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08-07-2011 10:22 PM  6 years agoPost 1
Heliguychris

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Perth, West Australia

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While the world has been distracted by the saga of the US debt ceiling, the Eurozone crisis has taken another turn for the worse: Spain and Italy, the two largest PIIGS (and a telling indicator of how bad things have got is that it is now PIIGS rather than PIGS), have seen their borrowing costs blow out in a new bout of market contagion that has regional policymakers sweating in Europe's August heat.

As we've heard before, there are good reasons to distinguish both these economies from the countries that have already succumbed. Yet it's been striking just how ineffective the region's policymakers have been in stemming the crisis as, one after another, economies and metaphors have tumbled.

First, Brussels and Frankfurt tried to build a firebreak between Greece's debt problems and the rest of the region, only for the flames to engulf Ireland. Then there was supposed to be a line in the sand dividing Greece and Ireland from Portugal. But that was washed away. Now the crisis is attacking the two largest southern European economies – the two that are 'too big to fail and too big to bail'. Should they fall, they would probably take the Euro project with them.

If this is the Eurozone's last stand – and it’s starting to look like it is – let's hope that Brussels has better luck with this metaphor than it's had with the others...

http://www.lowyinterpreter.org/

Thoughts ?

Licensed (CASA) UAV operator certificate holder 1-YFOF5-01 www.helicamaerial.com.au

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08-07-2011 10:54 PM  6 years agoPost 2
baby uh1

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St. James, Mo.

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It all sounds too familiar to me except we have irresponsible states like California and Illinois dragging us down instead of neighboring countries.
Pretty much the same thing only different!

Anything is possible if you don't know what you are talking about!

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08-08-2011 01:05 AM  6 years agoPost 3
Life_Nerd

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USA

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and Illinois
Sad and true. As a resident, I apologize.

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08-08-2011 12:15 PM  6 years agoPost 4
shawmcky

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Isle of Wight,United Kingdom

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In the days of global economies,the Eurozone might just as well be another U.S state as a crisis here affects the U.S big time and vice versa.We are all an entwined big "happy"economic family.Unless of course people think that no significant amount of dollars are invested in Europe for some reason.

Team- unbiased opinion.K.I.S.S principle upheld here

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08-08-2011 06:36 PM  6 years agoPost 5
djinni

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Chitown

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baby uh1
It all sounds too familiar to me except we have irresponsible states like California and Illinois dragging us down instead of neighboring countries.
Pretty much the same thing only different!
You need to get your facts straight, California and Illinois are top Revenue Contributors for the U.S. Treasury. Your state is a drain on the U.S. Treasury, it receives $1.32 from the US Government for every dollar it sends.

Federal Spending Received per Dollar of Taxes Paid

Top 10 Drains on the U.S. Treasury
1. New Mexico $2.03
2. Mississippi $2.02
3. Alaska $1.84
4. Louisiana $1.78
5. West Virginia $1.76
6. North Dakota $1.68
7. Alabama $1.66
8. South Dakota $1.53
9. Kentucky $1.51
10. Virginia $1.51
---
18. Missouri $1.32

Top 10 Contributors to the U.S. Treasury
1. New Jersey $0.61
2. Nevada $0.65
3. Connecticut $0.69
4. New Hampshire $0.71
5. Minnesota $0.72
6. Illinois $0.75
7. Delaware $0.77
8. California $0.78
9. New York $0.79
10. Colorado $0.81

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08-08-2011 07:35 PM  6 years agoPost 6
baby uh1

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St. James, Mo.

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Then why are they going bankrupt? Are they paying too much in taxes?

Anything is possible if you don't know what you are talking about!

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08-08-2011 08:01 PM  6 years agoPost 7
djinni

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Chitown

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baby uh1
Then why are they going bankrupt? Are they paying too much in taxes?

You just can't reason with the unreasonable!
Again, you need to get your facts straight. No State in the US is going bankrupt. Your inability to differentiate between bankruptcy and budget deficits, State Budgets and Federal Budgets, speaks volumes.

FYI, Texas will have a State Budget Deficit this year that's close to 3 times larger then the one Illinois will be facing.

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08-09-2011 01:10 AM  6 years agoPost 8
baby uh1

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St. James, Mo.

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Sorry, After Obama's last speach, No one from Illinois has any credibility now!

Anything is possible if you don't know what you are talking about!

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08-09-2011 01:44 AM  6 years agoPost 9
djinni

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Chitown

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baby uh1
Sorry, After Obama's last speach, No one from Illinois has any credibility now!
That's your opinion. The facts speak for themselves. Your State, Missouri, is a drain on the US Treasury, and Illinois is a positive contributor to the US Treasury.

Your State is draining $.32 cents out of every dollar sent to the Federal Government. Your State is being supported by tax dollars from all the States that have a positive contribution to the Treasury.
.

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