http://news.xinhuanet.com/english2010/business/2010-09/30/c_13537881.htm "France's public debt reached 1.591 trillion euros (2.172 trillion U.S. dollars) in the second quarter, an increase of 56 billion euros (76.46 billion dollars) compared to the previous quarter..." "Over the April-June period, debt accounts 82.9 percent of the country's gross domestic product versus 80.4 percent in the first quarter..." "The government expects public deficit to reach 7.7 percent of GDP this year and 6 percent in late 2011, then finally to 2 percent in 2014, when the debt is forecasted to represent 85.3 percent of the country's national wealth from 82.9 percent expected at the end of this year."
Anyone familiar with the actual numbers... where are the optimistic projections by 2014 coming from? I saw Ireland is also projecting a 3% deficit by then. Is it due to growth in GDP, or budget cuts?
It won't happen. I don't know where they are getting their figures. People keep going on about the ageing society, the issues it creates. I think the debt obligation at the moment will make the situation immediate. If there is defaults it will have a domino effect and you could get complete meltdown. Get ready for some serious riots. If people are rioting now think about the long term problems when it really starts to affect them.
The projections are all coming from the French government, including the Tresor. Due mostly to budget cuts, more specifically contraction in govt hiring, pension reform and other such measures. Obviously, these are all measures the govt has promised. What actually happens remains to be seen.
Yea, exactly. Talk is cheap. Ireland posted a ~30% budget deficit this year. Pure jokes. They'll trim it down to 3% in 3 years. Yea, right...
Better to meltdown and flush the bankers now, than blow apart fiat currencies later. Which is exactly where this slow motion train wreck is headed. The bankers create credit from nothing and buy Government debt. That principle on bond maturity gets retired and bankers keep the interest. Fuck them. Fiat fractional reserve is legalized counterfeiting. Once that ledger entry creates that credit, the damage is done. Collectively, we all pay a few pennies every time the bankers decide to "loan" the Government money. It's our value they're stealing and "loaning" to the Government. Seriously. It's a total fraud and a fucking scam. Anyone who knowingly supports that system is a thief and charlatan of the highest order. Take a look at the ownership profile for every heavily indebted Government. All the private banks, fuck 'em. Don't pay a dime. That should solve some of our problems. And why should we? The moment that loan was created, we all paid for it's use through reduced purchasing power. We owe them NOTHING. And yes, that means a Depression. But that will happen regardless. If we prolong it, in about 3-4 years, currencies will absolutely nosedive. Fuck the Bankers. They are parasitic scum. Taxpayers have to go out into the real world, and from the sweat of their brow, pay these motherfuckers interest on a debt bankers actually bought with OUR MONEY. That's 100% truth. These people are total fucking criminals. That's the Banking Scam. And that's why "Bankers" are so fucking rich. Its legalized fraud. Counterfeiting. Robbing you fucking blind. Nothing more. They are not "geniuses", or financial alchemists. They are thieves.