Time to Get off the Sinking Ship?

kennyb3

http://www.rte.ie/news/2011/1216/economy-business.html

http://www.fxcentre.com/news.asp?2842053

Things are really not looking good. When you factor in a Eurozone (and possible global) recession next year, i'd love to know where the government are getting their growth figure in the budget for 2012. Harsher cuts for 2013 anyone?

Sponge Bob

Where you headed yerself Kenny ???

wiseguy

This would be a good time to make very good friends out of our closest trading partners such as US and UK, if the **** hits the fan we will need them

kennyb3

Sponge Bob wrote: »

Where you headed yerself Kenny ???

No where as yet, but the tipping point is getting ever closer.

dissed doc

wiseguy wrote: »

This would be a good time to make very good friends out of our closest trading partners such as US and UK, if the **** hits the fan we will need them

And avoid working better with our closest trading partner the EuroZone?

wiseguy

dissed doc wrote: »

And avoid working better with our closest trading partner the EuroZone?

I havent said that :rolleyes: Getting friendlier with one group of states does not mean doing the opposite to another. Then again the French and the Germans have adopted a Bushist "you are either with us or against us" attitude, so I can see where you are coming from.
The French went even as far as declaring a War of Words on UK for some bizzare reason .


Anwyways the economy has plunged back into a deeper recession

antoobrien

wiseguy wrote: »

The French went even as far as declaring a War of Words on UK for some bizzare reason .

There's nothing bizzare or even unusual about that, it happens at least once a decade, usually more often.

You'll notice that there's an election next year that sarky wants to win, brit bashing always goes down well in france.

Scofflaw

antoobrien wrote: »

There's nothing bizzare or even unusual about that, it happens at l;east once a decade, usually more often.

You'll notice that there's an election next year that sarky wants to win, brit bashing always goes down well in france.

Plus it covers up the fact that Sarkozy is probably delighted that the new stability pact won't be enforced by the EU institutions.

cordially,
Scofflaw

wiseguy

Scofflaw wrote: »

Plus it covers up the fact that Sarkozy is probably delighted that the new stability pact won't be enforced by the EU institutions.

cordially,
Scofflaw

If its not going to be enforced then that makes it as useless as the previous pact.

Dannyboy83

wiseguy wrote: »

If its not going to be enforced then that makes it as useless as the previous pact.

Nobody says it won't be enforced; he was referring to the fact that it won't be/can't be enforced by the existing EU institutions, since the UK veto meant it cannot be an EU treaty - which would mean new/different institutions would have to be used to enforce it.

Scofflaw

Dannyboy83 wrote: »

Nobody says it won't be enforced; he was referring to the fact that it won't be/can't be enforced by the existing EU institutions, since the UK veto meant it cannot be an EU treaty - which would mean new/different institutions would have to be used to enforce it.

I was...but in a new twist, it seems only "nine countries" are needed to ratify this, and the ECJ will police it:

The compact, drafted over the past week, says that those countries that sign up to it must maintain a primary deficit of less than 0.5 percent over the course of the economic cycle, must keep their debt below 60 percent of gross domestic product and must have a budget deficit of less than 3 percent.

The agreement will come into effect once 9 countries have ratified it, according to the draft released on Friday.

It also makes provision for at least two euro zone summits and year, and says that countries that have ratified the agreement and then fail to meet the objectives contained within it can be sued in the EU's highest court, the European Court of Justice, a move to make sanctions near-automatic.

"Any contracting party which considers that another contracting party has failed to comply... may bring the matter before the Court of Justice of the European Union," article 8 of the 14 article agreement states.

"The judgment of the Court of Justice of the European Union shall be binding on the parties in the procedure, which shall take the necessary measures to comply with the judgment within a period to be decided by said court."

Hmm...nine countries? Allowed to use the ECJ? Mysteriously, nobody has said "enhanced cooperation".

cordially,
Scofflaw

thebman

kennyb3 wrote: »

http://www.rte.ie/news/2011/1216/economy-business.html

http://www.fxcentre.com/news.asp?2842053

Things are really not looking good. When you factor in a Eurozone (and possible global) recession next year, i'd love to know where the government are getting their growth figure in the budget for 2012. Harsher cuts for 2013 anyone?

Cuts would make a nice change from the mostly tax increases policies pursued so far TBH.

I think we are seeing the fears of new taxes having an alarming effect on consumer demand. People won't spend for fear of how much money the government will take off them next year fearing they will be left with nothing.

We need spending cuts and small tax increases rather than tax increases and small spending cuts.

How we still own a TV station I'll never know. Government needs to get its priorities in order. And talking up of the cuts in the hope people will think, ah it is not as bad as I thought, is lunacy. No wonder the domestic economy took a hit in the last quarters leading up to the budget.

wiseguy

thebman wrote: »

How we still own a TV station I'll never know.

I agree, sell the RTE and put the TV license money 150 a year towards local government instead of the Household Charge of 100 a year.

Dannyboy83

Open to correction, but I think the proceeds of any state asset sales have to be put toward debt repayments.