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Anonymous
Solution for Japan POP decline 2017-05-21 08:52:43 Post No. 126416556
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Solution for Japan POP decline 2017-05-21 08:52:43 Post No. 126416556
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Solution: Invite only white people fleeing from islam.
2065: 15%white 55% Jap 30% mix POP += 100,000,000
Japanese are happy, whites are happy, no terrorism.
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I want japanese gf.
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https://youtu.be/JdhhCCiIx40
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i would rather see japan shrink into nothing than to see it be anything other than japanese
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just a bunch of race mixing would happen and no one will be happy
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>>126416556
>Implying Hamericans can learn honarabu Japanese language
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This is a solution to a non-problem.
Japan will prosper from a declining population.
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""White"" Americans are niggers and Japan would be better off if it closed their gates to them
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White people are the niggers of japanese culture you fucking retard.
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Only if they learn japanese though. Will remove most of the idiots.
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>>126416556
>I don't want muslims in my country
Guess what, Japs don't want gaijins in their country.
Fair and square ain't it
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>>126416556
fuck off, people who think they deserve to live in japan arent better then the immigrants who think the same of europe
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>>126416556
>USA
>white people
>white people fleeing from Islam
no such things, might apply to western part of Europe though but they kinda love Muhammad's cock
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>>126416556
>weebs will impregnate women
Nice meme
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>>126417509
Fuck I love my leaf bro's, Godspeed fampai
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>>126416556
If immigrants end up screwing up the Mongolian basket weaving tutorials like they do everything else, Japan gets third bump.
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>>126418409
Cheers, m8.
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>>126416556
like hell no one should be fucking running from our enemies giving up our home to avoid conflict our fathers would be ashamed
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>>126416556
Sounds good op.
>>126417317
Wrong. Hapas are qt.
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>>126418578
>t. English teacher
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>>126416556
Honestly all the white people in America should move to Japan and we should just let the minorities take the USA like they've always wanted. Japan will become the new super power and America will become a third world shit-hole.
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>>126418409
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>>126418578
of course you'd say that john.
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Despite Japan's declining population the technology advances will replace their labor losses. While countries like mine will turn into a complete socialist shit hole with a continual population growth dependant upon the government for hand outs because the government has killed off jobs and the economy.
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yeah right
https://www.youtube.com/watch?v=n70AgNDh6qg
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>>126416556
>Whites become significant portion of population
>Start importing muslims
>Country turns to shit
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Yes please do send the most cowardly specimens of your dying race because if there's one thing this world needs it's more hapas with supreme gentlemanliness. I can't wait to look into more pig faces with enormous noses why holding back my vomit on the train home from work while they're coming home from the club because their natural odour is so pleasant to the senses also I love how my ears ring after talking to one because they feel the need to shout at the top of their lungs at all times instead of speaking like an actual human being.
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>>126418748
>t. Turk
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Japan is already overpopulated as fuck, they don't need more people.
>inb4 muh economy
Stick your jewish constructs up your ass, every dirty shitskin can be replaced by a nippon robot in a few years.
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>>126416556
Not sure they will be very happy
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>pol wants this to happen to japan
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>>126418368
There are more white chads than weebs here.
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>>126419335
Meanwhile irl
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>>126416556
ehhh... they sorta did that in Siberia... I don't know about the results...
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>>126419046
^^^^^^^^^^^^^^^^
This
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JAPAN needs to deport All white people
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>>126417385
Yeah that's my biggest concern about any program for immigration plan for Japan, I've been learning for 4 years as I work 4 months of the year there generally. I'm only getting to the stage of feeling competent with speaking to people now and that's with a lot of effort and study.
Americans are too lazy to put the required time in to learn a language so drastically different to English.
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>>126416556
White females only, nothing more.
Anything else isn't a help no matter how you try to sugarcoat it
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>>126419378
I mean there are weebs too no doubt.
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>>126416918
k
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>>126419428
>automization reduces workforce requirement
>less birthrate below population replacement level enable population proportion to match this
>reduce density
>optimal equilibrium of Supply of Labor and Demand for Labor
Ain't rocket science
Just basic economics
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>>126419472
KYS loser
JAPAN DOESNT need white pale nogger
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>>126417219
You mean Mexico?
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>>126419490
gimme solme of this
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>>126416556
I don't hate this idea
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>>126419477
And time to deport all whitey
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>white people destroy the west by inviting in muslims and promoting self-hate and other bad liberal ideas and agendas
Why would anyone want that in their country?
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>>126419378
Nips think this is Chad
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>>126416556
AsianAryanism ftw
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>>126419756
They DONT
Wake up
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>>126416556
>Fucking brown people destroying the white race
>Lets have hordes of white people migrate to Japan and interbreed with their women
I hope you can see the hypocrisy here.
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>I hate refugees
>but I will be one
Pol logic
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>>126419861
Just typical /pol/
/pol/ should just die already
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>>126419603
>flood a nation with unskilled immigrants
>pay excessive amounts in welfare to sustain them
>current residents get jack shit in assistance
>density growing in major metropolitan areas
>zero equilibrium
Try again Ahmed sympathizer.
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>>126417083
Oh shut up you Russian. You took the Sakhalin Islands from the Japanese and never gave it back.
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>>126419764
Hey, even Hitler respected the Japanese after all
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>>126416556
even poor whites could go to japan and not cause problems. can't say that for other races.
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>>126419812
Ouch! This image made me feel pretty bummed out, I'm ok now. Think before you post.
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>>126418089
> checks flag
> kek
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>>126419868
let's funnel more muslims in to even those numbers out right? so progressive.
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>>126419983
That's how war works.
>>126419868
fake news
>>126419861
deal with it
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>>126419926
That is what going to happen when you let white people into Japan
>population increases
>low labour demand
>disequilibrium
>increased unemployment
>increased debt because the government HAVE TO PAY FOR YOUR EXPENSES
>increased crime
>decreased investor confidence
>low GDP
>recession
>GREECE 2.0
This is what pol wants
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>>126419440
The UK is at the forefront of getting rid of all their whites.
We'll see how it turns out with the you first.
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>>126420033
That is /pol/
Stupidity 101
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>>126420127
So that means Japan belongs to the US? I love how war works. OMW. I hope you have space for me.
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>>126420127
>I hate the truth
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>>126419145
>every dirty shitskin can be replaced by a nippon robot in a few years.
Not exactly. Our robots actually work and contribute to society.
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Japan is a unique place because Japanese people live there. Their population is still twice what it was in 1930 and they still managed to exist back then. They do not need race mixing. They do not need whitey to bang their women for them. Depopulation is a natural response to scarcity by intelligent populations. If people aren't breeding, there is a damn good reason for it, and when it becomes an actual problem it will solve itself.
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>>126420179
And now stupid whitey wants to be stupid refugee
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>>126420264
Deport white now
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>>126419127
Nip posts are always so dark.
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>>126420136
>GREECE 2.0
mfw
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>>126416556
Japan needs BBC
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>>126416556
My company sent me to Japan and I worked there for some years. Their work ethics are really fucked up but I still enjoyed life there more than in Germany. While living there I married to a Japanese woman who I live with now in Germany until I don't need to take care of my parents anymore. From then I immediatelly move back to glory Nippon.
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>>126420275
You're definitely correct about Christianity. It's the biggest cancer on the white race we've ever seen. It's not even white in origin, which makes it all that more sickening.
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>>126420331
>ignorant of current affairs and happenings
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>>126416556
The only way for kikes to infiltrate a country is for there to be europeans to blend in with.
What you propose would simply result in the death of Japon.
But you perfectly know that, don’t you schlomo ?
Your thirst for the extinction of Humanity will never be sated, isn’t it ?
Until technological civilisation collapse and the next cosmic extinction event hit us, you will never stop, isn’t it ?
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>>126416556
>white
>big nose
>curly hair
Dont do it japan, its a trap.
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>>126420397
That is white culture
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>constantly whine about jews promoting white/black interracial relationships
>yet /pol/ keeps shilling white/asian couples
>meanwhile white birthrates lower than ever
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>>126420136
>implying white people per capita are not the lowest of gibs takers
And if you paid attention to my initial post you autistic faggot. I was highlighting the problems Canada is facing.
Japan's biggest problem is that they bow down on command to fucking boomers. They do everything they can to make sure the older generations will live to the age of 150. Their mentality when it comes to most aspects of their lives is still clan based.
>graduate college/university
>apply for a job with a company
>get a job with the company
>the company tries to find a woman suitable for you to ensure loyalty
Fuck's sake man, this isn't feudal Japan. But some of the people in charge still think they're just like the Takeda.
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>>126420520
Caucasians existed for thousands of years before Christ.
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The Eurozone is facing a serious sovereign debt crisis. Several Eurozone member countries have high, potentially unsustainable levels of public debt. Three—Greece, Ireland, and Portugal—have borrowed money from other European countries and the International Monetary Fund (IMF) in order to avoid default. With the largest public debt and one of the largest budget deficits in the Eurozone, Greece is at the center of the crisis. The crisis is a continuing interest to Congress due to the strong economic and political ties between the United States and Europe.
Build-Up of Greece’s Debt Crisis
In the 2000s, Greece had abundant access to cheap capital, fueled by flush capital markets and increased investor confidence after adopting the euro in 2001. Capital inflows were not used to increase the competitiveness of the economy, however, and European Union (EU) rules designed to limit the accumulation of public debt failed to do so. The global financial crisis of 2008-2009 strained public finances, and subsequent revelations about falsified statistical data drove up Greece’s borrowing costs. By early 2010, Greece risked defaulting on its public debt.
Policy Responses with Limited Success
EU, European Central Bank, and IMF officials agreed that an uncontrolled Greek default could trigger a major crisis. In May 2010, they announced a major financial assistance package for Greece, and the Greek government committed to far-reaching economic reforms. These measures prevented a default, but a year later, the economy was contracting sharply and again veered towards default. European leaders announced a second set of crisis response measures in July 2011. The new package calls for holders of Greek bonds to accept losses, as well as for more austerity and financial assistance.
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>>126417317
>t. 50,000 BCE guy that hates Neanderthals
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>>126420559
And you want the same shit to happen to Japan
This is the result of what will happen
The Eurozone is facing a serious sovereign debt crisis. Several Eurozone member countries have high, potentially unsustainable levels of public debt. Three—Greece, Ireland, and Portugal—have borrowed money from other European countries and the International Monetary Fund (IMF) in order to avoid default. With the largest public debt and one of the largest budget deficits in the Eurozone, Greece is at the center of the crisis. The crisis is a continuing interest to Congress due to the strong economic and political ties between the United States and Europe.
Build-Up of Greece’s Debt Crisis
In the 2000s, Greece had abundant access to cheap capital, fueled by flush capital markets and increased investor confidence after adopting the euro in 2001. Capital inflows were not used to increase the competitiveness of the economy, however, and European Union (EU) rules designed to limit the accumulation of public debt failed to do so. The global financial crisis of 2008-2009 strained public finances, and subsequent revelations about falsified statistical data drove up Greece’s borrowing costs. By early 2010, Greece risked defaulting on its public debt.
Policy Responses with Limited Success
EU, European Central Bank, and IMF officials agreed that an uncontrolled Greek default could trigger a major crisis. In May 2010, they announced a major financial assistance package for Greece, and the Greek government committed to far-reaching economic reforms. These measures prevented a default, but a year later, the economy was contracting sharply and again veered towards default. European leaders announced a second set of crisis response measures in July 2011. The new package calls for holders of Greek bonds to accept losses, as well as for more austerity and financial assistance.
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>Policy Responses with Limited Success
EU, European Central Bank, and IMF officials agreed that an uncontrolled Greek default could trigger a major crisis. In May 2010, they announced a major financial assistance package for Greece, and the Greek government committed to far-reaching economic reforms. These measures prevented a default, but a year later, the economy was contracting sharply and again veered towards default. European leaders announced a second set of crisis response measures in July 2011. The new package calls for holders of Greek bonds to accept losses, as well as for more austerity and financial assistance.
These responses have prevented a disorderly Greek default, but the prospects for Greek recovery remain unclear. The economy is contracting more severely than expected, and, as a member of the Eurozone, Greece cannot depreciate its currency to spur export-led growth. Unemployment is close to 16%.
Additionally, the policy responses have not contained the crisis. Ireland and Portugal turned to the EU and IMF for financial assistance. In the summer of 2011, interest rates on Spanish and Italian bonds rose sharply.
Broader Implications
Greece’s economy is small, but its crisis exposes the problems of a common currency combined with national fiscal policies. Additionally, its crisis set precedents for responding to crises in other Eurozone countries; highlighted concerns about the health of the European financial sector; created new financial liabilities for other Eurozone countries struggling debt; and sparked reforms to EU economic governance. It has also revealed tensions among EU member states about the desirability of closer integration.
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>>126420269
None of these sincerely mean to help. Bunch of nigger tier hypocrites. If they are so eager to help with the population problem, are they okay with shipping fertile white females to Japan? Of course not, all they think about is muh dick yellow fever. The fact is that males are useless public goods and you need just one hungry male to repopulate the entire country. Adding one more pol weeb does not add anything to the country.
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Why correct the Japanese when they do things right?
Multiculturalism is a lie.
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>Introduction
Since early 2010, the Eurozone has been facing a major debt crisis.1 The governments of several countries in the Eurozone have accumulated what many consider to be unsustainable levels of government debt, and three—Greece, Ireland, and Portugal—have turned to other European countries and the International Monetary Fund (IMF) for loans in order to avoid defaulting on their debt.2 The crisis now threatens to spread to Italy and Spain, respectively the third and fourth largest economies in the Eurozone.3
Greece has been at the center of the Eurozone debt crisis. It has the highest levels of public debt in the Eurozone, and one of the biggest budget deficits.4 Greece was the first Eurozone member to come under intense market pressures and the first to turn to other Eurozone member states and the IMF for financial assistance. Over the past year, the IMF, European officials, the European Central Bank (ECB), and the Greek government have undertaken substantial crisis response measures. At the behest of European leaders in July 2011, holders of Greek bonds have also indicated that they will accept losses on their investments to alleviate Greece’s debt payments in the short-run. If these plans are carried out, Greece will be the first advanced economy to default in almost half a century.5
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>>126420397
>You're definitely correct about Christianity. It's the biggest cancer on the white race we've ever seen. It's not even white in origin, which makes it all that more sickening.
It was great for a while, but it started to slowly tumble down when Charlemagne got all self-righteous, and said it was immoral for christians to loan money to other christians, and expect interest.
I wish that faggot never drew breath.
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>>126416556
>Stealing Jap women to produce mixed children
>Poisoning a society with the worst of Western influence when they've come far in the last 60 years
Degenerate. No better than niggers and muzzies.
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>>126420745
The Greek debt crisis is of continuing interest to the U.S. Congress. The United States and the European Union (EU) have the largest economic relationship in the world, and there are concerns about how economic turmoil in Greece and the Eurozone more broadly could impact the U.S. economy. There has been particular concern about the exposure of U.S. financial institutions to Greece. Additionally, the United States has the largest financial commitment to the IMF of all the IMF members. Some Members of Congress have raised questions about whether Greece’s IMF program is an appropriate use of IMF resources. These concerns have led to a number of congressional hearings and legislation in the 111th and 112th Congresses.
This report explains the causes of the crisis, the policy responses to the crisis, and assesses crisis response measures to date. It also highlights the implications of the Greek crisis for the broader Eurozone debt crisis and EU integration. It concludes with an analysis of issues of particular
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>>126419651
Calm down Mohammad, I only have to go over there because the nips cant figure out R for some reason.
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>>126416556
Japanese people hate white people though
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>>126420825
This is the result
The Eurozone refers to the 17 members of the European Union (EU) that use the euro as their currency: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Spain, and Slovenia. The other 10 members of the EU do not use the euro as their national currency. Denmark and the United Kingdom were granted special opt-outs of the currency union and are legally exempt from joining unless their governments decide otherwise, either by parliamentary vote or referendum. Sweden has gained a de-facto opt-out through the use of various legal provisions. The other seven (Bulgaria, the Czech Republic, Hungary, Latvia, Lithuania, Poland, and Romania) are expected to adopt the euro as soon as they meet certain economic policy targets. For more on the Eurozone, see CRS Report R41411, The Future of the Eurozone and U.S. Interests, coordinated by Raymond J. Ahearn.
2 The International Monetary Fund (IMF) is an organization of 187 countries that works to ensure the stability of the international monetary system. It makes loans to countries facing economic crises, undertakes surveillance of the international monetary system, and provides technical assistance to countries on matters related to its expertise.
3 International Monetary Fund, World Economic Outlook, April 2011. Using forecasts for 2011.
4 Ibid.
5 Incidentally, the last advanced economy to have been in default was also Greece, which defaulted in 1932 and stayed in default until 1964. David Beers and John Chambers, “Sovereign Defaults at 26-Year Low, To Show Little Change in 2007,” Standard and Poor’s, September 2006, Table 6. Analysis uses the IMF’s classification of advanced economies (i.e., see International Monetary Fund, World Economic Outlook, April 2011).
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Japanese should hand out free visa for Germans as our culture is not too different. Both are very hard working and trustful. Also we were the ones who mostly were on the site of the Japanese, while the US bombed the shit out of them.
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>>126420942
Nope kYS
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>>126420745
You could have some of our women. Better than them fucking niggers. 1 woman for every 2 weebs.
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>>126419868
>If we don't count muslim extremism, you're far less likely to die from muslim extremism
Gee, really?
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The Build-Up to Greece’s Debt Crisis
The Greek government has a long history of problems with its public debt—it has spent more than half the years since 1832, when it gained independence from the Ottoman Empire, in default.6 Economists point to several deeply entrenched features of the Greek economy and Greek society in general that have prevented sustained economic growth and created the conditions underlying the current crisis. Chief among these are pervasive state control of the economy, a large and inefficient public administration, endemic tax evasion, and widespread political clientelism (see text box below). An influx of capital at low interest rates during the 2000s and the global financial crisis of 2008-2009 further exacerbated these problems, straining public finances to an unsustainable degree.
pol wanrs this to happen to japan
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Fuck off Japan you dumb kikemerican le65% untermench, no one needs your "white le 65 genes" there, fat burgermunching animal.
Japan must stay pure, we must secure the future of our wifus and anime. Behead those who oppose Japans purity.
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>>126421081
End white people
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>>126421024
Kek, it's the brit again who got dumped by the Chinese student because his dick was too small
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>>126421081
Selected Features of the Greek Economy Underlying the Crisis
As recently as 1990, the Greek state controlled about 75% of all business assets in the country and tightly regulated other sectors of the economy. The state reduced its stake to about 50% by 2008. However, according to the Organization for Economic Cooperation and Development (OECD), much of the private sector continues to “suffer from weighty and complex regulations and from the lack of a coherent and systematic approach to rule-making.”
In the decade before the crisis, a significant portion of rising government expenditures was allocated to rising public sector wages and benefits. As recently as 2009, Greek government expenditures accounted for 50% of GDP, with 75% of (non-interest) public spending going to public sector wages and social benefits. According to the OECD, while spending on public administration as a percentage of total public expenditure has been the highest in the OECD, there has been “no evidence that the quantity or quality of the services are superior.”
Analysts often point out that Greek politicians have traditionally viewed the provision of public sector jobs and benefits as an important way to grant favors and thereby secure electoral support. Among other things, this tendency appears to have helped politically influential public sector unions consistently negotiate generous wage and pension agreements.
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>>126421144
>LARP larp
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>>126420825
>descended from exiled criminals and abos
>can't win a fight with some birds
>lives in a desert
>country's only export is shit posting
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>>126421196
Clientelism may also be an important factor behind pervasive tax evasion and a complex tax code that grants exemptions to numerous professions and income brackets. According to Greek government officials, until the debt crisis, the state taxed only one-third of officially declared income, at an average rate of about 30%. This excludes profits from an unrecorded economy that some value at upwards of 30% of the official GDP.
Most analysts view tax evasion and deeply rooted political clientelism in Greek society as emblematic of a broader distrust of state institutions. In its 2010 Corruption Perceptions Index, Transparency International ranked Greece as the most corrupt country in the EU, just behind Bulgaria and Romania.
Sources: Economist Intelligence Unit, IMF, Library of Congress, and OECD country reports on Greece; James Surowiecki, “Dodger Mania,” The New Yorker, July 11, 2011; Greek Deputy Prime Minister and Finance Minister, Evangelos Venizelos, “The Greek Debt Crisis: Prospects and Opportunities,” remarks at the Peterson Institute for International Economics, Washington, DC, July 25, 2011. http://www.iie.com/publications/papers/paper.cfm? ResearchID=1887.
>>
Euro Adoption, Capital Inflows, and Lax Enforcement of EU Fiscal Rules
As Greece prepared during the 1990s to adopt the euro as its national currency, its borrowing costs dropped dramatically. Interest rates on 10-year Greek bonds were dropped by 18% (from 24.5% to 6.5%) between 1993 and 1999.7 Investors believed that there would be widespread convergence among countries in the Eurozone. This belief was reinforced by the policy targets, called convergence criteria, that countries had to meet in order to be eligible to join the Eurozone. Additionally, the common monetary policy was to be anchored by economic heavyweights, including Germany and France, and managed conservatively by the ECB. EU member countries were also to be bound by rules in the Stability and Growth Pact that limited government deficits (3% of GDP) and public debt levels (60% of GDP). These limits were to be enforceable through fines of up to 0.5% of GDP.8 All of these factors created new investor confidence in Greece and other Eurozone member states with traditionally weaker economic fundamentals compared to, for example, Germany.
The influx of capital and pursuit of meeting convergence criteria did not result in a fundamental change in how the Greek economy was managed or in investments that increased the competitiveness of the economy. The Greek government took advantage of greater access to cheap credit to pay for government spending and offset low tax revenue. The government also borrowed to pay for imports from abroad that were not offset by exports overseas. Government budget and trade deficits ballooned during the 2000s (see Figure 1) and borrowed funds were not channeled into productive investments that would generate future growth, increase the competitiveness of the economy, and create new resources with which to repay the debt.9 Instead, the inflows of capital were used to fund current consumption that did not yield streams of revenue with which to repay the debt.
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>>126421398
EU policies that had been put in place to provide a check on the accumulation of public debt failed to do so. Since 2003, the EU has initiated more than 30 cases against members in violation of the fiscal rules set out in the Stability and Growth Pact, including Greece. Through this process, EU institutions have reprimanded member states in violation of the deficit and debt limits and pressured them to consolidate public finances. It has never imposed a financial sanction against a member state in violation of these limits, however.
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>>126417611
You realize your average people are some of the most deplorable creatures on Earth, right? Limey hypocrisy, I swear...
>>
>>126421441
The Triggers: Global Financial Crisis and Revelations of Mis- Reported Data
The Greek government’s reliance on borrowing from international capital markets to pay for budget deficits and trade deficits left it vulnerable to shifts in investor confidence. If investors lost confidence in the Greek government’s ability or willingness to repay its debt, they would stop lending to the government or charge interest rates that were higher than what the Greek government could afford. Lack of access to new funds would make it difficult for the government to borrow to repay existing debt as it became due (called rolling over its debt), meaning that the government would have to implement austerity measures quickly or risk defaulting on its debt.
Starting in 2009, investor confidence in Greece’s ability to service its debt dropped significantly. The global financial crisis of 2008-2009 and the related economic downturn strained the public finances of many advanced economies, including Greece, as government spending on programs, such unemployment benefits, increased and tax revenues weakened. Greece’s reported public debt rose from 106% of GDP in 2006 to 126% of GDP in 2009.10
Additionally, in late 2009, the new government, led by Prime Minister George Papandreou, revealed that previous Greek governments had been under-reporting the budget deficit. The new government revised the estimate of 2009 budget deficit from 6.7% of GDP to 12.7% of GDP.11 This was shortly followed by rating downgrades of Greek bonds by major credit rating agencies. Allegations that Greek governments had attempted to obscure debt levels through complex
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>>126416556
Japan is already well aware that 99% of Americans who want to move their are degenerate so this will never happen.
Ironic that all the weebs on this board think they could improve Japan and Mexicans ruin America. At least the Mexicans work instead of beating off to anime titties all day.
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>>126421481
WJITES are deplorables
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>>126421398
Greece is dope, Mohamed.
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>>126421543
Meanwhile
The Triggers: Global Financial Crisis and Revelations of Mis- Reported Data
The Greek government’s reliance on borrowing from international capital markets to pay for budget deficits and trade deficits left it vulnerable to shifts in investor confidence. If investors lost confidence in the Greek government’s ability or willingness to repay its debt, they would stop lending to the government or charge interest rates that were higher than what the Greek government could afford. Lack of access to new funds would make it difficult for the government to borrow to repay existing debt as it became due (called rolling over its debt), meaning that the government would have to implement austerity measures quickly or risk defaulting on its debt.
Starting in 2009, investor confidence in Greece’s ability to service its debt dropped significantly. The global financial crisis of 2008-2009 and the related economic downturn strained the public finances of many advanced economies, including Greece, as government spending on programs, such unemployment benefits, increased and tax revenues weakened. Greece’s reported public debt rose from 106% of GDP in 2006 to 126% of GDP in 2009.10
Additionally, in late 2009, the new government, led by Prime Minister George Papandreou, revealed that previous Greek governments had been under-reporting the budget deficit. The new government revised the estimate of 2009 budget deficit from 6.7% of GDP to 12.7% of GDP.11 This was shortly followed by rating downgrades of Greek bonds by major credit rating agencies. Allegations that Greek governments had attempted to obscure debt levels through complex
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>>126421398
Harsh I don't want to see your jungle fever jpg.
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>>126421542
Limey scum go home. Can't wait for Merkel to wipe out the Anglo kikes
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>>126421580
financial instruments contributed further to a drop in investor confidence.12 Greece’s 2009 budget deficit was subsequently revised upwards a number of times, finally to 15.4% of GDP.
As investors became increasingly nervous that the Greek government’s debt was too high, and that it would default on its debt, they started demanding higher interest rates for buying and holding Greek bonds (see Figure 2). Higher interest rates compensated investors for the higher risk involved in holding Greek government bonds, but they also drove up Greece’s borrowing costs, exacerbated its debt levels, and caused Greece to veer towards default.
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>>126421624
Crisis Responses
European leaders, the IMF, and the ECB agreed that an uncontrolled, disorderly default on Greek debt would be extremely risky and should be avoided at all costs. They feared that such a default could spark a major sell-off of bonds of other Eurozone members with high debt levels and that European banks exposed to Greece and other Eurozone governments would not be able to weather losses on those investments. Fear of contagion and financial turmoil drove a major policy response by the Europeans, the IMF, the Greek government, and central banks in May 2010 to avoid a Greek default. When Greece again veered towards default more than a year later, a second crisis response was announced in the summer of 2011. To date, the policy responses have succeeded in avoiding a disorderly Greek default. They have been less successful in putting Greece on a clear path to recovery and containing the crisis.
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May 2010
The first round of crisis response measures focused on financial assistance from the Eurozone and the IMF, paired with austerity measures and reforms implemented by the Greek government. Central banks also played a role in providing liquidity in the region.
Financial Assistance from Eurozone and IMF
In May 2010, Eurozone leaders and the IMF announced a three-year package of €110 billion (about $158 billion) in loans to Greece at market-based interest rates.13 Of the €110 billion, the Eurozone countries pledged to contribute €80 billion (about $115 billion) and the IMF pledged to contribute €30 billion (about $43 billion). Disbursement of funds was made conditional on implementation of economic reforms, as discussed below.
Seeking to prevent the spread of the crisis beyond Greece, EU leaders also created in May 2010 a new European mechanism for providing financial assistance to Eurozone member states under market pressures. The mechanism consists of two temporary, three-year lending facilities that could make loans totaling €500 billion (about $718 billion) to Eurozone members facing debt crises. EU leaders also suggested that the IMF could provide additional support. IMF and EU programs were subsequently provided to Ireland and Portugal (see Table 1). In March 2011, EU leaders agreed to create a permanent lending facility, the European Stability Mechanism (ESM), to replace the temporary facilities after they expired in mid-2013.14
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>>126421580
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>>126421720
Fiscal Consolidation and Economic Reforms in Greece
As a condition of financial support from the IMF and Eurozone countries, the Greek government has undertaken ambitious fiscal consolidation measures and economic reforms. An austerity program outlined in May 2010 aimed to reduce the government’s budget deficit by 11 percentage points through 2013, bringing it below 3% of GDP by 2014.15 The program’s immediate objectives were a deep cut to public spending and enhanced revenue growth through tax increases and a crack-down on tax evasion. Most spending cuts have been to the civil service, including a reduction or freeze on civil service compensation and a civil service hiring freeze. On the revenue side, the government raised the average value-added tax rate and increased taxes on certain commodities (fuel, tobacco, and alcohol). The government aimed to raise additional revenues through strengthened tax collection and higher contribution requirements for tax evaders.
13 Throughout the report, values denominated in euros are converted to U.S. dollars using the exchange rate on August 10, 2011: €1 = $1.4367 (Source: ECB). However, the exchange rate has fluctuated over the course of the crisis, and dollar conversions should be used as approximations.
14 See European Commission, DG Economic and Financial Affairs, Treaty Establishing the European Stability Mechanism (ESM), signed, June 11, 2011, http://ec.europa.eu/economy_finance/articles/financial_operations/2011-07- 11-esm-treaty_en.htm. The Eurozone members signed a treaty establishing the ESM in July 2011. The treaty must be ratified by the member states by the end of 2012. Non-Eurozone countries of the EU may contribute financial assistance to the ESM on an ad hoc basis.
15 The annual budget deficit targets laid out in the May 2010 plan agreed by the Greek government and the EU/IMF were a 2.5% reduction in 2010; a 4.1% reduction in 2011; a 2.4% reduction in 2012; and a 2.0% reduction in 2013.
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>>126421787
>copied from turks
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>>126421792
The government has begun to implement healthcare and pension reforms deemed vital to consolidating public finances. The Greek pension system, considered one of the most generous in Europe, has long been a target of advocates of Greek economic reform. In July 2010, the parliament agreed to pension reform to increase the average retirement age and reformed how pension benefits would be calculated.16 Prime Minister Papandreou also launched a similar effort to reduce expenditures and strengthen accountability in what is considered an inefficient Greek healthcare system. Healthcare reforms have included a reduction in total expenditures and consolidation of hospitals. Structural reforms pursued in 2010 to boost Greek competitiveness were focused on the rigid and highly fragmented labor market.
Central Bank Intervention
The ECB and the U.S. Federal Reserve (the “Fed”) have also played a role in responding to the crisis. The ECB announced in May 2010 that, for the first time, it would start buying European government bonds in secondary markets to increase confidence and lower bond spreads for Eurozone bonds under market pressure. Between May 2010 and June 2011, the ECB purchased government bonds totaling €78 billion (about $112 billion), with the bulk purchased in the summer of 2010.17 Market analysts estimate that more than half (€45 billion, about $65 billion) of the ECB’s bond purchases were Greek bonds.18 The ECB has also provided substantial liquidity support to private banks in Greece and other countries in the Eurozone, and has provided more flexibility in doing so than it did before the crisis.19 ECB liquidity support for Greek banks climbed from €47 billion (about $68 billion) in January 2010 to €98 billion (about $141 billion) in May 2011, roughly 40% of Greece’s 2011 GDP.20
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>>126416556
The world doesn't need more people. It just needs less niggers, muslims, indians and chinese.
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>>126416556
Go fuck yourself Elliot. Any miscegenation inflicts harm on gene pool, even if both races are high-tier but too different from each other, and one of last pure populations on Earth should not be contaminated because of your degenerate fetishes. Also if you flee instead of standing your ground, you are no better than some petrol-sniffing abo in terms of value for humanity.
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>>126421835
Turkey is rightful Byzantine clay.
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>>126421884
The Fed has supported the crisis response by re-establishing temporary reciprocal currency arrangements, known as swap lines, with several central banks in order to increase dollar liquidity in the global economy. These swap lines had been previously used during the global financial crisis. The swap lines were set to expire but have been subsequently extended until August 2012 amid continuing concerns about the Eurozone.21 While the swap lines were used most heavily immediately after the Fed re-established them, there has not been any amount outstanding on the swap lines between the winter of 2010 and summer of 2011.
16 Ibid.; “Greece/EU: Athens Frets under Financial Supervision,” Oxford Analytica, February 17, 2010; European Commission, Commission Staff Working Paper: Assessment of the 2011 National Reform Programme and Stability Programme for Greece, June 7, 2011. A 2008 reform of the Greek pension system legally reduced the number of pension funds from 133 to 13 (with five basic funds and eight smaller and supplementary funds). However, some observers have noted that the 2008 reforms have yet to be fully implemented.
17 Marc Jones, “ECB Bond Buy Freeze Continues, 1 Bln Euros Matures,” Reuters, June 20, 2011, http://www.reuters.com/article/2011/06/20/ecb-bonds-idUSFLAKHE7OV20110620.
18 Ibid.
19 Specifically, the ECB has accepted collateral in its liquidity operations with lower credit ratings than it did before the crisis.
20 The IMF forecasted in July 2011 that Greece’s GDP in 2011 would be €228 billion. International Monetary Fund, “Greece: Fourth Review Under the Stand-By Arrangement and Request for Modification and Waiver of Applicability of Performance Criteria,” July 2011, http://www.imf.org/external/pubs/ft/scr/2011/cr11175.pdf.
21 Federal Reserve Statistical Release, http://www.federalreserve.gov/releases/h41/hist/h41hist13.htm.
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>>126422080
June and July 2011
Starting in the spring of 2011, it became clear that the Greek economy was contracting more severely than expected and would require more assistance in order to avoid defaulting on its debt. After requiring Greece to adopt additional austerity measures, EU officials, the ECB, and the IMF debated for several weeks about what a second package for Greece would include. They quickly reached an agreement after a “speculative attack” on Italy in July 2011 (a rapid sell-off of Italian bonds, resulting in rising bond spreads on Italian bonds). European officials decided that in addition to more austerity measures and financial assistance, the holders of Greek bonds would also share in the crisis response by accepting some losses on their investments.
More Fiscal Consolidation and Economic Reform in Greece
As economic conditions worsened in the spring of 2011, the Greek parliament approved an additional round of austerity measures and structural reforms in June 2011. These reforms were necessary to get the next disbursement of funds from the original Eurozone-IMF financial assistance package, as well as for securing a second assistance package. The cornerstone of Greece’s so-called medium-term fiscal strategy (MTFS) is a consolidation program through 2015 worth €28 billion (about $40 billion, 12% of GDP), including €6.5 billion (about $9 billion, 2.9% of GDP) of additional spending cuts and revenue measures to be implemented in 2011. In all, the MTFS, together with previously announced measures, is designed to bring the government budget deficit down to 0.9% of GDP by 2015. The newly proposed consolidation measures aim primarily to reduce over-staffing in the public sector, improve the financial performance of state-owned enterprises, and streamline social transfers.
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Losing the thread.
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>>126422165
The other major component of the new fiscal strategy—and its most contentious—is an ambitious privatization and public real estate development program designed to raise €50 billion (about $72 billion) by 2015, including €15 billion (about $22 billion) by 2013. Concerns about the Greek government’s administrative capacity have led to discussions that the sale of public assets will be, quite unusually, overseen by an independent privatization authority, which is expected to include EU and IMF representatives.
More Financial Assistance
In July 2011, European leaders announced a second financial assistance package for Greece totaling €109 billion ($157 billion). This second financial assistance program will provide loans to Greece on more favorable terms than the first package (lower interest rate and longer maturities), as well as extend the maturities on existing Eurozone loans to Greece. At the time of the announcement, it was unclear whether the IMF would be contributing to the second financial assistance package. The official European communiqué called on the IMF to “continue to contribute to the financing of the new Greek program” but subsequent news reports indicated that the IMF would refrain from contributing to the second package.22
To help contain the crisis, European leaders also announced that they would make the EFSF more flexible. Instead of just providing loans, they announced that the EFSF will be able to provide precautionary lines of credit to countries under market pressures, finance the recapitalization of
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>>126416556
White people carry leftism and feminism with them as baggage.
First comes the leftism and feminism, then comes destruction.
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>>126422226
lol what?
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>>126416556
MODERN white men are pathetic cuckolds and lose every battle they face. Japan needs to buy nuclear ICBMs from Russia, kick out the US military and BAN white people from setting foot on that island.
White men controlled the Earth for 2000 years and still managed to fucking destroy EVERY LAST ONE of their own nations.
Leave Japan alone you fucking losers!
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>>126422226
Eurozone banks, and buy bonds in secondary markets with the consent of the ECB. These changes need to be ratified by national parliaments.
Losses on Greek Bonds
In July 2011, European leaders and the Institute for International Finance (IIF), an association of private financial institutions, announced that holders of Greek bonds would contribute €50 billion (about $72 billion) through 2014 to the crisis response. Specifically, they would participate, on a voluntary basis, in bond exchanges and bond rollovers (€37 billion, about $53 billion) and debt buybacks (€12.6 billion, about $18 billion) to lower Greek debt payments over the short-term. The IIF designed a menu of options for the bond exchanges and rollovers and expect 90% of private creditors to participate. Those that do participate are expected to take a loss of 21% in the net present value of their bond holdings.23 When the exchanges and swaps are carried out, the major credit rating agencies are expected to classify the Greek government as officially in default, since bondholders will not get paid in full and on time as specified in the original bond contracts.
Evaluating the Policy Response
The policy responses to Greece’s debt crisis have not been taken lightly, and they have been reached only after months of negotiations among the ECB, Eurozone leaders, the IMF, and the Greek government. The policy measures aimed to prevent a disorderly Greek default, to restore debt sustainability in Greece, and to prevent the spread of the crisis to other Eurozone countries and the global economy. To date, they have succeeded in the first objective, but have had limited success in the second two.
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>>126422264
Stop being hypocrite
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>>126422283
come on now, really?
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>>126422283
Ongoing Debates About Policy Responses
Providing financial assistance to Greece has been controversial. Many Eurozone countries, including Germany, had to overcome considerable political resistance to providing support to Greece. Opponents of EU assistance to Greece expressed exasperation with the idea of rescuing a country that, in their perspective, has not exercised budget discipline, had failed to modernize its economy, and had allegedly falsified financial statistics. Opponents also raised the issue of moral hazard and wished to avoid setting a “bail out” precedent. Likewise, providing IMF funds to Greece sparked intense debate, because the IMF has not lent to developed countries in recent decades and the IMF program for Greece is quite large relative to the size of its economy.
Economic reforms have also been difficult for the Greek government for domestic political reasons. Papandreou’s Panhellenic Socialist Movement (PASOK) came to office in October 2009 on a platform of social protection, promising to boost wages, improve support for the poor, and promote redistribution of income. The policies his government has since pursued to cut the budget deficit have required a full-scale retreat from these campaign pledges and are proving increasingly difficult to see through. Tens of thousands of public sector workers and their supporters have taken to the streets to protest the reforms. An opinion poll in June 2011 indicated that close to 50% of Greeks wanted parliament to reject new austerity measures, with only 35% in
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white people will make this happen in japan
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>>126422001
Half of your country is in Asia m8.
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>>126422226
>>126422165
>>126422080
No one cares about the EU you stupid Brits. You're more attached to the past than my ex girlfriend who is now trying to contact me on Linked in to bang her.
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>>126422383
favor of parliamentary approval.24 Unemployment in Greece more than doubled between 2008 and 2011, rising from 7.7% to 15.8%.25
The inclusion of bondholders in the crisis response in July 2011 signaled a major shift in the approach to responding to the crisis, which previously had focused primarily on the provision of financial assistance to Greece and economic reforms in Greece. Private sector involvement in the crisis had long been resisted by some European officials and the ECB due to fears that it would spark broader contagion in the Eurozone. Others, including German Chancellor Angela Merkel, felt that the costs of the crisis should be shared with private creditors and not borne by Greek citizens and European taxpayers alone.
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>>126422462
End wmaf
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>>126422279
>Japan needs to buy nuclear ICBMs from Russia
Japan currently unironically at war with Russia lol. Peace treaty at the end of WW2 was never signed, only armistice. Putin wanted to end war, but Japs want islands they lost during WW2 back but its not an option so it hadnt happened yet.
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>>126422555
I don't get it anon, why are you talking about Greek's debt while posting Hapa pics, what's your end game?
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china is future
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>>126422555
Just get laid already you salty fuck.
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>>126422637
Limited Success
The policy responses have effectively prevented a disorderly default by the Greek government. Greece has continued to pay its debts in full and on time. Investors are expected to take losses on their investments, but a plan has been laid out with input from the private sector, and is expected to proceed in a controlled manner.
To date, the policy response has not put Greece on a clear path to recovery. In July 2011, the IMF estimated that Greece’s public debt increased substantially between 2010 and 2011, from 143% of GDP to 166% of GDP. It also forecasted that Greece’s debt will rise again in 2012 to 172% of GDP, and only start declining in 2013.26 Most analysts agree that the path to debt sustainability in Greece has been hampered by lack of growth in the Greek economy. Growth would lower Greece’s debt and deficit levels as a percentage of GDP, make investors more inclined to resume lending to Greece, and offset the contractionary effects of fiscal reforms, making them more politically palatable. However, fostering short-term growth in the Greek economy has not been a central feature in the policy response to date, and growth in the economy is proving elusive, with the economy contracting at a faster rate than expected. In May 2010, the IMF estimated that the Greek economy would contract by 2.9% in 2011.27 Revised IMF estimates now project a sharper contraction for 2011 of 3.9%.28 Growth also contracted by 4.5% in 2010. 29 Growth is proving difficult because austerity measures have depressed domestic sources of growth. Moreover, Greece cannot easily rely on exports for expanding its economy. As a member of the Eurozone, it cannot depreciate its currency against its major trading partners to help spur exports.
This is what wmAF will create
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>>126422651
And China is just copying US.
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>>126422685
>I hate the truths
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>>126422710
Additionally, the policy responses to Greece’s debt crisis have not provided enough assurance to bond markets to prevent the spread of the debt crisis to other Eurozone countries. Nervousness about Greece has caused bond spreads to rise for other Eurozone members with weak public finances. Higher borrowing costs exacerbate their debt situation. In December 2010, Ireland turned to the IMF and EU for financial assistance, with Portugal following in April 2011 (see Table 1). In the late summer of 2011, interest rate spreads on Spanish and Italian bonds started to rise. Belgium, Cyprus, and even France, whose fiscal position had been widely viewed as stable, have also come under scrutiny.
Table 1. EU-IMF Assistance for Greece, Ireland, and Portugal
Greece
Irelanda
Portugal
Date Agreed
May 2010
December 2010
May 2011
European Financial Assistance
€80 billion
(about $115 billion)
€45 billion
(about $65 billion)
€52 billion
(about $75 billion)
IMF Financial Assistance
€30 billion
(about $43 billion)
€22.5 billion (about $32 billion)
€26 billion
(about $37 billion)
Total Financial Assistance
€110 billion
(about $158 billion)
€67.5 billion (about $97 billion)
€78 billion
(about $112 billion)
Source: IMF press releases.
Notes: Figures may not add due to rounding.
a. The headline number used by the IMF and in news reports for Ireland’s total financial assistance package was €85 billion. This includes €17.5 billion (about $25 billion) from Ireland’s cash reserves and other liquid assets. Resources used by national authorities in the crisis response are not included in the table above.
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>>126422637
GLOBAL HELLENIC SUPREMACY!
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>>126422730
china finished copying US few years ago. now US copies china
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>>126422784
There are different, but not mutually exclusive, views on why the policy responses to Greece’s debt crisis failed to put a stronger “firewall” around the country and prevent the spread of the crisis. Some fault European leaders for failing to act decisively during the crisis. It has been argued that their slow, piecemeal approach to the crisis response, and public disputes about appropriate crisis response measures, have exacerbated investor anxiety rather than reassured markets. It may also be the case that the crisis spread not because of what was happening in Greece per se, but simply because other Eurozone countries faced fundamental fiscal challenges that were unsustainable. For example, Spain suffers from a serious housing bubble; Ireland, a bloated banking sector; and Portugal, a decade of anemic growth.
Broader Implications
Greece has a small economy, accounting for only 2.4% of total Eurozone GDP, but the implications of its crisis are far-reaching. Fundamentally, Greece’s crisis has exposed some of the fears expressed by economists when the Eurozone was created. They worried about the tensions that could be created by a group of different countries sharing a common currency and monetary policy, while maintaining national fiscal policies. Greece’s debt crisis showed that these concerns were valid and that European leaders and EU institutions were not prepared to swiftly respond to
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>>126422849
such a crisis. The Greece crisis has sparked larger discussions about how to resolve the tensions between a common monetary policy with national fiscal policies, while keeping the monetary union intact.30
Greece’s crisis has also raised a number of more specific economic and political implications, detailed below:
First, the policy responses to Greece’s debt crisis have set precedents for how the debt crises in other Eurozone countries have been handled. The original crisis response for Greece focused on the provision of IMF and European financial assistance, in combination with austerity and structural reforms. This policy response was contentious and took weeks to negotiate. When Ireland and Portugal needed assistance, however, their programs were easier to negotiate, because Greece served as a template for designing the crisis response. Now that bondholders are being asked to share in the response to Greece’s crisis response by taking losses on their investments, markets are concerned that there will be losses on Irish and Portuguese bonds in the future. European officials deny this to be the case.
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>>126416556
Whites stay in Europe and fight
Japanese stay in Japan and fight
Kys jew
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>>126422741
Dude, 1/3 of the posts in this thread are yours at this point.
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>>126422899
Second, Greece’s crisis has exacerbated concerns about the health of the fragile European financial sector. Several large European banks, such as BNP Paribas, Société Générale, Deutsche Bank, UniCredit, and Intesa, are believed to be major private holders of Greek bonds.31 There have been continuing concerns about how these banks would be able to absorb losses on Greek bonds should Greece default or restructure its debt, particularly given widespread concerns that European banks may be undercapitalized.32 Specifically, there are concerns that the crisis could be transmitted through the European financial sector, triggering broader instability and requiring governments to recapitalize banks. European officials conducted two rounds of “stress tests” on European banks in June 2010 and July 2011. These tests examined how well European banks could absorb losses on distressed Eurozone bonds. Most banks performed well under the various scenarios laid out in the tests, but some questioned whether the tests were stringent enough.
Third, Greece’s debt crisis has created new financial liabilities for other European countries. Eurozone countries have extended bilateral loans to Greece, and made financial commitments to the broader European Financial Stability Facility (EFSF). If these financial commitments are called on, they could substantially raise the debt levels in Eurozone countries, many of which are grappling with their own debt problems. For example, France’s total financial commitment to the rescue packages is 8% of GDP.33 Increasing the size of the EFSF, as some argue is necessary to give it the firepower it needs to respond to a potential crisis in Italy, for example, could increase France’s commitments to 13% of GDP.34 If these commitments were called upon, France’s debt level could rise to above 100% of GDP. Some argue that these commitments explain, at least in part, why French bond spreads have started to widen.
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>>126422831
Once you learn to copy you learn for life.
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>>126422948
Fourth, the Greek crisis has highlighted the policy constraints on members of the Eurozone.
Many analysts have suggested that Greece would be better off if it could exit the Eurozone and issue a new national currency. A new national currency, devalued against the euro, could spur Greek exports and help growth return to the economy. As long as Greece is a member of the Eurozone, it does not have the exchange rate in its policy toolkit for responding to the crisis. Others, including the Papandreou government, argue that leaving the Eurozone would be a terrible economic decision for Greece, triggering a severe banking and financial crisis. They add that because Greece’s debt burden is denominated in euros, a new, devalued national currency would increase the value of its debt in terms of national currency.
Fifth, the Greek crisis has sparked a broader re-examination of EU economic governance, in order to improve the long-term functioning and stability of the currency union. The EU has been working on new legislation that would introduce significant reforms to economic governance. A proposed package of reform measures would strengthen enforcement of the Stability and Growth Pact, introduce greater surveillance of national budgets by the European Commission, and establish an early warning mechanism that would prevent or correct macroeconomic imbalances within and between member states.35
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>>126422996
Sixth, Greece’s debt crisis has posed challenges to and opportunities for deeper EU integration. In some ways, the crisis has highlighted limits to EU integration, revealing fundamental disagreements between member states about how much EU integration is desirable and highlighting the power that member states, particularly Germany and France, still leverage compared to EU institutions. On the other hand, the crisis has spurred tighter integration, through increased powers of the ECB and the creation of a permanent European lending facility.
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>>126422978
Every country in the world is just copying Rome.
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>>126417385
Parents put me in Japanese immersion school from 3rd grade on. I've been training for this my whole life.
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>>126422730
>>126422831
>>126422978
Copying something without understanding why it is done a certain way is bad.
Check this out, for instance:
https://www.youtube.com/watch?v=4HNaB7l2GQk
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>>126423097
Get out of Japan
Tbid will happen if Japan takes in WHITEY
1. Introduction
Greece is facing an extremely severe economic crisis whose magnitude is comparable, if not worse, to the Great Depression. Between 2008 and 2013 real GDP fell by 23% and the unemployment rate reached 27.5% in 2013, almost four times the 2008 level. The roots of this economic disaster can be found in the excesses that accumulated in the years leading to the global financial crisis of 2007-08. It is therefore important to examine the events of these years both to understand the crisis’s causes and to evaluate the policies that might help exit the crisis.
The conventional wisdom is that the fiscal profligacy is to blame for the Greek crisis. This perspective has three important implications: first, the Greek government is uniquely responsible for the hardship that has befallen the country because it could have behaved sensibly but chose not to; second, for Greece to exit the crisis it suffices to reduce public deficits and debts; third, the current crisis of the Eurozone could have been avoided had Greece not been allowed in the euro. This line of thinking is prevalent both in the public debate and also among politicians and policymakers. For example, during the pre-election campaign of 2013, both Chancellor Merkel and the chairman of the Social Democratic Party Sigmar Gabriel stated that Greece should not have entered the euro suggesting, implicitly or explicitly, Greece’s responsibility for the Eurozone crisis.
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>>126423155
In this paper it will be argued that this is a fundamentally flawed reading of Greece’s and the Eurozone’s problems. While there is no doubt that excessive fiscal deficits are an important element of the crisis, they are not the only (or even the main) culprit and reversing them, though necessary and desirable, will not by itself lead to the return of economic growth. Furthermore, the exclusive focus on fiscal imbalances has diverted attention from the necessary process of adjustment.
The method of analysis is to compare Greece with three countries that have also received help from the European Union: Ireland, Portugal and Spain. Examining Greece in the broader Eurozone context is a way of disentangling the crisis’s deep underlying causes from problems which were present for Greece but were not essential in creating the overall crisis.
This comparison reveals that before 2008 fiscal conditions differed substantially between the four countries: Greece and Portugal had large fiscal deficits and public debts while Ireland and Spain were fiscally very responsible, in fact more so than Germany. This observation implies that fiscal profligacy is not the common characteristic of countries in crisis.
However, before 2008 all four countries exhibited large trade deficits and increased external indebtedness which set them apart from other Eurozone members.2 While in Greece and Portugal it was the public sector that did most of the borrowing from abroad, in the cases of Ireland and Spain it was the private sector which was responsible for the external indebtedness. After the global financial crisis of 2007-2008 there was a sudden reduction in
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Japan needs to let corporations produce children. these children can be the result of careful selective breeding for health and intelligence.
>>
>>126423225
cross-border financial flows which created adjustment problems for all four countries, regardless of their earlier fiscal positions. Of course, countries with larger fiscal deficits, such as Greece, had less room to maneuver and experienced more severe consequences.
These observations imply that the true causes of the Eurozone crisis are the large external, rather than fiscal, imbalances. Furthermore, these imbalances affected every country of the European periphery and Greece was simply the worst affected and worst prepared country. In other words, the causes of the euro crisis were much wider than Greece and the absence of Greece from the Eurozone would not have prevented the crisis.
The implications for policy are quite stark: the affected countries, and especially Greece, need to rebalance their external account which requires that they regain competitiveness and recovering budgetary discipline, though important, does not directly help in this dimension. Up to now, however, European policy makers have focused almost exclusively on reducing fiscal deficits, a goal which is sometimes in conflict with increasing competitiveness. For the Eurozone crisis to end, this needs to change.
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>>126423259
No wmaf allowed
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>>126423281
TLDR faggot
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>>126423089
That's the thing. Rome collapsed. US hasn't. China isn't going to copy the Romans.
>>
>>126423281
2. Diagnosis of a crisis
Starting with Greece in May of 2010, five Eurozone countries have received help from the European Union (EU) and the International Monetary Fund (IMF) to finance their government budgets or to recapitalize their banks: Greece, Ireland, Portugal, Spain and Cyprus.3 Latvia, whose currency was tied to the euro before it joined the common currency on January 1st 2014, has also received help and several other Eurozone countries, notably Italy and Slovenia, have come under pressure. Each of these countries is faced with a different combination of problems but the fact that no EU country outside the euro has faced comparable pressures suggests that there is a common Eurozone component to the crisis.4
This Section aims to identify the common Eurozone component by comparing the countries that ended up receiving help with those that didn’t. To keep the analysis focused, attention will be directed on the eleven Eurozone countries which were part of the EU when the euro was launched, except for Luxemburg: Austria, Belgium, Germany, Greece, Finland, France, Ireland, Italy, the Netherlands, Portugal and Spain.5 Greece, Ireland, Portugal and Spain will be referred to as the “peripheral countries” and the other Eurozone members will be referred to as “core countries”.6
>>
>>126423331
Stop wmaf
>>
>>126423381
Fiscal imbalances: not so important, after all
The main cause of the Eurozone crisis is often described to be public sector profligacy. For this reason, three measures of fiscal imbalances are presented for every country under study: the average fiscal deficit during 1999-2008, the level of public debt in 2008 and the increase in public debt between 1999 and 2008, all as a proportion of GDP.
Figure 2.1 confirms the well-known fact that the Greek government ran very large deficits in the run up to the global financial crisis. The Portuguese government also ran high deficits, which were on average beyond the 3% limit set by the Stability and Growth Pact (SGP), though not quite at Greek levels.7 However, the other two peripheral countries had a
3 Spain has received help from the EU alone in order to recapitalize its banks.
4 Hungary has received some help from the IMF but of much smaller magnitude (less than a tenth of the Greek bailout, for instance). Iceland, which is not in the EU, is the only country that had a crisis of similar source and magnitude without being associated with the euro.
5 Since 2004 thirteen countries have joined the EU, six of which have also joined the euro. Of the latter group, at least three (Cyprus, Slovenia and Latvia) share many characteristics with the peripheral countries.
6Italy is sometimes grouped together with the peripheral countries in public discussion. In this discussion it will be included in the core group because it has not requested help from the EU and its external deficits were small.
7 Only five countries did not break the SGP limit before 2008 (Austria, Belgium, Finland, Ireland and Spain), two of which ended up receiving bailouts. The budget deficit of Germany was above the limit every year between 2001 and 2005.
>>
>>126423473
To summarize, the conventional wisdom that fiscal profligacy was the cause of the crisis might fit the cases of Greece and Portugal but is completely incapable of interpreting why Ireland and Spain are in trouble. Indeed these two countries were much more fiscally responsible than Germany: they run very small budget deficits or even surpluses and experienced large reductions in public debt which left them with considerably less debt than Germany on the eve of the global financial crisis. Therefore, the reason why peripheral countries are in crisis and core countries are not cannot be found in their fiscal behavior.
This is not to say that fiscal policy played no role. As will be argued below, irresponsible fiscal policies exacerbated vulnerabilities and reduced the room to manoeuver after the global crisis hit. It is therefore not a coincidence that Greece had both the largest deficits and has experienced the largest decline in output among the four peripheral countries. However, the fact that the roots of the crisis do not exclusively lie on fiscal imbalances means that reducing fiscal deficits is not enough to exit the crisis.
>>
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>>126419926
>pay excessive amounts in welfare to sustain them
>Relying off stereotypes and /pol/ for economic positions
>>
>>126420326
>deport white now
>live in a white country
>hiding behind liberals ass
>victim seeker for everything
>dresses white
>speaks white
>breathes white
>white owned
Top kek, check this fragile victim over here
>>
>>126423561
Kill whitey
>>
>>126423369
>Western Roman Empire
1000 years
>American Empire
50 years
>we wuz empire better than rome, we'll never collapse
which is funny because it's collapsing right now
>>
>>126423540
2.2 External imbalances: the real source of trouble
The years before the global financial crisis saw the accumulation of large imbalances in several Eurozone countries but these imbalances had to do with the external account of each country as a whole rather than the public sector alone. The external account will be studied by examining data on the current account balance and the international investment position of Eurozone countries.
Before examining the data, the connection between various measures of external balance is described. The current account balance measures the difference between a country’s export revenues and import costs, plus two smaller items.8 Essentially, when a country imports more than it exports, it experiences a current account deficit and needs to borrow from abroad in order to finance the difference; when it exports more than it imports, it lends to foreign countries. Importantly, the domestic borrower (or lender) might be either the private or the public sector. A country’s international investment position measures the sum of all foreign assets owned by domestic citizens minus the domestic assets held by foreigners and it reflects the accumulation of past current account deficits or surpluses: a current account deficit reduces a country’s international investment position while a surplus increases it.
Turning to the data, the average current account balance of Eurozone countries between 1999 and 2008 is depicted in Figure 2.4. In contrast to the Figure on budget deficits, the peripheral countries had the largest current account deficits among Eurozone countries.
>>
>>126416556
Whites are niggertier compared to asia. Might as well dump all of Detroit into japan, it'd make no difference
>>
>>126423724
>67 posts by this ID
>>
>>126423724
3. External imbalances and the euro
The introduction of the euro gave great impetus to the financial integration of the Eurozone. Capital flows increased dramatically for all euro countries and lending conditions converged across the Eurozone. While this development appeared initially to be benign and to facilitate the convergence of incomes across Europe, it ended up creating vulnerabilities which were exposed when the global financial crisis reached Europe.
>>
>>126423738
End wmaf
>>
>>126423765
Financial integration and the euro
The increase in the Eurozone’s financial integration becomes evident when examining the two most direct measures of financial integration, the magnitude of cross-border capital flows and the differentials in credit conditions across the Eurozone.
The amount of capital flowing from one Eurozone country to another, either to be directly invested or lent, reached 40% of Eurozone GDP in 2007, more than double the proportion of 1999.9 While capital flows also increased globally in that period, the within-Eurozone increase was much larger. It should be noted that flows increased in every direction, e.g. more capital flowed both from Germany to France and from France to Germany. The important point is that cross-border capital flows became much easier within the Eurozone after the euro’s introduction.
At the same time, credit conditions converged across the Eurozone. A good indicator of a country’s overall credit conditions is the long-term interest rate at which its government borrows since the rates of private sector borrowers are typically based on sovereign rates plus some extra risk premium. Following the introduction of the euro, sovereign interest rates converged almost completely within the Eurozone, as can be seen in Figure 3.1: between 2001 and 2008 every Eurozone country could borrow essentially at German rates and spreads never exceeded half a percentage point. This is a remarkable development given that in the early 90s German interest rates were 16 percentage points lower than Greek rates, 6 percentage points lower than Italian rates and even France had to pay a full percentage point more than Germany.10
>>
>>126423853
The introduction of the euro deepened financial integration by eliminating exchange rate risk and leading to the harmonization of financial regulations across the Eurozone.11 It is important to note that this development was judged to be a sign of the euro’s success, since financial deepening was one of the main goals of the euro. For example, the European Commission stated some of the euro’s benefits as follows:
A single financial market allows individual citizens and companies to invest throughout the euro area to obtain the best return on their savings. It creates opportunities to borrow from across the euro area, seeking out the lowest cost for their loan. Investors can also spread risks more widely. (http://ec.europa.eu/economy_finance/euro/why/single_market/index_en.htm)
>>
>>126417083
i like the cliches here
>>
>>126423896
This cliche is real
Japan must destroy whitey
>>
>>126423892
The euro, capital flows and the periphery
The introduction of the euro affected peripheral and core countries differently. An important outcome of the euro was a significant flow of capital from the core towards the periphery.
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>>126416556
robots will solve japan's problems, not the /pol/ kind of robot
>>
>>126416556
if you flee from Islam, you cede them territory and power. You are making them stronger.
>>
>>126424014
When the euro was introduced in 1999, the current account of the Eurozone had a small surplus which remained relatively stable during most of the following years. However, the composition of the current account changed considerably. Peripheral countries started with a very small deficit which increased substantially over the years, reaching 1.75% of Eurozone GDP by 2008 (at that time the peripheral countries constituted about one sixth of Eurozone GDP). Concurrently the current account surplus of the core countries increased by almost the same amount, exactly offsetting the peripherals’ increased deficit. Therefore, after the euro was introduced core countries experienced capital outflows (their current account improved) while peripheral countries experienced capital inflows (their current account deteriorated).
3.3 Expectations of convergence
The dramatic increase of capital flows to the periphery did not initially appear to be a cause for concern because, thanks to the euro, peripheral countries were expected to converge
12 Since 2008, another six countries have joined the Eurozone. Figure 3.1 shows the current account of the 11 members under study for the whole period.
>>
>>126424078
towards the core in terms of economic performance. Two main reasons were behind this expectation.
First, the elimination of exchange rate risk benefited peripheral countries disproportionally since their currencies had experienced deeper and more frequent devaluations in the past. This led to a large decline in the interest rates at which peripheral governments (and by extension the private sector in these countries) could borrow as is evident in Figure 3.1.
Second, the euro was expected to enhance growth prospects in peripheral countries, making them a profitable destination for foreign investment. In 1998 the per capita income of peripheral countries was only 61% of the level of core countries, suggesting that there was ample potential for catch-up growth. Joining the euro eliminated devaluation as a macroeconomic strategy and left productivity-enhancing reforms as the only way to gain competitiveness. Such reforms, which were politically costly and had been avoided in the past, were expected to raise living standards to core country levels.
>>
>>126424014
is that a shoop, why does he forehead seem so big
>>
>>126420230
>tfw I'm a bald white guy dating a south-east Asian super qt
end me
>>
>>126424181
Meanwhile irl
>>
>>126424160
>south-east Asian
>super qt
Pick one and only one.
>>
>>126424266
you have some severe fucking autism my dude
>>
>>126424160
That is reality
Deal with it
>>
>>126420786
Usury is debt slavery you fucking JIDF leaf.
>>
>>126424289
meant for>>126424181
>>
>>126424316
Can't handle the truth?
>>
Im already learning the language and hope to marry a qt 3.14 nip gf
>>
>>126424141
This idea was described with great clarity by Lucas Papademos who was the governor of the Bank of Greece at the time of Greece’s accession to the euro:
After entry in the euro area, the Bank of Greece will be implementing the single monetary policy decided by the Governing Council of the European Central Bank and it will certainly be impossible to improve the economy’s international competitiveness by changing the exchange rate of our new currency, the euro. The objectives of higher employment and output growth will therefore have to be pursued through structural reforms and fiscal measures aimed at enhancing international competitiveness by increasing productivity, improving the quality of Greek goods and services and securing price stability.13
The economic developments of 1999-2008 seemed to confirm the expectations of convergence. Real GDP growth at peripheral countries averaged 3.6% per year, as opposed to 2.2% for the core, and per capita income reached 75% of core countries by 2008.
Furthermore, the sources of growth appeared to be sound. Investment grew fast in Greece, Ireland and Spain and its share of output increased by more than 3 percentage points in all three countries (see Table 3.1). The periphery’s current account deficits, therefore, seemed to reflect the reallocation of capital across the Eurozone in a way that made everyone better off: peripheral borrowers gained greater access to capital and core lenders received a higher rate of return than they could by investing at home. This development was judged to be a sign of the euro’s success because economic convergence was one of the main goals of the euro.
>>
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>>126416556
>let's just become the niggers we fear so much
>>
>>126424408
Whixh will never happen
>>
>>126424431
shut the fuck up no one wants to read your garbage
>>
>>126424431
Hidden vulnerabilities
In retrospect, of course, it is clear that the external imbalances that were building up in the years before the global financial crisis were less benign. On the one hand, the large capital inflows led to an economic boom and large increases in wages and prices in the periphery. On the other, the productivity increases that would facilitate the repayment of foreign debts did not materialize, at least not at the expected magnitude. This resulted in a loss of competitiveness which made peripheral countries ever more dependent on the continuation of capital inflows to sustain growth and ever more vulnerable to their reduction.
This development has several sources. The easy availability of funds was not used optimally by the recipient countries. The allocation of investment consisted mostly of housing construction: as can be seen in Table 3.1, investment outside the housing sector actually fell in Ireland and Portugal as a proportion of GDP while it increased relatively modestly in Spain and more substantially in Greece. While housing investment might benefit the countries where it takes place (and an argument can be made that there was a lot of wasteful overbuilding in the bubbles of Ireland and Spain) it does not improve an economy’s ability to export. Therefore, housing investment was financed with foreign loans but could not by itself help repay these loans. Incidentally, this was much less of a problem for Greece than for the other countries.
>>
>>126424390
>truth
it looks like asian women can identify attractive white mates about as well as black males can identify attractive white mates.
so we all look alike to outsiders, and it is hurting their mixology attempts.
>>
>>126424536
Loser
Can't handle reality
>>
>>126416556
White people have no culture
Mixed whites have no culture and shows no respect for the other half
That is how you destroy a country that does everything based on tradition
>>
>>126416556
The idea that you constantly need to continue to grow your population is stupid since it isn't rooted on a country surviving but a future generation holding the older one up when they retire.
>>
>>126424574
End wmaf
>>
>>126424448
>white migrants are just like nigger migrants
Germany everyone
>>
>>126424541
External indebtedness was in some cases compounded by bad public policy. The large drop in interest rates reduced the payoff to saving and led to a decline of private saving rates in all peripheral countries (see Table 3.2). Whether this translated into a decline in national savings depended on the policy response, which varied across countries. The national savings of Ireland and Spain fell only marginally because their governments increased public savings by reducing budget deficits. The governments of Greece and Portugal, however, took advantage of the easy credit conditions to increase their borrowing, causing an even larger decline in national savings. This further increased the need to borrow from abroad, expanding the current account deficit and exacerbating the vulnerability to a reversal of flows.
>>
>>126424584
82 out of 212 posts in this thread are yours.
You have more posts in this thread than there are total posters in this thread. Yeah. It kinda comes off as autism.
>>
>>126424644
odd seeing Bubbles without his kitties
>>
>>126424683
He is rifht
Deal with it
>>
>>126424693
Time period
1995-2001
Greece
16.5%
Ireland
18.3%
Portugal
19.4%
Spain
21.0%
2002-2008
13.4%
17.8%
15.7%
17.4%
Difference
1995-2001
-3.1%
-1.9%
-0.5%
4.0%
-3.7%
0.0%
-3.6%
1.1%
2002-2008
-3.3%
3.6%
-1.7%
4.5%
Difference
1995-2001
-1.4%
14.6%
-0.4%
22.4%
-1.6%
19.4%
3.4%
22.1%
2002-2008
10.1%
21.4%
14.1%
21.9%
Difference
-4.5%
-0.9%
-5.3%
-0.2%
Private savings (% of GDP)
Public savings (% of GDP)
National savings (% of GDP)
Table 3.2
Core countries
22.1% 22.1% 0.0%
1.2% 1.8% 0.6%
23.3% 23.9% 0.6%
Source: Eurostat
Furthermore, there is significant evidence that institutional quality in peripheral countries actually deteriorated after joining the euro, rather than improve which is what policymakers (such as Papademos) were expecting. This can be seen in the Worldwide Governance Index (WGI), a set of indicators created by the World Bank to measure the quality of governance by surveying private, public and NGO experts on governance. Table 3.3 shows the values of the index for “government effectiveness”, “control of corruption” and “regulatory quality” for each peripheral country and the average of core countries for the time periods before the euro (1996-98) and before the global crisis (2006-08).15
>>
>>126424493
Why are you so religious?, Chistianity was inveted in the middle east by some jews. It was designed to destroy the original pagan religions of europe and to conquer europe to mold the european into cucks which will not oppose the upcoming genocide.
In fact Christianity is a globalist and immigrant religion, It has nothing to do with European Heritage.
If you are a brit? why are you following an immigrant religion?
funtip: YES I WILL MARRY A QT 3.14 NIP whetever you like it or not.
>>
>>
>>126419721
Oh fuck you guys summoned the anti-white hapa.
Get the fuck out of Britain if you hate white people so much you fucking mongrel.
Take your chinks in Hongcouver back to China too.
>>
>>126424822
End wmaf
End white atheism
>>
>>126424846
looks like he's about ready for an upgrade. time for another phone call to Jeffrey Epstein.
>>
>>126424890
Severe daddy issues? Makes sense, I suppose.
>>
>>126424890
Loser
Can't handle reality
>>
>>126424951
End wmaf
>>
>>126424811
Government effectiveness
Control of corruption
Regulatory quality
Table 3.3
Time period
1996-1998
Greec Irelan Portug e d al
0.79 1.74 1.14
Spain Core countries
1.64 1.70
1.51 -0.19
1.68 1.63 -0.07
1.29 1.45 0.16
Source: World Bank
2006-2008
0.61
1.55
0.95
0.94
Difference
1996-1998
-0.17
0.70
-0.19
1.69
-0.19
1.43
-0.71
1.21
2006-2008
0.23
1.74
0.97
1.07
Difference
1996-1998
-0.46
0.65
0.05
1.63
-0.37
1.22
-0.18
1.18
2006-2008
0.87
1.87
1.07
1.20
Difference
0.22
0.24
-0.15
0.02
Two features are notable in this Table. With the exception of Ireland, peripheral countries have much lower scores than the core country average in all three categories. Furthermore, the index for government effectiveness and control of corruption deteriorated markedly for peripheral countries between the late 90s and the late 00s, again with the exception of Ireland. This deterioration occurred after euro accession when governance was supposed to be improving. The category of regulatory quality is the only one where performance actually improved for Greece and Spain.
This evidence presented in Fernandez-Villaverde, Garicano and Santos (2013) corroborates this impression. They examine case studies in each of the peripheral countries which illustrate the decline in government effectiveness and increase in corruption during the boom years. Overall, it seems that the ease with which the private and public sectors could borrow created a laxer economic and political environment which discouraged reform.
>>
>>126424925
where are your arguments to my last question? you were supposed to write walls of text. why this sudden autism? It is because you dont have any more argument left?
>>
>>126425078
In sum, during the euro’s first decade the Eurozone’s peripheral economies experienced large inflows of capital from the core which fueled an economic boom but also led to the build-up of severe imbalances. Prices and wages increased substantially which were not accompanied by similar increases in productivity, leading to a gradual loss of competitiveness. The most direct way to gauge the evolution of competitiveness is to examine a country’s unit labor costs, which measures the productivity-adjusted wage. Figure 3.3 shows that between 2000 and 2008 unit labor costs of peripheral countries increased by 30% more than in Germany, on average.
>>
>>126416556
Its easy as fuck to get a visa if you're white desu. basically a guaranteed 10 year visa if you have a phd. Think they even lowered the standards recently
>>
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>>126416556
Solution for Japan population decline:
ROBOTS
>>
>>126419983
>amerinigger history education
>>126420213
For an afro-mexican mutt with cuckolding & multiculturalist fantasies stuck to jos Genesis? Doubt it.
>>
>>126425185
Kys
End whitey now
>>
>>126424956
Yes. His dad is some beta geek white guy (or jew) who impregnated a self-hating asian woman.
He blames white men for his failures and his parents hating him. He talks about WMAF couples being a monstrosity (him) while supporting AMWF couples (I wonder why).
"CHING CHONG STAY AWAY FROM ASIAN WOMAN WHITE BOIS ALSO I FUCK TONS OF WHITE WOMEN CHING CHONG"
We can say with 90% certainty that he will attempt a school shooting within the next 5 years.
>>
>>126425136
Wmaf is Autism
>>
>>126425195
What in the hell.
>>
>>126425301
So end wmaf now
>>
>>126420264
I see that by Fukushima. Only robots here lol.
Ok, not very funny.
>>
>>126425301
>meanwhile ZERO ANWF couples posted itt
>>
> 76 posts by this ID
How we solve the anglo question?
>>
>>126425301
The end result is essentially the same, though...
>>
>>126425345
European Ancestors would show autism behaviour if we take them to civilitzacion.
So being autist in in fact a compliment thank you.
What are you trying to imply with your images? wmaf ends up with and ugly af? is it that?
>>
>>126425398
The aftermath of the global financial crisis: developments and policy
After the global financial crisis investor sentiment changed radically from euphoric optimism to an extreme aversion for all types of risk. The growth prospects of peripheral countries were downgraded, along with the rest of the world’s, and the vulnerabilities of the Eurozone periphery attracted more attention than before. As a result, the willingness of foreign investors to fund peripheral countries declined dramatically, sparking the Eurozone crisis.
The reduction of international capital flows towards the European periphery created pressure on the peripheral countries to close their external deficits and balance their trade. For this to happen, economic activity had to reallocate towards the production of tradable goods and services to expand exports to foreign markets and displace imports in the domestic market. For this to happen, however, competitiveness had to first be restored.
>>
>>126425462
Loser
End wmaf
>>
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>>126425454
Because no one else is autistically spamming pics and unrelated rants.
You're only a few posts short of 100.
>>
>>126425488
Deal with it loser
>>
>>126425395
So go back to chink land and reclaim your women.
You don't get to complain about white guys going to China/Japan and breeding with your women while you live in the UK trying (and failing) to get with white women. It goes both ways.
I know you're an autistic psychopath but you need to understand your hypocrisy before we can help you.
>>
>>
>>126425590
99... 1 more to go!
>>
>>126425626
Ayy!
>>
>>126425620
End wmaf
End white autism
>>
>>126425557
At least im not autistic ;-)
>>
>>126425620
>hypocrite
All over pol
Deal with it
>>
>>126425590
I will give you that. But even if asians females on average are not as appealing as white women. THIS FACT DOES NOT IMPLY THERE ARENT QT ASIAN FEMALES.
Therefore I will search for a QT 3.14 one even if that means speding 3 hours at night searching at a rate of 1/10000 asian profiles.
So check mate?
>>
>>126425696
Wmaf is autistic
Deal with it
>>
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>>126418089
Fuck off froggo
>>
>>126425620
We can't help him. He has dug himself into a hole and will keep going until he hits rock bottom.
>>
>>126425748
They won't go for white nuggers
Deal with ut
>>
>>126420385
ID KANG....
>>
>>126425826
End wmaf
>>
>>126425833
>white
>jew
puhleeze
btw, is that a short heeb, or a tall chink?
>>
>>126425874
End whitey
>>
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>>126420326
>>
>>126425758
> 103 posts by this ID
Yeah i really wonder what really is autistic
>>
>>126425728
always happy to have more chinks here in the uk, it makes me a lot of money. Though its fucking staggering how rich some chinks are getting.
>>
>>126425469
It is. They both produce half asian monstrosities with self-hatred, no sense of identity, and severe psychological issues.
But the hapa psychos want to be able to chase white women while not having asian women chased by white men.
"WHITE MEN STAY AWAY FROM OUR WOMEN"
"I SLEEP WITH MANY WHITE WOMEN THEY LOVE MY ASIAN COCK"
They excuse this hypocrisy away by pretending that AMWF couples produce good children while WMAF couples produce bad children.
Go to r/hapas to find a million more people like this guy. These half-asians are literally soulless monsters with zero self-awareness.
>>
>>126425878
In the past, this could be achieved via currency devaluation which reduces domestic wages and prices vis-à-vis foreign ones. However, by joining the euro this option had been forfeited – and indeed it was exactly the absence of that option which encouraged capital inflows in the first place. Therefore, competitiveness had to be regained through reductions in nominal wages and prices and through improvements in productivity, a process called “internal devaluation”. This process is slow and can be especially painful for countries whose economies are characterized by extensive rigidities as was the case in the Eurozone periphery. To a large extent, the economic problems currently facing the peripheral countries are a reflection of that difficulty.
Low growth prospects and severe economic dislocation suffice to generate budget problems even for governments that had not been particularly spendthrift. Combining them with a large pre-existing debt level (Greece, Portugal) or the need to bail out private banks (Ireland, Spain) was enough to create a full-blown confidence crisis about governments’ ability to honor their debts. As a result of the crisis of confidence, peripheral countries lost access to financial markets and resorted to borrowing from their EU partners in order to fund their budgets (or, in the case of Spain, to recapitalize banks).
4.1 The evolution of fiscal and external deficits since 2008
Support programs from the EU and, in the cases of Greece, Ireland and Portugal, the IMF and the European Central Bank (the so-called “troika”) did not come for free: the recipient countries had to fulfil ambitious programs of budgetary consolidation and economic reform. However, the emphasis of these programs was primarily on reducing budget deficits.
The programs’ outcomes reflected the priorities set by the designers. Figure 4.1 shows that between 2009 (the last pre-bailout year)
>>
>>126425208
>His genes*
Fix'd
>>
>>126425833
If they won't go for Caucasians, why do you have a folder filled with pictures of WMAF couples and complain that no one has posted AMWF couples?
Does the contradiction not hurt your mind?
>>
>>
>>126426363
Meanwhile ZERO AMWF SHILL ITT
>>
>>126426390
>illiteracy
NOWHERE DID I COMPLAIN THAT
I AM ONLY AGAINST WHITE RACISM
>>
>>126426456
Yes or No.
Do you think it is equally repulsive for asian men to chase white women?
Answer the question.
>>
>>126426456
>WHY AM I THE ONLY ONE SHILLING IN THIS THREAD?!
Anon... Even if you were the only one to post in this thread from now on, we'd hit bump limit in <30 minutes.
>>
>>126426525
occurred in a period of extremely severe recessions which hindered deficit reduction by reducing tax revenues and increasing the demand for social spending.
A substantial correction also took place on the external account. Between 2008 and 2013 the trade balance of all peripheral countries has improved between 8% and 13% of GDP. However, the composition of the improvement varied dramatically across countries with great implications for economic activity. As can be seen in Figure 4.2, Greece’s improvement is driven exclusively by a reduction in imports, while exports actually fell over that period (a drop in imports appears with a positive sign because it improves the trade balance).17 The other three countries exhibited a more balanced adjustment in their trade.
The Greek pattern of adjustment is problematic for at least two reasons. First, it means that the necessary economic adjustment towards the production of tradable commodities is not taking place and therefore the recession is more severe than it would otherwise be. Second, the improvement in the trade balance is unlikely to prove sustainable because the decline in imports will be reversed when the economy recovers – or it might hinder the recovery altogether.
You
>>
>>126426563
YES
NOW KYS
>>
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>>126425833
>implying they will reject a 6'2'' /fit/ white master race (pic related)
Sorry I had taken care of this so I become buff as fuck so that no female could reject me.
Check mate
>>
>>126426580
End wmaf
>>
>>126426710
Meanwhile irl
>>
end all whitey
>>
>>126426624
So you consider yourself the product of something repulsive and the first thing that you say to someone when it is brought up is for them to kill themselves...
Anon... You're projecting.
>>
>>126426624
>KYS
Why? I am a white man who only dates white women.
You are a half asian monster. By your own logic you are the one who needs to kill yourself.
>>
>>126426769
CHRIST chan hates WHITEY
DO YOU?
>>
>>126426778
DIE DIE DIE
>>
>>126426802
>CHRIST chan hates WHITEY
I'm beginning to suspect schizophrenia...
>>
>>
>>126416556
But then you are just doing what you complain about happening to the White America to the Japanese, you haven't really thought this through
>>
>>126426879
CHRIST CHAN HATE WMAF
>>
>>126426903
Anon, your insistence on calling everyone a "loser" really only shows that it's a word that you were deeply hurt by.
>>
>>126426906
Wmaf btfo
>>
>>126426978
I AM HURT BY YOUR ANTI ASIAN RACISM
>>
>>126427006
You are, as of writing this, 121 posts out of 292. You're talking about yourself.
>>
WMAF IS AGAINST GOD
>>
>>126427090
HAHAHAHAHAHA.
END ANTI ASIAN RACISM
>>
Fuck that. Japan is for the Japanese.
>>
>>126427111
I AM KEK
>>
>>126426744
I will marry a qt 3.14 nip whatever you like it or not and you can't do anything to stop it.
>>
>>126427048
My group of friends is predominantly Asian. Half of them are Chinese and half of the rest are Flip and Viet. I haven't said a single racist thing here. You have.
YOU ARE TALKING ABOUT YOURSELF.
>>
>>126427175
End white PRODDIE
>>
>>126427198
Which will never happen
Deal with it
>>
>>126416556
Japan hates white people, foreigners and foreign white people.
>>
>>126427196
>Post 124+ times
>Celebrates when he gets trips
>>
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3 K's a day keeps the niggers away.
If you hate niggers, jews, spics, arabs, faggots, commie scum as much as we do and you want to raid some tranny server once in a while, you should join the official Moon Central Discord! White people only. Introduce yourself in #introductions
https://discord.gg/rDSBTgq
1, 2, 3 ,4 I declare a race war!
Join us and lynch a nigger tonight!
14/88,
The Triple K Mafia
P.S Fuck Niggers
>>
>>126416556
>Solution: Invite only white people fleeing from islam.
No, stay the fuck away from Japan. Fleeing cucks will eventually weaken Japan as well.
Fight your problems on your own soil.
>>
>>126427220
We hate you
Die
>>
>>126416556
Holy shit is this the latest trend in slide threads?
What is it with you people?
This country is full of immigrants that don't bring nothing of value to this country. There are an endless number of idiots, including a lot of immigrants that married to a Japanese, that are welfare zombies, living off of tax payers money because they are ''''''sick''''''.
The orphanages are filled with little japanese children, but don't think for a second that they are actual orphans, oh no, they are the children of parents that just don't want to bother taking care of their own kids.
Guess who's paying for that too? You guessed it, the japanese tax payer.
The quality of life is horrendous and the work hours are so horrifying that the infamous word for death by overwork "Karoshi" exists.
Why in the fuck would they need more immigrants?
A decrease in population would finally allow for products such as meat, fish and vegetables to be priced LOWER. The price for food in japan (except for the country side) is insanely high.
Who keeps making these threads?
You faggots are out of your minds.
SAGE
>>
>>126427287
HAHAHAHAHAHAHAA
>>
>>126427320
>Clearly talking about himself
>Keeps telling people to die
Go. Get. Help.
>>
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>>126420033
>>126419812
>>126420194
btfo'd meme image pls end ur lifes pls
>>
>>126427358
Wmaf bTFO by economics
>>
>>126419472
4 years and you can only just now talk to other people? Are you sure you just aren't stupid?
>>
>>126427386
HAHAHAHA
>>
>>126427460
End wmaf
>>
>>126427558
SHIT WRONG IMAGE
>>
>>126427280
I will post you when I get my dream come true faggot. Just wait
>>
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>>126427460
I was raised fully bilingual (Eng/Fr). People tend to feel confident when they can translate word-for-word in their mind what they want to say, but it still comes out as gobbledygook or the equivalent of a 4 year old child's diction, and the people I'm basing this on were learning a language that shares 40% of it's vocabulary and the written characters.
>>
>>126427605
Delusion of a white man
>>
>>126427695
Eat shit
>>
>>126427558
I will think of your faggotry next time I fuck my 19 yr Japanese gf.
>>
>>126427796
Kys ASSHOLE (fuck me hard)
>>
I want cock
>>
>>126427358
>horrendous working hours
how about you go to work to actually work, instead of hanging around socializing and sucking the boss's dick all day? you know, bust ass for 8 hours, then go home and actually do family stuff and relax for a few. more productive, and you'll end up healthier, and with higher creativity than what you're doing now in the ant hill.
>>
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Three K's a day keeps the ape niggers away.
If you hate niggers, jews, spics, arabs, faggots, commie scum as much as we do and you want to raid some tranny server once in a while, you should join the official Moon Central Discord! White people only. Introduce yourself in #introductions
https://discord.gg/rDSBTgq
1, 2, 3 ,4 I declare a race war!
Join us and lynch a nigger tonight!
14/88,
The Triple K Mafia
P.S Fuck Niggers
>>
>>126428122
>8 hours
Yeah, that's not how they do it. They expect you to arrive early, leave late and come in on weekends, unpaid hours. You have to work yourself to death to show commitment to the company.
>>
>>126419861
That'd get rid of some of them weebs and animu twerps who already worship Jap culture and clearly don't belong in the west. Might rid ourselves some liberals too.
>>
>>126427877
Get a titjob and inject female hormones into your body, it will cure your autism.
>>
>>126416556
Whites bring too much liberalism with them.
Better solution: only import white men and lead them to make babies with Japanese women.
> tfw is that hitting too close to home for Germany..!?
>>
>>126428364
Shut up and fuck me
>>
>>126428122
>>126428271
And even when you're doing some shitty part time job, you still have to work 9 - 12 hours. You won't have any energy or money left to do anything else besides barely feed yourself with the high prices on food and get 5 to 7 hours of sleep.
They pay 8% taxes on anything and it's confirmed to become 10% soon. This isn't as highly taxed as other countries BUT if you compare the quality of life it is ridiculous. All that these tax rates are paying is prostitutes, mansions and cars for corrupt politicians and yakuza.
>>
>>126428504
So WM/AM is fine?
Not that I'm complaining. Fucked a Flip guy once. Was a pretty good lay.
>>
>>126417219
This, i'd rather see it burn into ash than turn into a degenerate hapa shithole, especially if it's modeled after the fucking clapistan.
Why is there so many faggots on /pol/ who are against race mixing except when it's about japan?
Fucking weeaboo cunts.
>>
>>126428583
Are Millennials in Nihon also moving out of cities en masse?
>>
>>126428613
Yes
>>
>>126428764
Dude, just go on grindr or something. It's almost hard NOT to get laid if you're gay or bi these days.
>>
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>>126428661
Hapa grills are qt af.
> especially if it's modeled after the fucking clapistan.
You may have a point but that is still better than being modeled after France.
>>
>>126416556
>No terrorism
Just school shootings
>>
>>126428986
Having the 2nd Amendment would be a big improvement for Japan, though.
>>
>>126428986
France is a shithole because it's full of muslims.
Clapistan is a shithole because it's full of degenerates.
>>
>>126428665
Not sure if you're referring to this, but young faggots with rich parents from all over the country move to tokyo to go to college or pretend to study some bullshit for half a semester. Disgusting shit.
>>
>>126428853
I only do it with femboys
>>
>>126429092
Not exactly hard to find.
>>126429078
We have that too, but a lot of us are moving out of the major cities because housing costs are insane.
>>
>>126429077
>France
>not full of degenerates
lol
>>
>>126427454
I think I'd have gone with
Ad Hominem: I can't understand that public ((authority) figures can have a history or agenda analysed and documented whereas anons only have their words to stand on
I don't get the second as it's a repetition of the first
free speech: Will not unquestioningly accept my opinions as fact
Evidence: My anecdotes > statistics
Free thinker: Wants me to think critically instead of blindly following MSM
Triggered: something about the difference between getting upset at everything and righteous indignation
But mostly I wouldn't use all caps
>>
Fucked several christmas cakes when I went to Japan for three weeks. Honestly girls there who are 26,27 age so much better then the slags in OZ.
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