This page has been archived and commenting is disabled.
Italy's Version Of Austerity: 3 Months Of Vacation
The French were willing to 'slash' retirement ages by a few days as the Greeks tied property tax payments to electricity supply in an effort to raise revenues but it seems the much-talked about austerity that is such a great hardship for Europe's non-German/Fins/Dutch is missing in action. Today we hear of the progress in Italy as la Republica explains the incredible provocation of the under-secretary of the economy Gianfranco Polillo that: "We are in a country where you work an average of nine months each year, and I think that now we must think that these nine months of work are too short," suggesting - shock, horror - that "if we gave up one week of vacation, we would have an immediate impact on GDP of around 1%". First of all - adding 1% from an additional week seems a 'stretch' but nevertheless as Wirtschaftsfacts notes that these comments only "reinforce the prejudices in the northern countries of the euro zone, that many employees are in the southerners lazy and workshy." So the next time we hear Monto proclaiming the need for Zee Germans to step up or the ECB to monetize, it is clear now what exactly he is protecting - his all-year tan!
Polillo explains his country's hardship:
"We are living beyond our means because we have a current account deficit of balance of payments which is about 3 points of GDP, a fact often overlooked. This means that we each year to support our domestic consumption we need loans abroad in recent years amounted to 50 billion euros. So if we do not close this gap we can not continue to use foreign borrowing to support consumption. " "This gap - he added - and we can fill in two ways: by reducing domestic demand and would be unacceptable if we want to destroy the country or by increasing the productive potential of the country."
»
- 13661 reads
- Printer-friendly version
- Send to friend
- advertisements -
SO WHAT?
go work yourself if you like it so much, stop forcing your stupid work ethic on us
In the North, the weather is shit, food is crap, women are cold, they have no friends... so obviously working "hard" is the only escape they can have.
Saves the fuel bill at home too.
Jackdaw lost its tail and started advocating its a quality.
I'm from the north, and I do believe you have to pay for your free time yourself, But the idiots are working much too hard in the US and UK and Germany , and they only buy fucking junk with it, spend it on free time you slaves.
Just a teeny problem with that line of thinking..
As 30% of the Italian workforce “works” for the government, the longer they are at work, the more ways they find to spend and waste money.
It's more than that.. While I agree that our lives revolve around work and blind comsuption, you can't have the blind consumption and expect those that work to pay for it.. Well, southern Europe can't.. The US and UK can.. for now..
I'm afraid Finns, Germans, Austrians and the dutch are just going to have to suck it up. France Italy and Spain are beautiful countries - and is it a coincidence that the more beautiful the country the more progressive and liberal the politicians? Thats what attracts millions of tourists every year and flourishing economies - the inconvenient truth (for libertarians) is that no one wants to visit somewhere where raw capitalism has ruined the landscape, has worked the people to ill health and death. No they want to go somewhere where the people ENJOY life in a fair and just society with equality for all.
" in a fair and just society with equality for all." Just where might THAT be?
All you suckers below are still falling for this troll who's favourite hobbies are prostitutes and whore houses.
Here is a selection of his posts before he started to (self confessed) immitate MDB.
http://www.zerohedge.com/news/another-nail-greek-coffin-cheap-migrant-workers-are-now-returning-home-albania#comment-2329016
thats the dumbest comment iv seen all this week
fair for the 1% you mean
". . . no one wants to visit somewhere where raw capitalism has ruined the landscape. . ."
Like Marbella for example?
The elephants in the room that nobody wants to see are the financial "services" industry (read Goldman Sachs, et al) has stolen all the cash they could and now there's none left to pay down debt, and there are no productive jobs available. More positions in government and paper shuffling do not improve the situation, but not unlike America, those are the jobs that are being created.
If one had a lot of debt, but kept a large stash of cash available to service that debt when it came due, the debt would be manageable. However if a thief stole all of that cash that was in reserve, there would be a solvency problem. That is a large part of the problem in the Mediterranean south. The thieves, having to a large extent, run out of places in the South to steal from are now moving north into Germany. They need to get more creative to swindle those tight-fisted, well-armed Finns though.
... living from debts racked up with those who are working elsewhere (not only in the North, but also in the resource and 'stuff' exporting countries).
The Mediterraneans are nothing but a bunch of beach bums living off rich uncles! (Same thing with the Americans).
Such love people.
Such lovely countries.
What price did the Eloi pay to the Morlocks?
Suck it up? It's capitalist economies that are supporting the socialist economies, or else their countries would be in ruins. That includes the environment.
How about the socialist economies sucking it up and PAYING FOR THEIR SHIT THEMSELVES.
Lazy indeed, here is the interesting thing, the Italians have a culture of small business and they make stuff in factories, just look at all the car, bike truck companies, textiles, leather, pharma, steel factories. (compare to a country like Canada at 33m, has nothing by way of making anything, just a suck it and pipe it economy(O&G))
For 60m people with a GDP of 36k per person, its again the government holding back the people. Its not a cakewalk to do business, its mind numbingly frustrating- but you can hire someone to take care of those ongoing issues.
So really, a 19k hit (pretax) from a 55k NA gdp to get beautiful women, vibrant culture, incredible food and climate, that actually make stuff and are known around the world for many things......
Where does that 19k go? paying interest on your shitty spec home, ya the one with the cream vinyl siding, the 4 yr old suv that gets 21mpg, your big screen tv that you got on a black Friday that you use to forget how fucked your life is.
count me out I am still studying french.
There is another teeny problem and that is in assuming that there is lots of work to be done and it's just waiting for someone to give up some vacation and pick up the slack. In other words he is completely ignorant of the unemployment problem.
Jamie Dimon earns millions a year and gets to take vacation whenever he wants, so why can't average people ALSO earn millions and get more paid vacations? That's all liberals are asking. But of course libertarians always support the 1% and don't let 99%ers have anything.
Mass Destruction Bullshit
Noah Smith?
There needs to be some producers in order to support the thefts by the Jamies of the world. That's where the Germans come in. Jamie and his ilk steals, the German workers and their ilk make stuff for him to steal. It a symbiotic relationship. All play and no work makes Franz an unsuitable victim.
The solution is obvious. Just print $100 billion per citizen and distribute it via C-130. That was no one ever has to work again, and we'll all just wait for the weekly flyover for our millions of dollars in wages.
That will work. At least until the Illegal Aliens get their million or billion too and then everyone stops working....We should've tried this years ago...../sarc
The ideal Jamie vacation would include a vast amount of water and a board of sorts
... and a date with your locker?
Milliion, I hope that was sarcasm, otherwise you are displaying such a level of ignorance that it is hard to belive you ever found zerohedge.
It's a program, you see....
Dimon earns nothing - stealing is not earning. Dimon has MF Global-smuggled funds in his pocket and they are OTHER people's illegally taken property.
Sono pienamente daccordo
The majority of workers don't have a choice ... without some collective enforcement labour competition keeps vacation days into a race to the bottom. The Euro and free trade simply opened up the flood gates to force everyone into the same race.
Only having wage deflation in the south will solve nothing if it isn't accompanied by wage inflation in the north. Maybe Italians should take less days vacation, but only if Germans took more.
Is Maranello north or south?
northish
I'll take those "cold" German and Swedish women, and don't forget the beer is good
Me too. They might be cold, but they work hard.
I'll take those tall Dutch girls....... mmmmmmm.
Well, the Scandinavian girls are actually much hotter than the Dutch bitches (first hand experience and not just mine). It doesn't make much sense though.
and their skin holds up over time
no point starting now! it's all coming down :)
not like you'll get a pension
exactly, governments are rapidly losing good will with their fake goals.
Fake Goals? How about their bullshit free lunch solutions?
Wait. There will always be a majority of suckers who fall for the free lunch, the fatal flaw of democracy and why true genius chooses liberty over democracy.
Don't the Germans say work will set you free?
Death is freedom.
Northerners cant even enjoy sex without a plentyful dose of weird fetishes. That tells you a lot.
You're just bitter because your chick's won't go funky, leaving you up late staring at your computer while she's asleep, wishing that was you in half the photos you download.
Nopes. If I really wanted my balls being clamped or squeezed and my anus being probed, I will just go through US airports security.
LOL. FTW
and its on video
soon to be found on the internet too...
We are all bankers in north.
It is easy to say 'so what' when someone is paying your bills. That day will soon end. The bill payers will say 'so what' and then war, crime, and then you die. Its a wonderful life, aint it.
I want unlimited sick leave too.
I want my physician to prescribe a two week "cure" at Baden-Baden, Germany.
The water/beer cure is great.
The water/beer enema? What a waste of beer, but hope you enjoy it.
at some point a strong work ethic may get forced upon you by you needing to eat and stay warm. and germany and the 'north' will say "no we wont help you anymore." and the politicians that promise ease if you vote for them will be powerless to help you. yes, we have been wasting. not all of us americans agree with that mentality. we pay stockbrokers more than farmers. and boardmembers to sit on their asses and make stupid, blind decisions and for that to 'earn' more in a few hours of being stupid than folks who work an entire year. we all need a wake-up call. humans want the path of least resistance and the pols in all countries know how to use that to promise and even deliver in order to preserve their power. they Take from the producers among us and Give to the takers. all for those precious votes. we allowed it without revolt when it was to the shiftless among us. but when it starts all going into the coffers of banks and corporations and the powerful among us...the people begin to rise up. and they will continue rising. that day will come just as it always has and there will be a great readjustment. you, sir, will be adjusted
Most people on the Med. don't really have a big "cold" problem. In the North it is a matter of life and death,. and that is why they learned to work hard.
Not sure if you're missing the point or not zilverreiger (which sounds German to me and this article is highlighting Italy...oh well.)
In a year there's about 2080 hrs of regular worktime available given an 8 hour schedule. Which, historically is pretty low but let's go with that.
2080 / 480 hrs (3 months) = 23% paid leave
Italy runs an 8% deficit to GDP
So one could argue that 8%/23% or 34% of your paid leave is funded by government borrowing. (please excuse the simple math, but simple math is very difficult for central planners)
Which basically means, 4 of your vacation weeks are just being put onto the Italian Credit Card...which, hey I don't care. Make it 8. I don't care. But eventually, someone will have to pay that card off. There's no ultimate escape from the reality.
Debt jubillee
Tutti a spiaggia!
lifes a beach
Thats how Germans say it, after a lot of zinking.
Is there a shortage of workers in Spain, or jobs?
Oversupply of humans. That's how some people see it anyway...
Exactly!
This is such bullshit (although the 3 mths vacation is very generous).
You know what would increase GDP by infinity percent, Italy?
Kicking Goldman Sachs out of your country, and not letting them underwrite your securities and debt.
The brainwashing of humanity is just so fucking simple.
spot on
most of the issues here.. are WS.... not xenophobic bs... straight up exploitation by WS more than anything else
"We are in a country where you work an average of nine months each year, and I think that now we must think that these nine months of work are too short,"
Bankers hours days weeks months years for everyone........bitches!
Not all of us in Italy take the summer off...some of us like to take the winter off too!
http://www.youtube.com/watch?v=d_mLFHLSULw&feature=related
Wait, working an additional 2% of the year only adds 1% to GDP?
This implies the human workforce only accounts for 50% of their GDP, or that they are doing all the work they need, and it is diminishing returns.
Personally, I would be quite happy to cut MY work down to 0 weeks per year and maintain an income of about 50% of what it is now.
TM, think you're using the same 'maths' as the Govt bean counters ...they haven't a good record of being accurate
the correct maths BTW is doing zero work and getting paid 100% ...that's the public sector don't you know (e.g Barney Franks career)
What's your point?
It is easy to calculate from this that they only need to work a total of 15 months to get up to 100% productivity.
Overpayments are a rampant problem in the unemployment insurance system. The federal government and states overpaid an estimated $14 billion in benefits in fiscal 2011, or roughly 11% of all the jobless benefits paid out, according to reports from the U.S. Labor Department.
http://finance.yahoo.com/news/government-overpaid-14-billion-unemploymen...
"Italy's Version Of Austerity: 3 Months Vacation"
Perfectly sound 'logic' in the Eurozone, what's the fuss about?
sounds like another EU Directive or something from the equally delusional Court of Human Rights to not stress everyone out over these bankrupt budgets
So you stress over bankrupt sovereing budgets? Why would you do that when they have been defaulting for centuries? - it's nothing new - were you actually born yesterday?
Greece has defaulted about 13 times in it's history - and yet you're making a fuss over this one?
Sounds like you're the chicken licken - or is it you're protecting your own ursury interests?
There's nothing like a human who is prepared to put all other humans liberty at stake for his own self interest.
I am sure glad that defaulting is no big deal and Europe has done this often. Of course the wars, death and destruction went right along with them, but heh no big deal.
OT: "Obama pays gas & mortgage (& electric bill)" ~ LOL
~~~
http://redtape.msnbc.msn.com/_news/2012/07/09/12634554-obama-paying-utility-bills-scam-victims-nationwide-think-so?lite
Dear Tyler... I love the site, been reading it forever and enjoyed many insightful stories and laughs. For the record, it is just cruel to post a tiny pic of bikini babes baring flesh without a larger version when one clicks on the thread.
-The SEC
Hey try this http://thechive.com/
Exactly!
Which driver is more at work here? Sloth or avarice (or both). In other words, we couldn't support these lazy lifestyles if not for the financial legerdemain of fractional reserve banking and sovereign deficit financing.
Everytime I hear about Austerity, I think of Abstinence for some reason.
So lets just all become slaves and work 12 months minus 2 weeks like in the states...NUTZ
That is to support the growing class that is on vaca 12 months out of the year.
Then don't spend the money you didn't earn in those three months. It's so simple. That's all anyone is asking.
I'll get the same amount done in 50 weeks as I would 46. But with the extra time off I will be less likely to quit or steal...
The Past: Work more, buy stuff to send to landfill. Crave even more.
The Future: Work less, buy less. Be happier.
THe Present: Work more, Save more, Pay down debt.
The Future: Live on your own terms, Enjoy your Freedom.
Workers are slaves, consumers are kings. What do you wanna be?
The Italians have got it right.
Why the fuck should you work more / harder to redress the imbalance of wealth which capitalism has created?
It's not your fault the system is fucked - you didn't choose it - it was chosen for you (by those who benefitted from it most)
Sadly these Capitalists were fooled - you see capitalism only works with DEFAULT entwined in it's structure - and nobody told these capitalists there were risks involved in lending countries money (in a big EU club or not - still a risk)
Those who preach austerity and 'working harder' are simply 'house slaves' who think they are better than field slaves.
...but we're all slaves sucker!
I mean which is more important really?
Looking good with a nice sun tan a relaxed mind and a good work life balance doing a job which helps people but doesn't make much 'monetary profit' for the individual - but benefits society as a whole
...or....
A depressed overworked pasty white skin person who works all the hours god sends rarely see's his family and who is on the verge of a nervous breakdown making crap for idiots to buy?
One of these roads leads to doom - the other to a better life - see if the capitalists on here can see past their profit and greed glasses and work out which one it is.
Pale skin has been the aesthetic ideal for almost all of European history, bar from the ochlocratic 20th century onwards, so much so that Roman women plastered their face with lead in an effort to remain white with the progressive bastardisation of their race with Afroasiatic blood. YOur 'looking good' is mere subjectivity. Enjoy your woman's brown nipples while I suck on these pink pencil erasers.
U MAD BRO?
GoogleTranslate
The Secretary to the economy, Gianfranco Polillo, proposes to give up a week of vacation per year to increase productivity. "We would have an impact on GDP of a point," he says.
What do you think?
I agree (2543 votes) 27%
I disagree (6634 votes) 71% (..or Vafanculo!)
I do not know (171 votes) 2%
*Italy
*Capitalist
Pick one.
>Why the fuck should you work more / harder to redress the imbalance of wealth which capitalism has created?
Because you want access to the goods capitalism has produced
Wake up writing, the Chinese capitalist are going to be showing you soon enough how it works.
Hang on, did that guy just says "Consumption through debt is prosperity and growth through lower consumption and savings is the death of the country " ???
Maybe this is true for some public sector employees like Polillo. I can assure you that this is absolutely not true for the private sector: learn italian and then go read the reactions to Polillo's absurd declaration. You might even learn something...
One week is rougly 2% of all weeks in the year so it seems plausible to me...
same shit in the USA, people are on FB or some other shit sites during "working" hours anyway.
Italian politicians are puppets who utter provocative lines on the behalf of the Anglo Usraelian powers that own Italy from 1945 and even before. Their aim is to finish destroy Italian reputation so that the few Italian very prestigious companies that are left, will be sold at dirt cheap price. Think Nuova Pignone in 1992. ...now they want Italy to give up the family jewels: Eni, Finmeccanica
Problem is the Jooze have a well embedded and ancient competition with the Mafia when it comes to stealing in Italy, and the Italian flock of sheep is too suspicious and cynical when they see the wolf dressed up like a lamb.
One day a fisherman was lying on a beautiful beach, with his fishing pole propped up in the sand and his solitary line cast out into the sparkling blue surf. He was enjoying the warmth of the afternoon sun and the prospect of catching a fish.
About that time, a businessman came walking down the beach, trying to relieve some of the stress of his workday. He noticed the fisherman sitting on the beach and decided to find out why this fisherman was fishing instead of working harder to make a living for himself and his family.
"You aren't going to catch many fish that way," said the businessman to the fisherman, "you should be working rather than lying on the beach!"
The fisherman looked up at the businessman, smiled and replied, "And what will my reward be?"
"Well, you can get bigger nets and catch more fish!" was the businessman's answer.
"And then what will my reward be?" asked the fisherman, still smiling.
The businessman replied, "You will make money and you'll be able to buy a boat, which will then result in larger catches of fish!"
"And then what will my reward be?" asked the fisherman again.
The businessman was beginning to get a little irritated with the fisherman's questions. "You can buy a bigger boat, and hire some people to work for you!" he said.
"And then what will my reward be?" repeated the fisherman.
The businessman was getting angry. "Don't you understand? You can build up a fleet of fishing boats, sail all over the world, and let all your employees catch fish for you!"
Once again the fisherman asked, "And then what will my reward be?"
The businessman was red with rage and shouted at the fisherman, "Don't you understand that you can become so rich that you will never have to work for your living again! You can spend all the rest of your days sitting on this beach, looking at the sunset. You won't have a care in the world!"
The fisherman, still smiling, looked up and said, "And what do you think I'm doing right now?"
It never ceases to amaze me how oppressors demonize their vilans to rally reluctant trolls to battle.
austerity will be coming to US as well.
For now look for EUR to 0.7 (not straight down), major sell-offs, gold to sub $400
THEN.....all hell breaks loose...EUR to 2.0+, oil to $250....casino stock market = languishes, gold to $5000+ (but first $300)
on a side note...hypocritic LIE-berals don't want to pay odummernomics taxes:
http://www.msnbc.msn.com/id/48118502/ns/business-personal_finance/t/socialite-dumps-us-passport-most-taxes-too
1% GDP impact is conservative (unless they're so pissed off on the extra week they don't do much):
1/(52*(9/12)) ~= 2.6%
"if we gave up one week of vacation, we would have an immediate impact on GDP of around 1%"
This statement is specious.
The GDP computation is flawed as it omits leisure, a scarce and valued economic good. Reducing vacation time could easily leave people worse off. Even this is impossible to determine as there is no means to measure or sum the subjective valuations of two different people.
"So if we do not close this gap we can not continue to use foreign borrowing to support consumption"
I really do not understand this line of thinking. Do you manage your household bills on your own? Or do you get together with your neighbors to figure out whether you are collectively using credit cards too much?
It's entirely conceivable that some people could "close the gap" and lose the ability to borrow, while simultaneously there can be other people who do not "close the gap" and yet retain the ability to borrow.