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Thread: A Wealth Tax for Ireland ?

  1. #16
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    Default Re: A Wealth Tax for Ireland ?

    FG will not like this talk

    Two top advisers to German Chancellor Angela Merkel have called for a tax on private wealth and property in eurozone debtor states to force the rich to fund rescue costs, marking a radical new departure for EMU crisis strategy.
    Professors Lars Feld and Peter Bofinger said states in trouble must pay more for their own salvation, said arguing that there is enough wealth in homes and private assets across the Mediterranean to cover bail-out costs. “The rich must give up part of their wealth over the next ten years,” said Prof Bofinger.


    http://www.telegraph.co.uk/finance/f...bail-outs.html
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

  2. #17
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    Default Re: A Wealth Tax for Ireland ?

    Quote Originally Posted by DCon View Post
    Angie's talking, FGs liking.

  3. #18
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    Default Re: A Wealth Tax for Ireland ?

    lol between this an Cyrus they're really trying to empty the banks aren't they

  4. #19
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    Default Re: A Wealth Tax for Ireland ?

    Spiegel,


    Prof Lars Feld, another “wise man”, highlighted a recent study by the European Central Bank, which Germans say show that the people in bailed-out countries are often better-off than those in Germany. Less than half of Germans own their own home, lower than the rate in many southern eurozone members.



    The ECB study found that the “median” wealth in Cyprus is €267,000 (£227,600), compared to just €51,000 in Germany. The median or midpoint level – which strips out the distorting effect of the super-rich – was €183,000 for Spain, €172,000 for Italy, and €102,000 for Greece, and even €75,000 for Portugal. Average wealth in Cyprus is €671,000, far higher than in the four AAA creditor states: Austria (€265,000), Germany (€195,000), Holland (€170,000), Finland (€161,000).



    Prof Feld said the report showed that people in the crisis countries are richer than the Germans. “This shows that Germany has been right to take a tough line of euro rescue loans,” he said

  5. #20
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    Default Re: A Wealth Tax for Ireland ?

    The ECB survey has hardened attitudes in Berlin, dooming efforts by Cyprus extract more money from the Eurogroup as rescue costs surge from €17.5bn to €23bn.
    The study shows how EMU states have twisted themselves into a Gordian Knot under monetary union, and why Germans feel a strong sense of grievance over escalating bail-out demands. Yet it is also highly controversial since it relies on data before the housing crash in Spain, and may understate implicit wealth in Dutch pensions or German life insurance.
    Any attempt to enforce a wealth tax in future rescue talks will be seen by Club Med as further evidence that the Northern powers will try to impose all the burden of crisis adjustment on those in trouble rather than accepting their own shared responsibility for the failings of the EMU. This comes a day after Germany said over the weekend that their could be no banking union after all without a fresh EU treaty, effectively kicking the issue into touch for years.
    Critics have long argued that North Europe is equally to “blame” for the crisis since it flooded the South with cheap credit, and they accuse Germany of destabilizing the intra-EMU trade system by ******** down German wages and running a current account surplus of 7pc of GDP.
    Any serious move to a wealth tax could the erode the pro-euro ardour of South Europe’s uber-rich. The ECB bond buying policy has largely rescued the wealthiest strata while the full brunt of EMU austerity has fallen on ordinary people and the unemployed.
    The political debate on euro membership may change dramatically if rich Cypriots, Italians, Spaniards, and Portuguese start to see EMU as a threat to their property, rather than a defence
    .

    From the Telegraph.


    Last edited by C. Flower; 15-04-2013 at 04:47 AM.
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

  6. #21
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    Default Re: A Wealth Tax for Ireland ?

    Quote Originally Posted by Dr. FIVE View Post
    Spiegel,
    Average German wealth €195,000, and this study was based on pre-bust property values and the Telegraph says an underestimation of of the value of pension and other funds held by Germans (who own much less than average property).

    Worthless.
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

  7. #22
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    Default Re: A Wealth Tax for Ireland ?

    It's almost like they are trying to spook money out of the EZ tbh

    The big money at least

  8. #23
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    Default Re: A Wealth Tax for Ireland ?

    Quote Originally Posted by Dr. FIVE View Post
    It's almost like they are trying to spook money out of the EZ tbh

    The big money at least
    Who? The Telegraph ? Neverrr !
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

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