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The Luck of the Irish Runs Out
theodp writes "Looks like threatening to take their ball and leave paid off for US tech firms. The Irish government announced plans this week to tap the welfare state and working class for much of the $20B in savings they've pledged to find over the next four years, but the austerity measures will not touch large businesses like Microsoft, Intel, Google, HP, Facebook, LinkedIn, and Pfizer, which created jobs and fueled exports in Ireland after being lured by low corporate tax rates. More than 100,000 Dubliners took to the streets to protest the bailout plan, calling for the Irish government to default on the country's debts, and demanding an immediate election. 'We should default,' said a retired union worker, 'the idea that the workers of this country should pay for the gambling of the billionaires is disgusting.'"
I'm a little sick of all those who live in a democracy, who hailed capitalism as the new world order and only now, that they find themselves at the short end of it, find others (government, banks, world bank, Europe, China) to blame. You voted for this! This does not mean that you can be dissatisfied with your government but please don't forget your own role in this. What did you do from 2000 to 2010 if it was all so wrong?
Lowest inflation in 50 years and you're worried about inflation... Been drinking a bit too much tea lately?
The US can't keep printing money, but that's not due to inflation or fear of devaluation. Rather it will cause an arms-race between large export countries to keep themselves competitive.
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Why is this rated insightful ?? Full of the usual crap like "Fed printing money". Why are you people even bother posting if you have no idea what are you writing about. Myth-Busters should do an episode for you about how money works, Feds issuing dept money and why and how this really works.. etc.
European socialism does lead to drastic social stratification, however. Maybe not monetarily, but in terms of class.
There is the mediocre middle class, where everyone's the same. These people have no voice whatsoever. If they speak up, they are racist or fascist nationalists.
There's the slightly more mediocre poor class living on the labor of the middle class's taxes and providing nothing. These folks, typically immigrants from the third world can have a violence veto, and are courted by ..
The elites, who control the language and the government bureaucracy, and force the middle class to suffer immobility and slow erasure of their national culture to appease ghettoized immigrant groups who form massive voting blocs that help keep the elites in power.