Cypriot crisis

[sandandfoam]

Well as a non-expert I know how much income I have a month and how much I can afford to spend on rent. My finances are MY responsibility not my banks. I agree it is insane how much credit people can get but they don't have to use it.

Not many are experts. Those who were experts were telling people to borrow the money and buy houses. The experts were saying that if you don't they will be more expensive next year. The experts were saying it is prudent to borrow the money. The experts were selling insurance to cover your mortgage should you ever lose your job (Worthless in most cases).
The prime minister of this country suggested that one economist who advocated caution re the propert market should go and commit suicide.
Credit was freely available, everyone was saying borrow it, the economy is going great and you will be well able to pay it back.
Given that you are not an expert on what basis do you presume that you would have known better than all the experts?
Is it credible that the citizenry of the PIGS coutries are your intellectual and economic inferior?

 

[sandandfoam]

What I mean is that most countries with decent economies had the option of handeling the crisis on their own without having to borrow enormous amout of money, simply making cuts in social security benefits or the like.

In the countries that are really in trouble making those cuts is not enough.
So they don't have the option og making cuts and getting by on their own.

They have to make cuts AND borrow money, or go broke.
Neither of which is very popular with the population.

We in Ireland carry 42% of the burden of the European banking crisis. Would you like us to carry it all?

 

[sandandfoam]

Yeah, but not all of us have advanced degrees in mathematics which allows us to know how to do things like add and subtract.

Adding and subtracting are of less use than you imagine when your income is halved.

Who saw that coming?

 

[Breathe]

Yeah, but not all of us have advanced degrees in mathematics which allows us to know how to do things like add and subtract.

I honestly think money management is something that should be studied in schools. There are plenty of people who can't look after their money.

 

[sandandfoam]

I honestly think money management is something that should be studied in schools. There are plenty of people who can't look after their money.

But it is hugely misleading to blame individuals for 'living beyond their means' for the financial meltdown we have experienced.
We weren't living beyond our means - the rug has been pulled out from under us.
The only debt I have is my mortgage. No credit cards no car loans and no investments.
Our income has been slashed. Taxes are spiralling upwards at a frightening rate. Public services are crumbling. Every month our government pay out fortunes to professional investors who invested recklessly and it is all the fault of people like me.
I have no future in this country, my children have no future. When my current contract runs out next year I am going to have to work abroad and send the money home. I will see my family every few weeks. And according to the people running the show it is my own fault.
I say no it is not. It is a disgrace and it bothers me a lot that the bull pumped out by the bankers is so readily accepted as gospel.

 

[Breathe]

But it is hugely misleading to blame individuals for 'living beyond their means' for the financial meltdown we have experienced.
[...]
I say no it is not. It is a disgrace and it bothers me a lot that the bull pumped out by the bankers is so readily accepted as gospel.

Oh, I totally agree; I don't think it's the fault of (the majority of) people. Banks are to blame for not regulating the money more tightly.

I still think, though, that it should be taught in school.

And abroad? Take me with you!!

 

[sandandfoam]

And abroad? Take me with you!!

Oh my goodness - I feel like Shirley Valentine

 

[sandandfoam]

Interesting article

Today Cyprus faces ruin: who knows, tomorrow Poland, as the blundering ideologues of the euro insist on the execution of their great imperial scheme, regardless of the history and the habits of the peoples whom they attempt to bring under their monetary yoke................

Cyprus is breaking the mould. Its entire political class

 

[Flankerl]

lol Poland? Poland is doing great.


Oh and btw Estonia is doing awesome. They had their insane cuts yet no people went to the streets. They worked. And now Estonia and its people are alive and well.

 

[Breathe]

lol Poland? Poland is doing great.


Oh and btw Estonia is doing awesome. They had their insane cuts yet no people went to the streets. They worked. And now Estonia and its people are alive and well.

Why are they doing great? What's their -- and the German -- secrets?

What cuts happened in Estonia that nobody rioted over?

 

[sandandfoam]

Why are they doing great? What's their -- and the German -- secrets?

I fear they might not be doing great for long. I am beginning to think it is possible that the whole euro project might collapse. This Cypriot fiasco is a disaster and I think we will only see how big a one over the coming weeks.
If I had money (I don't ) I would be moving it to Switzerland or London.

This crisis is only beginning and omens for Europe are bleak - Independent.ie

 

[Breathe]

I fear they might not be doing great for long. I am beginning to think it is possible that the whole euro project might collapse. This Cypriot fiasco is a disaster and I think we will only see how big a one over the coming weeks.

I fear you're right. What impact would a Euro collapse have on Europe, though?

If I had money (I don't ) I would be moving it to Switzerland or London.

If I had the chance, I'd move out of Europe altogether. Probably to Qatar, China, Mongolia, Japan, or even Laos.

Maybe I should learn subsistence farming.

Hell, maybe now is the time to become a prepper.