ExKiwilass

Reading.

Alan2005

Pretty picture of euro debt.

http://www.nytimes.com/interactive/2...tml?ref=global

Novocastrian

I'm not capable of such pretty graphics, but how about, USA => China, 100%?

jimf

More wobbles......

http://news.bbc.co.uk/2/hi/business/10097072.stm

Spain are suggesting everything is fine but I see unemployment there is 20% - seems high if high taxation receipts are needed to service the public debt.

Alan2005

I'd seen the rumours about spain elsewhere, but figured they were just that. Still appears to be the case, but it's got the spanish government and the IMF worried enough to speak about them.

This is not contained.

Lord Vader

You have to wonder about the competency of those countries to raise money from there own tax base. http://taxprof.typepad.com/taxprof_b.../ny-times.html

http://www.nytimes.com/2010/05/02/wo...0wealth&st=cse

Alan2005

I saw an IMF guy on TV - can't remember which channel though. He was saying that Greece just needed to scrap income tax and have all taxes collected from having sales tax on everything as that was the only viable way for the government to collect anywhere near sufficient revenue to run the country.

jimf

I liked this quote from the Romanian president. It would seem to apply to a few countries - UK included.

http://news.bbc.co.uk/2/hi/business/10101468.stm

"This [cuts] plan was inevitable," Mr Basescu told a news conference.

"The state sector is like a fat man of 200 kg sitting on the back of a 50 kg little man who is the real economy."

Lord Vader

I like that. A consumption based tax. People get to choose on what they pay tax on. Some kind of income tax would still have to be in place. Maybe 10% flat across the board, 10% fed, 10% provincial and 10% sales tax. (I am refering to Canada's case), I haven't looked at Greece's numbers close enough.

Alan2005

http://www.bloomberg.com/apps/news?p...d=aWbDG9eX0EdE

Analysis from doomberg: It's like the credit crunch.. but for governments.

The main problem with consumption taxes is that (unless you complicate them with exemptions etc) they disproportionately affect those on lower incomes as a larger percentage of their cash is spent on day-to-day living costs. But if no bugger is paying income tax then I guess there isn't much choice.

Lord Vader

Decent job report for April http://www.cbc.ca/canada/story/2010/...rs-canada.html