Money, money, money

Money, money, money

Postby CielOnTap on Tue Jan 26, 2010 8:01 am

01/25/2010

Common Currency Woes
European Union Sees Threats to the Euro

Late last year, it became fashionable to predict the dollar's demise. This year, however, shaky state finances within the European common currency zone have many worried about the future of the euro. Even the EU thinks the monetary union could be in danger.

It wasn't all that long ago when pundits were predicting the downfall of the dollar. A quick glance at the US currency's exchange rate with the euro seemed to back up such fears. The euro cost over $1.50 at the beginning of December, and with the US government continuing to pump massive amounts of money into its economy, one can forgive casual observers for having assumed the trend might continue.

Just a month and a half later, however, the euro stands at $1.41 and many analysts are now warning that it may be in for a long slide. Some are even concerned that the cohesiveness of the euro zone might be endangered altogether -- with the European Union itself chief among the worry-warts.http://www.spiegel.de/international/europe/0,1518,673842,00.html

How many Euro members would have rather kept their own currencies instead of approving the Euro as a new currency?
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Re: Money, money, money

Postby pretzels on Tue Jan 26, 2010 10:02 am

In a story in the left sidebar to that article, CielOnTap, is one about Greece, money woes and corruption.

Before he was elected on Oct. 4, new Greek Prime Minister Georgios Papandreou translated US President Barack Obama's "Change -- Yes, We Can" slogan into Greek. But Papandreou's version was a little more dramatic: "We Must Change -- Or We Will Go Under." On the evening of Dec. 23, he managed to push the most severe austerity budget in recent history through the Greek parliament. The only question is: Will it be enough?


The article mentions that besides Greece, Spain, Portugal and Italy have deficits too that are pulling the Euro value down too.

Today I saw something about the US government intending to freeze spending except for defence. Guess that means defence remains an unlimited credit card type of department for government. What about keeping citizens fed and healthy and employed? Cut back on overseas missions/wars.
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Re: Money, money, money

Postby fishandchips on Tue Jan 26, 2010 2:53 pm

Currency woes, not money giveaway (sigh). Misleading thread title but it is about money!

For the past couple of summers, Greece has been in the news over unemployment, youth rioting etc. Article mentions bribes and tax evasion. Not kind to the folks who could use help in between jobs. Tourism and shipping aren't the only things in the Greek economy--it also is known for food exports, cultural assets/learning. Haven't heard about fashion designers, football coaches or IT whizzes from the country.

What happened after the country's hurrah post-Olympic Games? Must be still paying for them? That Athens mayor might be a good tourism ambassador to encourage people to visit and help the economy.
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Re: Money, money, money

Postby smitty on Tue Jan 26, 2010 3:12 pm

Then we have to look at Haiti now & realize very few actually worked & pay was something like $2,00.00 a day YET now countires, like Cdn & others are thinking of some 10 yrs to build Haiti with NEW buildings with the money supplied by the USA, Cdn, UK & other countries,

Still when you think of it Haiti does not produce anything that other countries find sensible to buy or need, which would be one of many lines of products that other countries want to buy.

That is a bit of hard to earn cash for so many without jobs in other countries to accept as being part of their federal taxes especially these days, but for the next 10 years or more????

Yet many of the better knowen programs are still asking for a lot of money to be donated to help the people in Haiti. Seems they need a lot of food products from other countires along with medical aid to fresh water to you name it!!!!!!!

After WWI to WWII the wining allies went into the lost countries to revive them. Like WWII it was Germany to Italy which was not that hard since they were next to a sensible Govt before all went crazy & came out with top rate products so that as only 5 yrs, but Japan was so diffeerent, but still they built us sensibly & have been producing top rate products after 7 yrs of rebuilding.

How does one rebuild Haiti when it has NEVER had anything likea sensible govt or something that is needed from other like from mines to food products to you name it. Doubt if they will ever be car/truck makers to so much more.

For unfortunately we already know it will take 10+ yrs of our money to equipment, to engineers in rebuilding Haiti & all those yrs we have to be supplying them with food, water, milk, blankets, clothing & such.
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Re: Money, money, money

Postby alohasand on Tue Jan 26, 2010 4:52 pm

Part of the appeal of travel is using different currencies though if one can use a credit card, that reduces the problem of holding onto money that may not be useful elsewhere. Also, some companies get printing/minting rights so jobs are involved and good for the local economies.

European Union is close to 30 countries in size--getting a touch bureaucratic and unwieldy--all those languages to provide EU laws in too. Must cost a mint to pay for the services. Packaging firms agile enough to offer different containers, labels, wraps and innovative printing are probably the busiest ones, as several languages appears on product to meet language and multi-country sales needs.
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Re: Money, money, money

Postby smitty on Fri Jan 29, 2010 9:34 pm

I had a phone call & allow me to say I HATE these maze of questions they can come up with that really make no sense to me. This chap with East Indian touch of accent, but perfection in the words he used.

I do not know what he was selling, but he was amazed that I was not only the home owner, but also the only one in my home & took care of it myself & yes I had smoke decectors here & there well tested monthly.

Possibly it was the age that surprised him, for so many at my age are in an old folks home. Was also surprised that I had my own SUV along with a m/c for fun riding up in the mountains.

Also he found out I only used a VISA for larger payments, to also a debt card for things smaller things like petrol for my transportation, to food & such. Possibly he had not expected to find such an elderly person seemed to do things on his own though did not tell him that with the bank I had ALSO arranged that all monthly payments like electricity, natural gas, normal telephone & such was automatically withdrawen from my account. I note others seemed to carry plastic cards for evry darn fuel station to so many of the stores in the shopping malls. More then two cards is like getting yourself into deep debt according to my thinking.

With the changes in passports & such to the USA or different countries I guess I would make sure my Visa was accepted, but as the USA is worried about people coming across the border to bomb them then THAT would be when I carried American Cash for for reloading products like powder, primers, & such. Though I have not been in the USA for many ages & no intent of making a visit especially now that I find so many are still smoking while in this Province the sign reads NO SMOKING in all public buildings to where so many have actually stopped smothing for their own better health. Lastly I am very allergic to second-hand smoke which will cause me headaches to even Migranes once in a while.
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Re: Money, money, money

Postby fishandchips on Fri Jan 29, 2010 10:01 pm

Refreshing change of pace to amaze a younger generation and shake up his notion of what older people can do.

Today, another company trying to get interest in home-efficient heating products must be wanting more business contracts signed in order to get work agreed to prior to the home renovation credit deadline. The pitch did not allow for much speaking, so the caller must be adhering to a script.
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Re: Money, money, money

Postby CielOnTap on Tue Feb 23, 2010 12:58 pm

Let the Greeks ruin themselves
Germany has Europe’s deepest pockets, but it does not want to pay to save troubled euro-zone economies
Feb 18th 2010 | BERLIN | From The Economist print edition

Image
LESS than a year before the euro became the currency of 11 European countries in January 1999, a declaration signed by 155 German-speaking economists called for an “orderly”—ie, long—delay. The prospective euro members, they said, had not yet reduced their debt and deficits to suit a workable monetary union; some were using “creative accounting” to get there, and a casual attitude towards deficits would undermine confidence in the euro’s stability.

Now the prediction is coming true, says Wim Kösters, of the Ruhr University in Bochum and one of the original signatories. Greece, which joined the euro two years after its inception, has concealed the dodgy state of its finances. Now it is under attack from speculators. A default could spread panic to other deficit-plagued economies, including those of Spain and Portugal, with scary consequences for Europe’s already shaky banking system. But if Greece’s partners bail it out, defying the euro’s founding treaty, the currency will suffer. Either way, the euro is in trouble. http://www.economist.com/world/europe/displayStory.cfm?story_id=15549449&source=most_commented

Team Merkel sees the Greek situation and calls it like it is perceived by Germany. Will Greek citizens be able to get their elected representatives to go on a tax search on those that do not pay taxes at home and abroad and get the economy going? By the way, is the garbage strike over?
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Re: Money, money, money

Postby alohasand on Tue Feb 23, 2010 5:55 pm

Could have Merkel figured out the potential for problems when Greece was readying for their host duties of the Games? There were cost-runs for the two events and there was concern about some stadium building not being on time or something. Another 24 years to pay off the loans or money from that legacy?
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Re: Money, money, money

Postby CielOnTap on Wed Mar 17, 2010 3:28 pm

World's richest man speaks
by Evelyn M. Rusli, Forbes.com
Tuesday, March 16, 2010
provided by Forbes.com

With more than 200 businesses, Carlos Slim Helu shapes virtually every industry under the Mexican sol. He's got interests in telecom, retail, energy, tourism and banking.

Some folks in Mexico, where the average income is US$13,200 (less than 0.0000003% of Slim's US$53.5 billion fortune), resent the mogul for being the richest man in the world. Slim has another take on commanding a staggering fortune. To him, it is a billionaire's civic duty to leverage one's resources into more wealth.

"Wealth, either public or private, should be managed with efficiency, promoting through reinvestment economic growth," he told Forbes March 10, the day our most recent list of the World's Billionaires was released. "Managing wealth means responsibility and commitment to create more wealth and, through more employment and the generation of tax revenues, boost the distribution of the fruits - that is, of income." http://ca.finance.yahoo.com/personal-finance/article/forbes/1476/worlds-richest-man-speaks
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