20 Responses to Greece inches closer to the abyss: austerity measures may be final ‘death-spiral’

  1. Taxing the rich more may hurt the economy, but stopping tax evasion by the rich could help heaps. Here in America as well. We all know the details.

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  2. “cracking down on tax evasion and raising money from the rich”… sounds like a theme. One would think governments could see this, or that if they did see it, they would act in the interest of their country.

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  3. Yes, I agree that stopping the tax evasion is a good thing. However, what I also see here is a group of people who are used to the government giving them all of these perks and goodies. Now that the government wants to take some of these “goodies” away so they can try to survive, the people are not happy and want the wealthy to sacrifice instead. Better the wealthy sacrifice then the people having to sacrifice. Squeezing the rich will probably accomplish one of two things. 1) They will have paid out so much money that they won’t be rich anymore and therefore, unable to pay out any more money or 2) they will take their money and leave the country.

    If one thinks about it, if any of us were one of the wealthy people, what would we do?

    Maranatha

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  4. Fillade says:

    Greece was and is a socialist state, they made their bed many years ago in adopting this blind phylosphy, when you take out more than you put in eventually the well runs dry, the rich always slip out before the cracks appear. The as all of the EU were sold out to the rothchild controlled bank system by their own governments, in not regulating their banking system. As we are all sold out to the NWO, Greece now , EU early next year and then us before the election. if there is an election, we could be under martial law from the OWS demostrations being used covertly as mini 911’s in the cities. In the words of Rahm Emanuel, there are opportunities in any crisis.
    Fillade

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  5. Will Smith says:

    Yes, Cain may have part of his 9’s correct… If mega businesses in America paid 9% the revenue would help solve the debt crisis. When a company like GE pays ZERO taxes on 150 billion income (check their 2010 return) then you know why our elected officials are under their influence. GE donates to both side so they never lose an election. I want to hire their tax man because I paid a lot of taxes in 2010 and my return alone gave more money to the government than GE.

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  6. Dennis E. says:

    I think that everyone should pay their fair share of personal income taxes.
    I do not have a problem with some tax loopholes for industries to grow and prosper and add more jobs.

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    • NickK0 says:

      I mostly agree.

      ” A high tide raises all boats”. To be fair, Everyone should end up paying more….. Not *just* the Middle Class, and not *just* corporations, either.

      – Nick

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  7. luisport says:

    BreakingNews Breaking News
    Demonstrators clash with Greek police as tens of thousands rally in support of austerity strike – @Reuters http://reut.rs/nbHo7E
    há 8 minutos

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  8. luisport says:

    BreakingNews Breaking News
    Outbursts of violence mar peaceful march by about 100,000 Chilean students – @AP http://sunsent.nl/nXGVTr
    há 2 minutos

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  9. luisport says:

    http://translate.googleusercontent.com/translate_c?act=url&hl=de&ie=UTF8&prev=_t&rurl=translate.google.com&sl=de&tl=en&u=http://alles-schallundrauch.blogspot.com/2011/10/das-armageddon-des-gobalen.html&usg=ALkJrhjim2ij222YjkX7DIVsGAkwYsbluA The Armageddon of the gobal financial system
    Dienstag, 18. Tuesday, 18 Oktober 2011 , von Freeman um 22:00 October 2011, at 22:00 by Freeman Laut Bloomberg hat die Bank of America, nach ihrem Downgrade durch Moody’s, Derivate im Wert von 75 Billionen Dollar (nicht Milliarden) von ihrer Investment- banking-Tocher Merrill Lynch in ihre Retailbanking-Abteilung verschoben und damit Zugriff auf das Fed Discount-Fenster und den Einlagenschutz der FDIC für diese Summe bekommen. Has, according to Bloomberg, Bank of America, after its downgrade by Moody’s, derivatives worth 75 trillion (not billion) moved from their investment-banking subsidiary Merrill Lynch in its retail banking division, and thus access to the Fed’s discount window and the protection of FDIC deposit for that amount received. Das bedeutet, das Ausfallrisiko für europäische Derivate wird nun durch den US-Steuerzahler garantiert. This means that the default risk for European derivatives, it is guaranteed by the U.S. taxpayer.

    Zur Erinnerung, Bill Clinton hat den Glass-Steagall Act 1999 aufgehoben, der die strikte Trennung zwischen Investment- und Retailbanken vorschrieb. For the record, Bill Clinton, Glass-Steagall Act 1999 has repealed, which required a strict separation between investment and retail banks. Er ist der eigentliche Schuldige an der Finanzkrise. Siehe meinen Artikel darüber hier . He is the real culprit behind the financial crisis. See my article about it here .

    Die Bank of America hat keine Erlaubnis von der Aufsichtbehörde dafür bekommen, aber es trotzdem auf Wunsch ihrer verängstigten Gegenparteien einfach gemacht. Bank of America has received no permission from the supervisory authority for this, but it anyway just to wish her terrified counterparties. Jetzt streiten sich die Fed und die FDIC darüber ob das zulässig ist. Now argue, the Fed and the FDIC over whether this is permissible. Fed Chef Ben Shalom Bernanke will unbedingt die Banken damit entlasten, die unter enormen Druck stehen. Fed Chairman Ben Shalom Bernanke wants to relieve the banks necessarily so, who are under enormous pressure.

    Aber es geht weiter, die JPMorgan Bank hat anscheinend das selbe mit 79 Billionen Dollar an Derivaten gemacht. But it goes on, the bank JPMorgan has apparently done the same with 79 trillion in derivatives. Dazu kommt, man weiss gar nicht was sonst noch an Versicherungsgarantien irgendwo in den Büchern anderer Banken schlummern, denn niemand führt Buch darüber. In addition, one never knows what else still lying somewhere in insurance guarantees in the books of other banks, because no one keeps a record about it. Es können viele hunderte Billionen sein. There can be many hundreds of trillions.

    ( Ausschnitt aus Bloomberg : Bank of America Corp. (BAC), hit by a credit downgrade last month, has moved derivatives from its Merrill Lynch unit to a subsidiary flush with insured deposits, according to people with direct knowledge of the situation. ( excerpt from Bloomberg . Bank of America Corp. (BAC), hit by a credit downgrade last month, has moved derivative from its Merrill Lynch unit to a subsidiary flush with insured deposits, according to people with direct knowledge of the situation.
    … …
    Bank of America’s holding company — the parent of both the retail bank and the Merrill Lynch securities unit — held almost $75 trillion of derivatives at the end of June, according to data compiled by the OCC. Bank of America’s holding company – the parent of both the database and the Merrill Lynch retail securities unit – held almost $ 75 trillion of derivatives at the end of June, according to data compiled by the OCC.
    … …
    That compares with JPMorgan’s deposit-taking entity, JPMorgan Chase Bank NA, which contained 99 percent of the New York-based firm’s $79 trillion of notional derivatives, the OCC data show.) That compares with JPMorgan’s deposit-taking entity, JPMorgan Chase Bank NA, Which contained 99 percent of the New York-based firm’s $ 79 trillion of notional derivatives, the OCC data show.)

    Das heisst, wenn die Kredite implodieren, welche die europäischen Banken halten, zum Beispiel weil Griechenland einen Schuldenschnitt bekommt und die Lawine von Portugal über Irland, Spanien bis Italien losgetreten wird, dann muss der amerikanische Steuerzahler für die Credit Default Swaps (CDS), welche BAC, JPM und andere verkauft haben, gerade stehen. That is, if implode the loans that keep the European banks, such as Greece gets a debt cut and the avalanche will be unleashed from Portugal to Ireland, Spain and Italy, then the American taxpayers for the credit default swaps (CDS), which BAC, JPM and others have sold, stand straight.

    Hier weiterlesen: All smoke and mirrors: The Armageddon of the gobal financial system http://alles-schallundrauch.blogspot.com/2011/10/das-armageddon-des-gobalen.html#ixzz1bG9RZFk3

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  10. jdc-witherton says:

    We (my family and I) are currently in the USA but live in the UK. There is a lot of fear about the European collapse financially. Greece is just one example of the weakness of the Euro and how easily things can fall apart. I can never quite believe the madness that is reported to be happening there, -having been there for holiday several times. The idea that the lovely people of that country are now not a viable people is quite shocking!

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  11. RainMan says:

    Now we wait nervously as more voting on details of the austerity plan will occur today.
    Already 100,000 people have gathered outside the governments assembly building.

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