Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: Nickbat on 21 February 2012, 22:10:12
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Couldn't agree more with Farage's article. With a feeling of mounting anger, I watched Osborne preening himself today. A despicable show, IMHO. >:( >:(
http://www.dailymail.co.uk/debate/article-2104414/Osborne-celebrates-demise-Britain-s-proper-role-Europe.html#ixzz1n35XLTU (http://www.dailymail.co.uk/debate/article-2104414/Osborne-celebrates-demise-Britain-s-proper-role-Europe.html#ixzz1n35XLTU)
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As Nige said,George has bought himself a bit of breathing space in some respects so in the current shambles he probably thinks this is a reason to be cheerful. Cant see it lasting long myself,but hes no doubt hoping the sh1t wont really hit the fan until after the next election. Unprincipled and shameful as you say though Nick. It would be nice to see some of Churchills bulldog spirit - doing whats right rather than whats expedient in the short term. :(
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Introducing the new negative salary - Greek style:
Salary cutbacks (called "unified payroll") for contract workers at the public sector set to be finalized today. Cuts to be valid retroactively since november 2011. Expected result: Up to 64.000 people will work without salary this month, or even be asked to return money. Amongst them 21.000 teachers, 13.000 municipal employees and 30.000 civil servants.
http://www.zerohedge.com/news/its-official-greece-unveils-negative-salary (http://www.zerohedge.com/news/its-official-greece-unveils-negative-salary)
::) ::) ::) ::) :o
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Did anyone see the BBC news the other night....talk about patronising >:(
They announced that there were 50,000 extra job losses taking the total to about 2.67 million IIRC.
But ...'its not all bad news' they squawked...the Prince's Trust has just created 100 jobs ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D
We have to get Nigel in, for all our sakes :y :y
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This is like a much large version of what happened in Liverpool in the 70,s/80,s when socialists with little knowledge of lifes realities took control of the council (remember Derek Hatton anyone ?). Left wing zealots who thought they could put the world to rights - until the money ran out.They couldnt find where the money tree was to get themselves out of the shambles they had made,and had to send out redundancy notices to everyone who worked for the council.
This is what happens when people who have a combination of dogmatic beliefs and a complete lack of grey matter get themselves into positions of power.
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Could Uk public sector manages face these sort of cuts in salary?
http://elpais.com/elpais/2012/02/17/inenglish/1329504104_841796.html
It would be nice if some of the Whitehall and MOD pen pushers earnt less than a PM. Oh and I am glad a few bankers have had their bonuses reduced for not achieving (PP misselling) Not quite sacked but a start albeit a poor one.
Greek bailout? Just bought more time. They are still bust and tax revenues are going down the pan.
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This is like a much large version of what happened in Liverpool in the 70,s/80,s when socialists with little knowledge of lifes realities took control of the council (remember Derek Hatton anyone ?). Left wing zealots who thought they could put the world to rights - until the money ran out.They couldnt find where the money tree was to get themselves out of the shambles they had made,and had to send out redundancy notices to everyone who worked for the council.
This is what happens when people who have a combination of dogmatic beliefs and a complete lack of grey matter get themselves into positions of power.
Not my favourite champagne socialist. The registration number of his car was something like DEG5Y.... :-\ :-\
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nobody is bailing out Greece.. EU is trying to bail out itself.. >:(
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If tax receipts are less than outgoings, then you need to borrow more to fill the gap. This bailout will not change this fundamental position, so Greece will go bust again. >:( >:( >:(
My prediction is at the end of the year, why then? Because the German elections in November will then safely be out of the way.
This is important as part of the deal in no default on bonds held by the ECB, when this does happen then the losses will have to be paid by the taxpayer in proportion to the percentage they guarantee. Germany is the biggest with about 43%. Why is this important? Because it would wreck Merkels reelection changes, her popularity would sink faster than Euros going down the ECB drain. ::)
Everybody will see Greece have missed their targets by the end of the year and the EU will insist that they are met before releasing further money or it will have run out anyway by early 2013. The figures to show that Greece can survive with this bailout are pure fantasy with 2.3% growth next year and 2.9% in 2014 :o :o :o and around that through to 2020, when they are saying debt to GDP will have fallen to 120%. This really is one PIIG that ain't going to fly. :o :o :o
http://www.mindfulmoney.co.uk/wp/shaun-richards/the-latest-greek-bailout-has-euro-zone-leaders-acting-like-the-march-hare-from-alice-in-wonderland/ (http://www.mindfulmoney.co.uk/wp/shaun-richards/the-latest-greek-bailout-has-euro-zone-leaders-acting-like-the-march-hare-from-alice-in-wonderland/)
http://www.mindfulmoney.co.uk/10274/investing-strategy/a-mindful-solution-to-the-greek-tragedy.html (http://www.mindfulmoney.co.uk/10274/investing-strategy/a-mindful-solution-to-the-greek-tragedy.html)
The bailout has been done for political expediency, to bailout the banks in Germany and France, to show what is in store for the other PIIGS if they don't get their house in order (but that won't stop Portugal being next for another bailout) and most importantly of all to save the EU project with its gravy train. >:( >:( >:( The trouble is it won't, the can has just been kicked down the road and when the next crisis hits, Europe and the Euroland will be that much weaker as a result of all this skin saving lunacy. >:( >:( >:(
Another very interesting article today is will the forced haircut on Greek debt held by banks be classed as a credit default swap (CDS) event. If yes, then the insurers will have to stump up the money for the haircut. Nobody knows where the IOU will end up when the music stops, but much is thought to be with US banks and will they be able to pay. If this is not a CDS event what is the point of having insurance to cover such a situation and it not paying out? :o :o :o In this scenario, any banks with any uncommon sense would avoid buying bonds from indebted and / or risky countries completely or will require considerably higher interest rates at best. This would polarize the world into countries that can (the haves) and those that can't (the have nots). Where do you think this will leave the UK with our annual £100bn+ borrowing habit? ::) ::) ::)
http://www.businessinsider.com/art-cashin-greece-traders-cds-middle-ages-2012-2?nr_email_referer=1&utm_source=Triggermail&utm_medium=email&utm_term=Business%20Insider%20Select&utm_campaign=BI%20Select%20Recurring%202012-02-16 (http://www.businessinsider.com/art-cashin-greece-traders-cds-middle-ages-2012-2?nr_email_referer=1&utm_source=Triggermail&utm_medium=email&utm_term=Business%20Insider%20Select&utm_campaign=BI%20Select%20Recurring%202012-02-16)
The Eurozone crisis and fallout has still got a long way to run and it's going get much, much worse before it gets better. >:( >:( >:( >:(
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If tax receipts are less than outgoings, then you need to borrow more to fill the gap. This bailout will not change this fundamental position, so Greece will go bust again. >:( >:( >:(
My prediction is at the end of the year, why then? Because the German elections in November will then safely be out of the way.
This is important as part of the deal in no default on bonds held by the ECB, when this does happen then the losses will have to be paid by the taxpayer in proportion to the percentage they guarantee. Germany is the biggest with about 43%. Why is this important? Because it would wreck Merkels reelection changes, her popularity would sink faster than Euros going down the ECB drain. ::)
Everybody will see Greece have missed their targets by the end of the year and the EU will insist that they are met before releasing further money or it will have run out anyway by early 2013. The figures to show that Greece can survive with this bailout are pure fantasy with 2.3% growth next year and 2.9% in 2014 :o :o :o and around that through to 2020, when they are saying debt to GDP will have fallen to 120%. This really is one PIIG that ain't going to fly. :o :o :o
http://www.mindfulmoney.co.uk/wp/shaun-richards/the-latest-greek-bailout-has-euro-zone-leaders-acting-like-the-march-hare-from-alice-in-wonderland/ (http://www.mindfulmoney.co.uk/wp/shaun-richards/the-latest-greek-bailout-has-euro-zone-leaders-acting-like-the-march-hare-from-alice-in-wonderland/)
http://www.mindfulmoney.co.uk/10274/investing-strategy/a-mindful-solution-to-the-greek-tragedy.html (http://www.mindfulmoney.co.uk/10274/investing-strategy/a-mindful-solution-to-the-greek-tragedy.html)
The bailout has been done for political expediency, to bailout the banks in Germany and France, to show what is in store for the other PIIGS if they don't get their house in order (but that won't stop Portugal being next for another bailout) and most importantly of all to save the EU project with its gravy train. >:( >:( >:( The trouble is it won't, the can has just been kicked down the road and when the next crisis hits, Europe and the Euroland will be that much weaker as a result of all this skin saving lunacy. >:( >:( >:(
Another very interesting article today is will the forced haircut on Greek debt held by banks be classed as a credit default swap (CDS) event. If yes, then the insurers will have to stump up the money for the haircut. Nobody knows where the IOU will end up when the music stops, but much is thought to be with US banks and will they be able to pay. If this is not a CDS event what is the point of having insurance to cover such a situation and it not paying out? :o :o :o In this scenario, any banks with any uncommon sense would avoid buying bonds from indebted and / or risky countries completely or will require considerably higher interest rates at best. This would polarize the world into countries that can (the haves) and those that can't (the have nots). Where do you think this will leave the UK with our annual £100bn+ borrowing habit? ::) ::) ::)
http://www.businessinsider.com/art-cashin-greece-traders-cds-middle-ages-2012-2?nr_email_referer=1&utm_source=Triggermail&utm_medium=email&utm_term=Business%20Insider%20Select&utm_campaign=BI%20Select%20Recurring%202012-02-16 (http://www.businessinsider.com/art-cashin-greece-traders-cds-middle-ages-2012-2?nr_email_referer=1&utm_source=Triggermail&utm_medium=email&utm_term=Business%20Insider%20Select&utm_campaign=BI%20Select%20Recurring%202012-02-16)
The Eurozone crisis and fallout has still got a long way to run and it's going get much, much worse before it gets better. >:( >:( >:( >:(
:y :y :y
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Here is a different angle on the inevitable's in Greece :o ::)
Book a holiday there ... 8)
http://synonblog.dailymail.co.uk/2012/02/when-the-greeks-default-the-first-thing-you-do-is-book-that-holiday.html (http://synonblog.dailymail.co.uk/2012/02/when-the-greeks-default-the-first-thing-you-do-is-book-that-holiday.html)
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The Greeks have 38 measures which must be implemented in the next 7 days as part of the bailout demand. Apart from sweeping reforms to the judiciary, the way prescriptions are handed out, etc., there is also the mundane demand that professions such as tour guides, beauty salons and diet centres must be liberalised.
As Zerohedge comments:
"How anyone, even the world's most degraded debt slave, is willing to subject themselves to such humiliation is simply inconceivable."
http://www.zerohedge.com/news/behold-greek-debt-slavery-do-checklist-permitting-it-bail-out-europes-insolvent-banks (http://www.zerohedge.com/news/behold-greek-debt-slavery-do-checklist-permitting-it-bail-out-europes-insolvent-banks)
Oh, and I understand that The Reuters Global Gold Forum confirms that in the small print of the Greek “bailout” is a provision for the creditors to seize Greek national gold reserves.
:o :o :o
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>:(
Greece?
Pull the plug and let it go. Its nothing but a constant money drain anyway and will probably never be anything like a contributor putting something back. A Parasite forever is what can be expected.
They should not have spent what they did not have which made them borrow, borrow, borrow. Wonder if Blair and Brown were their financial advisors cos its the same scenario..........
;)