BBC reports "World stock markets have plunged after government bank bail-outs in the US and Europe failed to stem fears of slower global economic growth."
Confidence has been rattled, big time, and the European interventionist governments can't resolve their own banking system, after what the Economist described as schadenfreude about the US financial crisis. Europe's more left leaning governments saw it as part and parcel of Yankee wild wild west capitalism - gee how everything looks as bad or worse close to home.
Sarkozy, once seen as the Thatcher of France is no more. The Economist reports:
"In the space of three days, he twice laid into free-market capitalism. “Laissez-faire is finished,” he announced in Toulon. “The all-powerful market that is always right is finished.” It is not just rhetoric. With unemployment climbing, Mr Sarkozy has launched a scheme of state subsidies to supplement low pay, paid for by an extra 1.1% tax on capital income that dismayed his own party’s deputies. Talk of tax cuts has been shelved. " at the same time as saying "that “capitalism is the system that has enabled the extraordinary development of western civilisation,” adding firmly that “anti-capitalism offers no solution to the current crisis.”"
It's not only the USA that printed money indirectly through central banks offering excess credit.
Confidence has been rattled, big time, and the European interventionist governments can't resolve their own banking system, after what the Economist described as schadenfreude about the US financial crisis. Europe's more left leaning governments saw it as part and parcel of Yankee wild wild west capitalism - gee how everything looks as bad or worse close to home.
Sarkozy, once seen as the Thatcher of France is no more. The Economist reports:
"In the space of three days, he twice laid into free-market capitalism. “Laissez-faire is finished,” he announced in Toulon. “The all-powerful market that is always right is finished.” It is not just rhetoric. With unemployment climbing, Mr Sarkozy has launched a scheme of state subsidies to supplement low pay, paid for by an extra 1.1% tax on capital income that dismayed his own party’s deputies. Talk of tax cuts has been shelved. " at the same time as saying "that “capitalism is the system that has enabled the extraordinary development of western civilisation,” adding firmly that “anti-capitalism offers no solution to the current crisis.”"
It's not only the USA that printed money indirectly through central banks offering excess credit.
2 comments:
Americans spend 15 % of gdp for health care, Europeans 10% or less (the highest is Germany with 10%). Europeans live at least 2 years longer. Reason is the better quality of life in Europe. And better health care.
At the beginning of the 20th century Americans where 5-7cm taler than Europeans, now the average American is 1.69 cm, the talles are Dutch man with 1.82 cm. Reason is the better quality of life in Europe. And better health care.
A United Nation Study compares the quality of life in cities around the world (it has 39 different factors). 8 of the top 10 cities are in Europe. Top 3 cities are Swiss 4th is Frankfurt. New York has highest quality of life in the US. Rank # 33.
Almost the same result was published by the Mercer consulting group. In their study Honolulu was best US City (Rank #28).
Education: 40% of American adults have the reading ability of an 11 year old or worse.
PISA Study: The Programme for International Student Assessment (PISA) is world-wide test of 15-year-old schoolchildren's scholastic performance by the Organisation for Economic Co-operation and Development (OECD). Aim is to test and compare schoolchildren's performance across the world. US is 31 from 41 tested countries. European and Asian countries are the best.
Infrastructure: Many former communist/socialist countries in Europe have a better infrastructure than the US. Some areas in the US have an infrastructure of a 3rd world country (remember Katarina).
What is European Socialism anyway? Which EU member is socialist?
Best regards from NYC
Yes, you enjoy not having to queue up for your healthcare, or pay twice (once through taxes for it to fail, again for health insurance)
Many communist countries in Europe have better infrastructure? What nonsense! How many have you been to?
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