Michael Hudson is so outrageous I don't know how to read his stuff objectively. If what he says about a flat-rate tax is true then there is little to stop the financial class adopting similar schemes in other countries.

I've been in Paris and Germany this week. In Paris property prices are increasing – apparently quite a lot this year. Most of the restaurants are full, we had trouble finding a place without a reservation. Hotel reservation was difficult too. The euro still works for payment (sorry all you english euro haters). I've been telling everyone that europe just bailed out their banks rather than Ireland – most people understand this when you explain it. Germany seems to be in a construction boom at the moment – at least where I was. They also still use the euro 😉

Anyway – I thought that you might like this article by Michael Hudson

Schemes of the Rich and Greedy

Bonne Nuit

Rob

Last year I met some guy taking his degree in economics. Standing behind somebody elses private bar, he complained that he had passed everything but failed " risk". The problem, as he explained to me, was that he had answered by saying what he would have done (and indeed had already done working for his mates bank) in a job… but in an exam, it wouldn't pass because it was against regulations. This pissed him off.

My subsequent suggestion that acceptance of a national minimum wage implies consideration of a national maximum wage brought the same retort as user "sean" above r.e. daemonic strauss kahn.." r u a marxist?"
Muttering something about equal distribution of alcohol, I suggested he reach above his head for something a little stronger from his set of optics. He complied.

He has now passed " risk" and works" in the finance industry".

This shows the interdependency commonly referred to as Financial Contagion (the house of cards)
http://www.creditwritedowns.com/2010/11/chart-of-the-day-bubble-chart-of-exposure-to-and-bailout-of-ireland.html (click on the chart to zoom)

RT interview – Portugal Goes Pop? 'Euro burning, people pay, bankers get away'
http://www.youtube.com/watch?v=2noi0ukU9co

A year ago I didn't think I'd be looking at government spreads, but Golem is very persuasive.
Learning about financial machinations poses two challenges: 1) the intellectual effort with a short time to do it in, and 2) how to stay positive for the remainder of the day.

Let's sing it: 'I don't need no water mister!'

Yeah, and my name's Santa Claus. Labels mean nothing in today's neoliberal free-for-all.

@Corbero your right the FED can print and shoot but this will further devalue their currency, anger their population and just kick the can a little further down the road. Although they could try and do it through the back door.

@Unclear the NZ bonds have probably increased after S&P "said it was revising New Zealand's foreign currency outlook to negative from stable"[1]. I believe I read that New Zealand's foreign debt to GDP is equivalent to Ireland's.

[1] http://www.reuters.com/article/idUSTRE6AL0WS20101122