well it also fucked whole communities many of which have yet to recover.
Moving everyone into the service sector also left us more vulnerable to economic shock and in need of cheap labour from abroad to prop it all up.
In well run places like northern europe, people who work in manufacturing tend to be valued, highly skilled, highly productive and globally competitive. Yet Corbyn's ok with us binning political connections to these places
(, Mon 26 Sep 2016, 12:29, Share, Reply)
You mean in Germany, where 'competitive' means propping up the manufacturing industry
by co-ercing poorer states into borrowing money from an EU bank - co-incidentally based in Germany - to spend it on German engineering infrastructure.
(
joefish It's hard for thee to kick against the pricks, Mon 26 Sep 2016, 18:17,
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Yeah...
it's Germany's fault that:
1) the Greek government repeatedly mis-forecast it's GDP growth (for 2008 by around 15%)
2) the Greek government increased it's spending between 2004 and 2009 by over 80% but only increased tax revenue by around 40%
3) the Greek government delayed applying crucial economic measures in 2009 due to their upcoming elections
4) the Greek government's economic data was utter bullshit from at least 1999, particularly in 2010 when their public debt (which they had thought was 120% of GDP actually turned out to be 150% when they ran the numbers properly)
5) the Greek government ran a deficit of 13.6% of GDP instead of the European maximum limit of 3%. Admittedly, many other countries did similar, but they were countries that actually had viable economies and funds available to cope with it.
6) the Greek government essentially hid their problems for a decade by running a trade deficit allowing large amounts of capital inflow (e.g. foreign investment) to fill the gap in their finances, but when investors saw how fucked the economy really was all that money dried up.
7) the Greek government didn't bother to collect taxes properly for 3 decades, losing out on roughly $20 billion a year. That's about half of the tax they should have collected.
Clearly, all of this was Germany's fault. I blame Hitler tbh.
(, Mon 26 Sep 2016, 21:12, Share, Reply)