Really? There were no European bailouts?Yes, as I previously pointed out to you during the Great Recession, Europe followed the austerity path. They didn't bail out their banks. They didn't recapitalize their banks. We did. That's why we emerged from the recession quickly whereas the recession lingered in Europe.
It wasn't until Europe followed the US example did things get better in Europe.
Here is part of your problem; you are reading and citing fake news e.g. MoneyMorning. Italy's problems aren't new. They've been around for a long time. What your reference failed to account for is the fact that Italy is now working with the EU and more specifically the EU central bank to recapitalize its banking system. https://www.ft.com/content/b7b55e26-f2a1-11e6-95ee-f14e55513608
Europe's bailed out economies are booming. Except Greece, of course
Europe's bailout fund loaned Spain 41 billion euros ($45 billion) to rescue the banks, and prevent the economy collapsing.
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Ireland was the first eurozone country to fall into recession in 2008. It received 67 billion euros ($73 billion) in international bailout loans in December 2013, after its property market collapsed and banks started failing.
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Portugal received 78 billion euros ($85.6 billion) in bailout loans in 2011, after failing to get its budget deficit under control.
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Cyprus got into trouble in 2013, when its financial system began to collapse. Like Greece recently, it was forced to close its banks for an extended period to prevent a complete meltdown. It secured a bailout package worth 10 billion euros ($11 billion) in March 2013.
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Just last summer, the IMF said Greece was on track with its reforms, and looked like it would not need any more bailouts. But the election of a radical left-wing government set the process back, as reforms were reversed and the country engaged in a six-month standoff with Europe and the IMF over bailout terms.
- http://money.cnn.com/2015/07/30/news/economy/europe-bailout-countries-spain/
They did do bailouts, and they did recapitalize their banks.Europe's bailout fund loaned Spain 41 billion euros ($45 billion) to rescue the banks, and prevent the economy collapsing.
...
Ireland was the first eurozone country to fall into recession in 2008. It received 67 billion euros ($73 billion) in international bailout loans in December 2013, after its property market collapsed and banks started failing.
...
Portugal received 78 billion euros ($85.6 billion) in bailout loans in 2011, after failing to get its budget deficit under control.
...
Cyprus got into trouble in 2013, when its financial system began to collapse. Like Greece recently, it was forced to close its banks for an extended period to prevent a complete meltdown. It secured a bailout package worth 10 billion euros ($11 billion) in March 2013.
...
Just last summer, the IMF said Greece was on track with its reforms, and looked like it would not need any more bailouts. But the election of a radical left-wing government set the process back, as reforms were reversed and the country engaged in a six-month standoff with Europe and the IMF over bailout terms.
- http://money.cnn.com/2015/07/30/news/economy/europe-bailout-countries-spain/
When, as a negative repercussion of the Great Recession, the relatively fragile banking sector had suffered large capital losses, most states in Europe had to bail out several of their most affected banks with some supporting recapitalization loans, because of the strong linkage between their survival and the financial stability of the economy.
- https://en.wikipedia.org/wiki/European_debt_crisis#Evolution_of_the_crisis
Who said Italy's problems were new? - https://en.wikipedia.org/wiki/European_debt_crisis#Evolution_of_the_crisis
The American bailout was made easier because only one government was involved. For Greece, the political process was protracted because of the number of European countries involved in the decision-making. While TARP was larger, it was still just a small fraction of the entire American economy. Greece’s bailout was a bit bigger than the country’s economic output the year the bailouts began.
Since getting help, Greece’s economy has continued to shrink, which made its debt payments untenable. The United States started to recover the next year, and it actually made money on pieces of its bailout.
- https://www.nytimes.com/interactive...-up-the-greek-and-american-bailouts.html?_r=0
https://www.ft.com/content/b7b55e26-f2a1-11e6-95ee-f14e55513608
Since getting help, Greece’s economy has continued to shrink, which made its debt payments untenable. The United States started to recover the next year, and it actually made money on pieces of its bailout.
- https://www.nytimes.com/interactive...-up-the-greek-and-american-bailouts.html?_r=0
No, I rarely see much that wasn't addressed to me. Saying they "should" is not necessarily agreeing that they don't.Hmm. Did you not see my previous reference which listed country by country the most current contribution discrepancy? Did you forget about the part when I specifically addressed the issue? Did you not get it when I said each member country should contribute the agreed upon amount?
Who said NATO has no value? Of course it has value...to Europe.But the discrepancies do not justify the US withdrawal from NATO as you seem to believe. It does justify more political and trade pressure on those countries. I, like many others, have car insurance. Just because I haven't suffered a covered liability, it doesn't follow the insurance doesn't have value, and so it is with NATO. Just because there hasn't been a WW III it doesn't mean NATO has no value.![]()
Apparently you don't understand corporatism.Crony capitalism is a form of capitalism - perhaps the most common form.
Cronyism can exist in any economic system because humans must administer those systems. Favoritism doesn't adhere to one specific system.
Crony Communism in China
Unscrupulous officials have been stealing more since the early 1990s thanks partly to a large increase in infrastructure spending. Lucrative contracts for roads, ports and railways are opportunities for them to enrich themselves or their cronies. Investment in infrastructure, real estate and other fixed assets rose from an average of 36 percent of G.D.P. during 1980-1991 to more than 41 percent during 1992-2011.
- https://www.nytimes.com/2014/10/18/opinion/crony-communism-in-china.html
Unscrupulous officials have been stealing more since the early 1990s thanks partly to a large increase in infrastructure spending. Lucrative contracts for roads, ports and railways are opportunities for them to enrich themselves or their cronies. Investment in infrastructure, real estate and other fixed assets rose from an average of 36 percent of G.D.P. during 1980-1991 to more than 41 percent during 1992-2011.
- https://www.nytimes.com/2014/10/18/opinion/crony-communism-in-china.html
Who said there was '"socialist-style" capitalism'?This is a good example of the harm done to reason by the destruction of meaningful vocabulary.
Capitalism does not require any markets at all, let alone free ones. Government action is not necessarily socialism. Governments granting favors to capitalist enterprises does not convert them to socialist enterprises. Government collusion with capitalists, or in the other direction corporate capitalist corruption and coercion of governments (as in the US, typical banana republics, most fascist takeovers, etc), does not create socialism.
There is no such thing as "socialist-style" capitalism. Cronies of capitalists are not socialists.
Capitalism and socialism lie on a scale of economic freedom, where less freedom in the market moves towards socialism.
And? Corporatism is not capitalism.That is a fundamental, basic, crucial, error. Freedom in the economy is neither necessary nor particularly welcome in corporate capitalism. Corporate capitalists want monopoly, control, market domination - that's where the big profits come from.
And the promulgation of that error has been a deliberate tactic, a calculated ploy, of the fascist propaganda operations in the US. The rightwing media operations have been marketing that line, hard, for decades - they are on the brink of success.
The goal is 1) equating tyranny with socialism, socialism with tyranny, both and vice versa, while simultaneously 2) equating freedom with capitalism, capitalism with freedom. That way people will not recognize incoming takeover by fascists: they are capitalists, after all, therefore in this Orwellian milieu by definition advocates of freedom.
Conspiracy theorist much?