Bacteria In The Stomach What Does That Mean

Step for Greece (the point of no return)

of Joseph Sottile

If it were true, would appear in a performance. In fact, it is a spectacle entirely true, such tragic and where the actors are real criminals.

days ago was approved pacchettone (about half the Italian GDP) of loans to guarantee all future (and present) indebtedness of the Union And European indices have bounced back from the previous crash, but the day after the euphoria had passed.

In reality this way to "manage" the resources is much like an endless nightmare of which you do not notice because he is perpetually drunk, a drunk who, unlike the ventilated by Schopenhauer as an opportunity to be happy, only produces an indefinite barbarism.

Greece

greek GDP in 2008 was estimated at slightly more of € 276 billion. The fan-year loan equivalent to about 39% of that figure. How do you think Greece it can repay? Simply through "a death sentence to life." [1] might as well ignore all debts, and retire from the single currency, which goes wrong, it will not be as serious as the first "solution". But a leftist government, ever more realistic as the king called to court a people whose ideology has always been the flag pole in the last century, so that they make the necessary sacrifices.

How does a country that in 2008 in current prices counted for 0.8% of OECD GDP (in dollars) to cause such fear on the part of key members of the Union? Obviously the question is not Greece.

According to official sources, Greece had an average growth rate of all enviable rate of 4% between 1998 and 2008 (Germany and Italy 1.2 1.5, for es.). However, between 2007 and 2008 we see a sharp slowdown in GFCF (gross fixed capital formation and non-residential), - 11.5% - during the crisis - in line with other countries, but more consistent (only worse Iceland). In 2007 the official unemployment rate then was relatively high, reaching 8, 1%, resulting in lower revenues and higher costs (for Iceland, however, was lower axes, representing 2.3% , which has not declined to fail).

We come to public finance 2008. A to revenue of almost 40% of GDP, expenditure accounted for 44.9%, in line with many European countries. Tuttavia la situazione finanziaria del governo al 2006 era fortemente deficitaria, con assets per un 29,78% del Pil a fronte di passività per un 106,5%. Al 2008, il debito pubblico oggetto di contrattazione su mercato dei titoli equivaleva al 101,2% del Pil. [2]

La voragine del debito (pubblico )

Insomma, la situazione non era entirely rosy, but many other countries could cause the same concerns and Greece, as stated, had for a paltry 0.8% of OECD GDP.

About two years ago, has exploded yet another economic crisis and financial [3] , which now expresses itself clearly in the form of a growing debt crisis states.

A recent document of the Bank for International Settlements shows that the gross public debt (weighted average) grow continuously for the 70 a large number of industrialized countries (it is essential to add as a result of a relative reduction of tax revenue), with a forecast for 2011 ranging from 40 to more than 100% of GDP [ 4] . Obviously, the drafters of this study bring the light as this debt, increased significantly in the last two years following the crisis, will grow exponentially if you do not put in place strong corrective. They make three projections for the next ten and twenty years, of which only one would be able to prevent a growing indebtedness and thus the inevitable default of Stati. Si tratterebbe in sostanza per questi noti signori di adottare un “politically treacherous task”, come essi lo definiscono. Oltre agli ovvi continui strumenti di austerità fiscale, costoro insistono sulla necessità di congelare la spesa pensionistica al livello del 2011. Come si suole dire, una domanda sorge spontanea: che razza di società sono quelle che non riescono a garantire livelli decenti di reddito per individui che hanno superato, secondo gli standard, l’età lavorativa? Delle due l’una: o ciò si spiega con il presupposto (mai dimostrato) di tutta l’economia politica convenzionale, ossia sulla base d’una oggettiva assoluta scarsità di risorse, or do I need to fundamentally change the way resources are handled by our comatose and monstrous economic system and that 'absolute' is transformed into something "relevant" to the way we produce and manage resources. Some considerations in favor of the invalidity of the former may be given, eg. From the fact that on our planet there is a significant amount of untapped human resources, that gross investment in the manufacturing sector in industrialized areas have long stagnant, etc.. and therefore capitalism is a system very inefficient.

addition, the authors of the text based alle ennesime politiche di lacrime e sangue non prendono in considerazione alcuni aspetti che pur caratterizzano ancora il sistema sociale rispetto al quale forniscono le terapie. Per esempio, non tengono conto che il tasso di disoccupazione nei paesi da essi considerati è notevolmente cresciuto (nelle stime ufficiali e non ufficiali), che una quantità crescente di persone non vengono più conteggiate tra i disoccupati - poiché i criteri statistici adottati nell’ultimo quindicennio consentono di ridurre il loro numero effettivo -, che l’evasione contributiva legale (vedi USA) e non è fortemente cresciuta negli ultimi quindici anni, riducendo il tutto la mole di risorse in forma monetaria necessarie a sostenere qualunque tipo di regime pensionistico.

Gli autori poi ammettono che il tutto dovrebbe essere accompagnato da una forte crescita economica, ma come per molte raccomandazioni a riguardo la faccenda resta lì, ossia si accompagna alle implicite solite ricette sulla liberalizzazione del mercato del lavoro, la maggiore competitività delle imprese, il taglio delle tasse sui redditi da impresa, le privatizzazioni and so on, di cui si sente parlare da trent'anni e che hanno provocato, sotto la veste di “soluzioni”, solo un crescente immiserimento diretto ed indiretto dei salariati. [5]

1) A neverending rescue package

Il pacchetto di salvataggio per la Grecia ed il “pacchettone” previsto per far fronte all’eventuale default di altri Paesi vengono giustificati ufficialmente da una situazione debitoria pubblica assai preoccupante.

The several hundreds of billions of Euros and U.S. dollars used for "rescue" the financial system since 2008 poured in part on the state of public finances. It is estimated that the debt / GDP, the U.S. would go from 70.7 to 94.4%, the United Kingdom from 52 to 80, 3%, the euro-zone from 68 to 84%, Japan by 173 to 198%, with an overall increase in debt between 2009 and 2010 of almost € 4 trillion (it shows that the GDP of Germany alone is of € 2.39 trillion). [6]

enormous sacrifices are asked to Greece as the needs of the appropriations for the next three years amount to € 150 billion, including debt and deficit financing expected to expire. All this with the expectation that Athens comply with the terms of tax policy, has a sustained economic recovery and can rely on the use of private capital markets for its financing needs. All these elements are very likely for different reasons.

I'm actually European investors and not (through banks) to be saved, not Greece, if that expression did not have an ideological sarebbe del tutto priva si significato. [7]

S i è quindi aggiunto il “pacchettone” (in tutto quasi un trilione di euro, contando quelli destinati alla Grecia), che per quanto se ne sa rappresenta un meccanismo “a garanzia” delle future esigenze di prestito da parte di quegli Stati europei in difficoltà nel reperire finanziamenti per il loro debito in scadenza. [8]

We are one step further compared to 'affaire Greece, as hath been marked by a rescue plan aimed at all at the same time you are put in place fiscal maneuvers public occasions, eg., Reducing or freezing wages for public employees and heavy-handed intervention on pensions and welfare

The rescue plan on sovereign debt should be funded in part by the Ecofin by issuing bonds guaranteed by the ECB, through bilateral loans from members of the Union European funds from the IMF (therefore mostly from the EU itself because it is one of the main contributors, for more than 30%) and last but not least with the acceptance by the ECB of Greek bonds and other countries in difficulty in raising capital even if they are considered junk bonds.

In essence, on the one hand investors would be "guaranteed" by the availability of pacchettone, the other in a sense may appeal directly to this, especially to the extent that the ECB could play accept securities as collateral downgraded [9] , a similar situation and abnormal [10] a quella in cui si è trovata la Fed , che accettando nel piano di salvataggio finanziario titoli spazzatura ha consentito de facto un incremento della base monetaria onde riattivare la dinamica speculativa, ossia riattivare la crescita del valore nominale dei titoli sul mercato secondario [11] . In analogia, la Bce rischia di incrementare la base monetaria al fine di sostenere i costi onerosi del debito pubblico onde evitare i default.

Il meccanismo così fa intravvedere come tutti i Paesi dell'area euro saranno vieppiù assorbiti dalla voragine di un debito che verrebbe a crescere su se stesso.

Tra gli obiettivi del pacchettone vi sarebbe poi quello di impedire la speculazione sui default degli stati attraverso i CDS [12] che gli investitori utilizzano per assicurarsi contro l’insolvenza, ma ciò è assai improbabile che avvenga a fronte di una crescita del debito causata dalla necessità di soddisfare quello in scadenza.

In sostanza, poiché quote crescenti of debt used to finance current expenditures and investments, but maturing debt and interest, they are (with the default that go with it) now a mere offshoot of the speculative dynamics. . [13]

increasing amount of income used in recent decades in the financial sector in order to increase the value of the securities covered herein, have been subtracted to ideologically what is called "real economy", and is extremely misleading to see in a simple speculation and caused swelling not derived from that. The so-called real economy must be understood as the place to produce the net product (gross profits than wages) that went to support the speculative capital when profitability in the normal process of accumulation is coming declining [14] . The second subtracts income and that does not produce, otherwise we would have hours in the presence of "mountains of gold" instead of debt. The debt is just the normal physiology of the normal functioning through speculative activities which are being produced: income is subtracted from the real economy and what we do not take back, se esce deve avere un controvalore nominale in ciò che entra e se non esce a causa di un crasch è irrimediabilmente perduto.

In ragione del debito complessivo dei Paesi dell’area euro, si stima che il pacchettone basterebbe appena a coprire gli interesse passivi per i prossimi due anni.

L’unico modo per impedire questa voragine di debito consisterebbe delle possibili seguenti misure: a) determinare una iperinflazione – possibile attraverso il ruolo giocato dalla Fed e ora dalla Bce - onde ridurre il valore assoluto del debito; b) auspicare una poderosa crescita economica che, come nel secondo dopoguerra, will lead to a relative reduction (in the debt / GDP), because among other things, the budget surplus would [15] c) provide, in order to obtain more surplus of the budget, huge public spending cuts and welfare.

E 'beyond doubt that the latter road will be undertaken in line with what happened in the last decades, but in a more powerful, unless the factor Greece does not face head a bit' all over the world through reactions consisting workers in order to prevent that they are found to pay more tuition and fees in exchange for nothing , namely to support with money incomes generated by their work (wages profits), the mountain of debt.

The De-integration

In reality what will happen in Greece (and elsewhere), if the maneuvers are economic materialize, will represent an extreme case of what we have termed "de-integration" [16] , an expression which indicates what is happening in all advanced capitalist countries since the end of 70. This term is used in order to indicate a phenomenon contrary to that which took especially since World War II and some appropriately defined "integration" of workers. [17]

Essentially in the decades following World War II, through the growth of gross wages of workers, in a phase of strong growth economic consequences, has created a welfare system, guarantees and protections for employees who since the late '70s, but most significantly since the mid-'80s, when most if not waned due to a decline of accumulation.

The phenomenon of de-integration is what essentially describes the state of paid work today as part of the social structure of which it is part and collects a number of issues usually ideologically attributed to the emergence of new social models internal to capitalism and in different ways not related to its decline but its "modernity". The de-integration has been expressed and manifested in a number of issues such as the gradual deterioration in the terms and conditions of employment, the weakening of protections and union structures, the precariousness of working conditions, the reduction in real wages, the increase working hours (all aspects related to the increase in the rate of competition between workers in turn caused by the capitalist economic growth) and at the indirect reduction of welfare benefits (health, pensions, employment support etc). On a more general level, the increase in inequality in income distribution between profits and wages, debt progressive households, the increase in unemployment, privatization of formerly public functions, etc.. In essence, workers are entitled to public services increasingly inadequate, they are forced to pay doverseli with direct payments in addition to taxes and in terms of working conditions they present with the stigmata of insecurity, which explains an almost infinite collective attitudes, which then shift the ideological apparatuses of trumpeting as a sign of new times and the will of the people.

Regarding the subject of this article, in essence, the State is unable to guarantee a certain time performance [18] as they were not as obviously lavished free, due to the current and future state of public finances we have indicated. If the state apparatus and the political class have benefited from economic growth so that all parties de facto implementing reforms to the benefit of workers, now any function of political mediation between them and the economic system is and will be less. In essence we are dealing with a Keynesianism on the contrary, yes true, are the workers now bear the full economic failure of a system that is unable to reproduce.

The employee must be and will face an economic coma without any intermediation and trade union policy and perhaps you see the need to radically change the state of things, leaving behind the political forms and ideologies that since ' now we have represented. After all, what will have to lose? [19]

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[1] Si vedano in proposito tra le altre le stime in The Wall Street Journal, Greece's Costs Seen Exceeding EU-IMF Help , di Charles Forelle.

[2] OECD in Figures, 2009.

[3] The frequency is very high, we can count now since 1971 nine of recessions and financial debacle, a clear sign of the phase of systemic instability which we have entered. Therefore it is not the usual crisis, still used as propaganda, but perhaps the pinnacle of a long-term decline.

[4] Bank for International Settlements, The future of public debt: Prospects and Implications , Stephen G Cecchetti, MS Mohanty, Fabrizio Zampolli, No. 300, March 2010

[5] Here we do not consider the fact that "from a Marxist point of view" accountability for give and take (current income and expenditure) is treated in an entirely different manner, ie in the "point of view" than the provide employees in the form of taxes and contributions and what they receive in the form of services. Studies about the past (let alone hours) revealed as the best of times paid employees received as facts. The trend towards fiscal federalism (this is a bit 'long anywhere in the West) give the dominant point of view, that is ideological, as bringing attention to the region (but then any local reality) provides in the form of revenue to the central state than it receives in competition and workers of different local territories more than they already are and it is emblematic of social disintegration in progress.

[6] Andamento e previsioni del debito sono riassunte in Geab http://www.leap2020.eu/, specie n° 44-45, maggio 2010. Il debito pubblico complessivo dei Paesi dell’area euro è stimato a più di €10 trilioni. Tuttavia altre stime prevedono che il rapporto debito/Pil sarà ancora più alto.

[7] Come osserva per es. Paul Seabright: “... chi sono i creditori della Grecia? Secondo un rapporto di Barclays Capital del 28 aprile, nel bilancio degli istituti finanziari tedeschi ci sono più o meno 28 miliardi di euro del debito greco. La metà spetta a banche possedute o controllate dal governo tedesco. Solo la Hypo Real Estate Holding ne detiene circa il 30%. Dopo il suo salvataggio nel 2009, il proprietario della Hypo è il contribuente tedesco, che sarebbe stato colpito direttamente da un fallimento greco, senza neppure pretendere che i greci si sacrificassero in nome della solidarietà europea” e “Lo stesso rapporto di Barclays Capital ci dice che le istituzioni finanziarie francesi avrebbero to balance the beauty of 50 billion € of d the framework and the greek ", Paul Seabright, Ecole d'économie de Toulouse, Le Monde, May 18, 2010. Even HSBC, for example., The greatest de global banking group headquartered in London, owns securities of the greek debt of 1.5 billion euro, while The Royal Bank of Scotland it has for 1.5 billion pounds.

[8] Here European banks are still those most exposed, particularly those in Germany and France, involved for about $ 500 billion in assets relative to total debt only in Spain, see The Wall Street Journal, Exposure to Greece Weighs on French, German Banks, V. Fuhrmans, S. Moffett, 17 February 2010.

[9] could extend to the European situation as appropriately pointed to Greece quoted in the Wall Street Journal: "Could Greece sell short-term debt to local banks, which could then turn around and place it with the ECB, no matter what the country's credit rating. In effect, ‘you could be in a situation where private financing becomes irrelevant,’ says Daniel Gros of the Centre for European Policy Studies in Brussels, ‘and Greece is financed by the ECB’ “.

[10] La Banca Centrale accetta usually only bonds in order to increase the deposits of banks and other financial instruments as collateral for.

[11] However the Fed is the U.S. financial system because Wall Street and financial institutions are the main creditors State and hold it the control of the Ministry of the Treasury, the Fed and Congress. So whatever their monetary policy must be functional and the plane in question has only served to reactivate the speculative dynamics through increasing the monetary base and use for this purpose, the public expenditure. See in this respect my "The Remains of the Day" in www.countdownnet.info Section speeches. "

[12] derivatives bets that are simple to use, something not considered, involves raising the overall level of indebtedness, and therefore the default risk in the volume of debt.

[13] Per una analisi di alcuni aspetti della dinamica speculativa si veda il breve saggio di A. Pagliarone, Mad Max Economy , Sedizioni, 2009.

[14] Sullo stato e le ragioni della stagnazione non è il caso qui di soffermarsi. D’altronde l’economia politica ufficiale non ne sa nulla e non trova di meglio che tirare fuori a riguardo squilibri nei conti pubblici, rigidità del labor market, growth in the average age of the population or alleged "plague spreaders" in the role of speculators, just a sort of swelling that has nothing to do with the good part, healthy and holy economy. Keynesian side, you need to know in some way increase the demand side. In fact no one speculates and they all do, even as it is obvious and their share of paid employees. A general statistical picture is part of the Marxist state of things comes in www.countdownnet.info / archives / data -statistici/590.7z.

[15] For example, the paper quoted the Bank for International Settlements estimated to bring the debt to pre-crisis levels in 2007 should mean a budget surplus equal to more than 7% over five years and more than 4% over the ten years for developed countries which it relates, without taking into account the interest rates on debt.

[16] www.countdownnet.info

[17] For example, Paul Mattick in The limits of ' integration and limits of reform (the latter available in Italian in www.countdownnet.info ).

[18] actually already several countries on our borders are no longer able to guarantee them at all, but they are part of the historical realities different to those of Western Europe and on which we can not linger here. We refer as an example to Romania, Bulgaria, Latvia, Ukraine, etc.

[19] In our view, capitalism has reached its historical limits, not so much because of the infamous conflict between the technical dimension and social, which presupposes the existence of forces production is not shaped by the existing relations of production (it's as if the human capacity to transform the environment had not taken the form of wage labor), but due to the fact that the stage reached by capitalism is consuming the resources technical and human resources it generates without playing.