Cypriots and the Euro-crisis - why should I care?
@valentinesdiner (1214)
United States
March 19, 2013 5:26pm CST
Those crazy Europeans and their 'Euro-crisis'...
In order to finance their national debts, Italy, Spain, Greece, Cyprus ... they are trying to either raise more money or drastically cut spending. One idea that almost became law was a tax on bank deposits while the banks were closed!
Hey, I feel happy for them that their life savings will not be touched... this time... but really why should I care about some Euro-crisis or governments that spend a lot more than they take in. Hey, that will never happen here in the good old US of A. Right?
Right?
4 responses
@mensab (4200)
• Philippines
20 Mar 13
the interconnectedness of the global financial system should make you care and concerned. when the US economy fell flat in 2007-2008, the other continental economies followed. that is how our economies are interconnected. if europe complains financially, the rest of the world could hear the cry for help and suffering. US economy is also on the verge of crisis, if not severe than in europe. at least the world is learning how to cope with the crisis.
@burrito88 (2774)
• United States
21 Mar 13
Germany had runaway inflation in the 20's. This opened the way fro Hitler to come to power.
@bobmnu (8157)
• United States
20 Mar 13
If they were successful then this is something that would be considered by other countries. In Great Britain there was a member of Parliament that suggested that the government collect all the pay checks, take out the amount the government needs and send you a check for what they think you need. Experts in the US have proposed that the government take control of all the Pensions and IRA and use it to save Social Security. You would be paid a pension based on need. there are those in the government that feel they are entitled to as much of you income as they need to do what they feel is in your best interest.
If one country can take you money in a new way soon others will follow the lead.
@bobmnu (8157)
• United States
22 Mar 13
It was an idea that Her Majesty's Revenue and Customs ranch suggested. It is not taken seriously but the fact that people in power are thinking that way is scary. They are looking at your income as their money first and yours second. Some US Congress members have even refered to tax cuts as taking money from the government as if it were their money to start with and they were allowing us to keep some of it.
http://imamook.wordpress.com/2010/09/21/new-uk-tax-plan-paychecks-go-to-government-first/
As far as the IRA go congress is looking at them and may change the tax code to eliminate this tax savings. One example I heard was to require that a certain percent of the retirement fund must be in US Government bonds. Another was to have the government absorb all the pensions (public and private) and IRA's in return your would receive an increase in Social Security and a fixed rate of growth of 3% a year.
http://business.time.com/2012/11/28/fiscal-cliff-why-congress-might-have-to-mess-with-the-401k/
While these ideas sound goofy can you see any politician not wanting to get their hands on the Trillions in pension plans?
@cynthiann (18602)
• Jamaica
20 Mar 13
@bobmnu And do you honestly think that the Brits would stand for that? No way and you know it. Send me the link please as my family there have not informed me of any such debate. or is this 'tongue in cheek' too?
@valentinesdiner (1214)
• United States
20 Mar 13
Thank you for the cautionary tale from England. There will be plenty of really dumb/scary ideas floated - here's hoping the public lets them know what is acceptable from what is NOT.
@stealthy (8181)
• United States
19 Mar 13
Your sarcasm is not wasted on me. The whole philosophy of the Democrats is tax and spend with the spend being most important to them. And to help with their efforts to spend they want government to keep growing and growing. They would be happy if almost everyone either worked for the government or was dependent on it. They don't realize or maybe just don't care that when that point is reached there will be almost no one left in the U. S. to actually provide the money to pay for everything.
@cynthiann (18602)
• Jamaica
20 Mar 13
Ypu are joking right? You must be seeing the meltdown in Wall Street caused so many problems world wide. so the USA is not in problems too? Aren't they borrowing from China? What affects Europe or any other world group will definitely impact on the economy of the USA. But then, why should you care?
