on it: in Australia this letter seems to be going mainstream
https://dl.dropboxusercontent.com/u/24940754/PDF_C%26D_foreclosures_17xE...
A letter from the souvereign people of the Netherlands to the BIS, ECB, government and DNB.
During the Vietnam War, there was a commission convened in Sweden that found war crimes had been committed in VietNam. The result was not well received in the USA, though the truth about atrocities and massacres came out to be eventually proven correct.
Is this letter a call for a peoples' commission to try economic crimes against humanity or some other equally valid charge against members of the banking cartel? The US' Federal Reserve is a private corporation chartered by Congress but owned and controlled by its member banks.
Is confiscating interest payments a crime against humanity if it goes on for five years and costs trillions?
Euro closed below 1.28 and is holding. If the US Dollar keeps climbing, the Euro is headed to 1.20.
http://bullandbearmash.com/chart/spot-euro-monthly-closes-128-support/
After 1.20 is a mess. Looks like Holland is contributing to the "road to 1.20".
OK folks - Holland is a province in The Netherlands. Picky, I know, but the correct headline is ""The Netherlands: An Economy On The Brink". Unless, of course, it is actually only Holland that is on the brink. Which I doubt.
I lived and worked in The Netherlands in the 1990s and I have to say that I am amazed that the Dutch people I knew then have fallen so far, so fast. My Dutch friends were conservative to a fault with their money. Example - there was no such thing as a garage sale, ever. Once a year on the Queen's birthday people put a bit of unwanted stuff out front of their house but otherwise, the idea of selling something just because you were tired of it or wanted the latest model did not happen. When the Dutch I knew bought something they not only intended to keep it all their life, they fully expected their grandchildren to be using it. I simply can't explain where all this debt has come from. If this has happened to the Ducth then we are all well and truely screwed.
People got greedy, thought they had a right to everything and took that overvalue on their mortgage thinking that the trees would grow into the skies forever. Then came the crisis of 2008.
You're kidding right? "The First Modern Economy" is how the dutch financial system has been described. They were way, way ahead of the rest of the world with banking.
Hell. Tulip mania? Hello?
They invented The Bubble economy boom and bust.
http://en.wikipedia.org/wiki/Economic_history_of_the_Netherlands_%281500...
The trouble started with us. We invented the stock exchange and made a street called Wall Street in NY (or Wallen as it was called then).
there is no province holland here. we have 12 of them and two of then are called Noord-Holland and the other Zuid-holland.
But Holland has been and is been used for years for The Netherlands.
Glad you enjoyed Amsterdam
I was gonna say the nether lands are part of the ho land, but then I got high...
I am Dutch and we are a bunch of fucking calvinists whether the person is religious or not. Everybody has a big fucking mouth and thinks he can debate everything with everybody. Dutch tell their boss he is an asshole straight in his face, no respect for any authority (but respect for the law though) but a fucking 80% approval rate of the royal fucking family.
Ever been in a modern day neighbourhood in NL? All the houses look fucking the same for miles and miles (Belgiums call them 'concentration camps') and it looks like someone dropped a neutron bomb because no one is ever outside. Dutch pride themselves for being liberal but don't you do anything out of the ordinary or which not considered 'gezellig' (look it up -for me it is a dictatorship) cause you will be ostracized. Dutch pretend to be liberal. For instance, Dutch are in favor of homosexual marriage and gay rights because it is a liberal thing to do. But nobody actually has gay friends. Same for immigrants. It is a 'gezellig' thing to do.
Ever tried to make friends in NL? You won't. And if you have friends, ever tried to visit them? They take out their fucking agenda to make an appointment! Cause they fill up their lives with useless activities which they actually find quite annoying but hey, it is a 'gezellig' thing to do. And when you drop by to visit a friend around dinner time, they get really nervous around 18 o' clock (self imposed obligatory time for dinner) and expect you to leave while in other countries it is considered quite normal to pull out an extra plate so you can join them for dinner.
There is autosensorship and autoregulation in order to keep up with being 'gezellig'. For me it is an self imposed panopticon and I am glad I left the place ages ago.
Other places more fucked up to live are for sure Germany, Switzerland and Austria. Not to mention the UK and US.
The best thing that can happen to Holland and other fucked up countries is a good crisis. Then perhaps we realize that there are more important things in life than tidy houses, useless activities, trains that are not two minutes late, who will be the next fucking idol or other fucking useless reality shows (Big Brother and other reality shows shit were invented in Holland after all) and who will be this year's fucking football champion. Maybe then perhaps we reconnect with our families, friends and neighbours.
hahaha, I like what you said and can confirm.
However, one thing needs to be straigthened right out:
Germany, Austria and Switzerland are even more more fucked up when the masses of Dutch tourists come to town and want to impose their "gezelligheid" onto the sad and depressed Alpenkrauts. When in the Alpen it's fucking "Gemütlichkeit" and not "Gezelligheid". Big difference!
I do apologize for the hords of gezellig tourist fucking up the fucked up Alps even more. But these countries are fucked up by themselves. A Swiss friend of mine says that Switzerland has 8 million cops. A German friend of mine after living years outside of Germany on return had neighbours call the cops on him because he had a fucking BBQ in this yard on a Sunday! How fucked up is that?In his own back yard with the next neighbour 30 meters away!
Listen, the Reformation and Calvinism fucked up these countries. Sure Catholicism sucks as well and got South of Europe in trouble but Calvinism really took the fun out of everything.
LOL! Three great posts. Yes that sounds like Germany on a Sunday.
I have a Norge-American friend who had a hotel in the USA. He got a lot of European guest and likes most of them. He does not like the Swiss. I am not sure why.
I would laugh in Austria when the Germans would act like big shots on urlaub. The only thing worse is Americans acting like arseholes in Europe. I would just cringe at how stupid they would sound and look.
The Dutch usually go everywhere in Europe pulling there little caravans.
Oh dear, the caravans. And these assholes on campsites playing their fucking house music, thinking it is cool.
Don't get me started on 'tokkies' with tribal tatoos too stupid to spell their names but with an attitude that they are king. Or these young students with their posh accents and attitudes that they are Queen Beatrix.
Anyway, there are also normal people in these countries who are not uptight, fucked up and full of themselves.
And now get a haircut Freddie -a non financial one- ;-)
LOL! Sadly I think we may all be getting financial haircuts. The f***king bankers and elites for centuries have been pitting Europeans against Europeans and Americans against Americans (Civil War) to make money on people killing each other. The banksters destroy countries so they can loot the wealth of the local people.
People generally get along with each other. Europeans were better off before this EUSSR and euro shit. Now it is a messs and it may start another war.
The designers of the Euro designed its downfall. Instead of listening to economists who knew what they were talking about, they listened to politicians who had dreams of empire. Then came the American financial institutions that sold us their worthless MBS crap. Dream over and done.
True, life of Europeans and relations between them were better before the Euro. Europeans though might become united in their resentment of the EU and of the banks.
I'm Dutch too and I agree with most of this analysis hehe.
Though hospitality in the south is a little better, less big mouth, and more make economy there also.
We may have a 1 GDP debt but we also have 1 GDP of savings and 1 GDP of pension funds.
The housing market is the main bubble, due to government stimulus, and they should let house owners bleed, a proces they carefully started now.
I was in the South of the Netherlands of course. Once I was in a supermarket there standing in front of shelves picking products. Someone I did not know starting talking to me, out of the blue! Never happens in the Randstad. Sure I could not understand what the fuck she was saying because of the accent but things are more relaxed way down south ;-)
I agree. Housing bubble is the biggest problem in NL (economy wise). Biggest problem is the dictatorship of gezelligheid.
What about the Danes? I find them to be among the most likeable Europeans. I have only been there a few times and I liked the people and Denmark.
They're cool. They annoy me a bit with their little flaggies on their tents on campsites though and they have some rotten fish in a can that is a delicacy to them. Icelanders are cool. And the Irish. Greek are cool. Believe it or not, Serbs are cool as long as you don't mention the war. Then they kill you ;-)
looked it up again to be sure but its roughly 1.2 GDP of pension holdings
and 0.5 GDP of savings
Gezelligheid in the Netherlands, Volksheim in Sweden,
totalitarianism unresolved in northern Europe. Sweet sweet
national socialism creeping back were it never left.
No wonder Tyler is unrepentant with the freaking Germans.
Heimreich Sicherheit in the USSA.
Duck when they start shooting those hollowpoints.
The housing bubble is a problem for 30 years, and now on the top of the market we take action??????????? stupid politicions
not the bubble is the problem but the tax reduction on housing, witch ceated the bubble
Oh yeah, and thanks for Northern Ireland too. Admittedly that was a while back.
Calvinists did that! I tell you, they take the fun out of everything.
This is true, so true.
"Other places more fucked up to live are for sure Germany, Switzerland and Austria. Not to mention the UK and US."
You pulling a real Mrs.Mortimer , I have to second you and cease to travel.. ;-) Great comment.
Cheers. Well, they say there is a bit of truth in every prejudice. Except of course when it comes to Russians. Then all prejudices are true and acknowledged ;-)
Please do travel.
Well Joe, you are more than right. Some Serbian writer,
I wish I could recall his name and recite him well , said : "the racial jokes with the typical prejudices were always the best. Once they stopped, the killing commenced! "
P.S. I traveled a bit more than Mrs. Mortimer, but to no avail...
Perhaps that writer was Ivo Andric (famous for Bridge over the Drina) who was a Bosnian Croat I think. He is also famous for saying that 'the world is full of bastards, baptized and non-baptized'.
You are right. The world is full of PC crap and 'sensibilities'. The other day I saw a T-shirt that said 'fuck you and your sensibilities'. So true.
This Mrs. Mortimer was quite a character. She wrote about Russians: 'who were generally not to be trusted and ran at great speed through the streets to avoid freezing to death'.
Or this one about Kurds: Kurds are the "fiercest people in Asia... The reason why the Armenians live in holes in the ground is because they hope the Kurds will not find out where they are". (But not so funny when you think about the Armenian genocide).
I traveled a bit more than Mrs. Mortimer too. The poorest people I met were the nicest people I met.
Sorry Joe, I used to read contemporary writers on the fly if at all but I do have that book somewhere. Sorry about the
Armenians and this real genocide but Mrs.Mortimer predicted
who would be ready to carry out the real bad deeds. Or so I was told. Don`t believe a thing they told me in school and
the like thereafter. Some ZH Kurd should comment next time.
That was some nasty business, that genocide. Well, it usually is. The Turks did that although most deny it. Don't know if the Kurds were in it too. I know Turks and Kurds have some business with eachother as well.
My country/race/ethnicity/tribe/religion/etc right or wrong is so fucked up. It usually takes a good economic crisis to flare that all up.
Off to bed. Have a good night.
http://www.youtube.com/watch?v=ors-eZeeJ0U
Doesn't this create a possible future dilemna for the haircutters?
The Netherlands is not in southern Europe. What to do, what to do.
I think that the Nether Regions should go with account waxings instead of haircuts.
No wonder holland has essentially decoupled from germany's economy if you consider that the country hasn't carried out the sort of necessary reforms germany did in early 2000's. From what I understand, there were about 4 different governments during the last 10 years or so. Again and again the governments collapsed due to mainly petty arguing and squibbles and now their economy is f*cked and it won't be easy to get it going again. I don't hold much hope for these guys, the dutch men/women I have met always seemed so full of themselves, they're just a laughable bunch.
the germans have a social democrat model; architectured by Schroeder.
Not the Dutch or the Brits.
they have a national socialist model, architectured much earlier than Mr. "Im not wearing a wig, I'll sue you if you say otherwise".
Actually, NL did a lot of labor reform. What zee Germans did was dampen salary increases modeled after the Dutch Polder model (which the Dutch had abandoned by then) to create more jobs and to increase exports. Coupled to almost limitless lending of Euros to PIIGS led to Germany going from being the sick man of Europe to being topdog. But then PIIGS could not pay back borrowed Euro and could no longer afford German products. Comes in the IMF's structural adjustment programmes and Merkel's austerity. But that is boomeranging back in the faces of everyone.
So why are the most neo liberal economies now feeling the heat?
After the UK now Holland.
So with Cyprus and Holland added to the mix, are they now called the CHIPIGS?
PISING_c
I know ZH likes to trash Euro countries but leaping to NL after Cyprus and Slovenia is too big of a leap. Before you know it Spain, Italy, Luxemburg and France feel left out and we have another European wide war on our hands. We wouldn't want that now would we? Oops, America actually perhaps might want that. Just like the other two. ;-)
I am being sarcastic of course. Or not. Who knows?
I guess the Dutch are also into little boys planting tulips on organs and plugging dykes.
http://www.businessinsider.com/martijn-pedophile-club-is-not-illegal-2013-4
Dutch Court Says Pedophile Club Cannot Be Outlawed A Dutch court has ruled that the pedophile club Martijn cannot be outlawed, Michael van Poppel of BNO news reports.Martijn is a Dutch association that advocates the social acceptance of pedophilia and the legalization of sexual relationships between adults and children.
In June 2012 a Dutch court deemed the group to be illegal and ordered it to disband immediately. Prosecutors had successfully argued that the club's work and ideas were contrary to public order and morality — especially since the harmful effects of child sexual abuse infringe upon the rights and interests of children.
On Tuesday the court found, on appeal, that "the activities of the association are contrary to public policy, but that there is no threat of social disruption."
The ruling echoes a June 2011 decision that the club's activities were not illegal under Dutch law because even though men associated with the club — including its former chairman — have been charged with possessing child pornography, the crimes weren't committed in connection with the club.
Tuesday's ruling noted that the club does not provide any "tips and tricks" for adults to have sex with children.
Here is the actual press release in Dutch if anyone wants to do a proper translation.
http://www.bnowire.com/inbox/?id=1803&utm_source=dlvr.it&utm_medium=twit...
If you have a gun without permission you go to yail for 5 years, but is you preach child abuse is free speech?????
we don't like it eather
In the USA you have NAMBLA.
http://en.wikipedia.org/wiki/North_American_Man/Boy_Love_Association
Don't shoot the messenger......
It is sick. But hey, it is a liberal thing to do (liberal as in freedom of speech and expression, not liberalism as it is considered in the US namely being leftist).
Also in breaking news.
http://www.bnowire.com/2013/04/02/eurozone-jobless-rate-reaches-record-1...
BRUSSELS, BELGIUM (BNO NEWS) — The unemployment rate in the euro area (EA17) remained stable in February, but nonetheless reached a record high after the European Union (EU) revised figures for the previous month. The jobless rate in the wider EU region notched up a tenth of a percentage point.
The EU’s statistical office, Eurostat, said the unemployment rate in the euro area has increased by 1.1 percent on a year-to-year basis, with the February 2012 rate at 10.9 percent. The wider 27-nation EU region (EU27) registered an unemployment rate of 10.9 percent in February, an increase from 10.8 percent in January and up from 10.2 percent in February 2012.
Eurostat also revised previously published jobless figures for January. It showed the euro area’s unemployment rate reached 12 percent in January, an increase of two-tenths of a percentage point when compared to 11.8 percent in December 2012. The office initially reported January’s euro area jobless rate as 11.9 percent.
The latest report also estimates that approximately 26.3 million men and women in the EU27, of whom 19 million were in the euro area, were unemployed in February. Compared with the previous month, the number of people unemployed increased by 76,000 in the EU27 and by 33,000 in the euro area.
Compared with February 2012, unemployment rose by 1.8 million in the EU27 and by 1.7 million in the euro area.
Among the EU’s Member States, the lowest unemployment rates were recorded in Austria (4.8 percent), Germany (5.4 percent), Luxembourg (5.5 percent) and the Netherlands (6.2 percent). The highest rates were seen in Greece (26.4 percent in December), Spain (26.3 percent) and Portugal (17.5 percent).
Compared with a year ago, the unemployment rate increased in nineteen EU member states and fell in eight. The largest decreases were observed in Latvia (15.6 percent to 14.3 percent between the fourth quarters of 2011 and 2012), Estonia (10.8 percent to 9.9 percent between January 2012 and January 2013), and Ireland (15.1 percent to 14.2 percent).
Outside the European Union, the unemployment rate was 7.7 percent in the United States and 4.2 percent in Japan.