Posts tagged with: Greece

When I talk about my time growing up in Los Angeles with my mother, I often describe her motivations for going to Hollywood like this: “She wanted to be a movie star…which means she was a waitress.”

That’s a pretty common experience in an industry as competitive and grinding as film. But increasingly these kinds of challenges are faced by women in less glamorous and more mainstream industries. As a recent BusinessWeek piece put it, “You Can Have Any Job You Want, as Long as It’s Waitress.”
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Blog author: jcouretas
posted by on Tuesday, October 15, 2013

From Australia’s SBS Television: Greeks with Australian citizenship are returning here in the hope of finding jobs and a better life, away from the instability crippling Greece’s economy.

Which is why so many Greeks left home and family behind for the American Dream in the early 20th Century:

Greeks began to settle in America at the end of the 19th century and the influx of migrants continued up until the 1920s. Around 400,000 Greeks migrated to America at that time, primarily from the Peloponnese and the rest of southern Greece. Three quarters of the immigrants settled permanently in America, in large urban centers such as Chicago, New York and tens of smaller cities scattered across the country reaching as far as California. They engaged in various forms of employment such as street vendors and shop owners. Many were restaurateurs while others worked in more manual jobs such as cotton mills, coalmines, or on the railways.

Australia’s ranking on the 2013 Index of Economic Freedom: 3

Greece’s ranking on the 2013 Index of Economic Freedom: 117

The United States’ ranking on the 2013 Index of Economic Freedom: 10

There are at least six “self made” Greek-American billionaires on the Forbes 400 list.

Economics in Christian Perspective: Theory, Policy and Life Choices

Economics in Christian Perspective: Theory, Policy and Life Choices

There is considerable debate in the public square these days about a number of issues that have significant economic components. Globalization, environmental protection, and aiding the poor are just a few. Decisions we make in our personal lives are influenced by our assumptions about economic realities as well. So how might mainstream economics connect with Christian values and principles?

$16.00

Blog author: ehilton
posted by on Tuesday, September 24, 2013

greek foodGreece is, economically, a mess. With a youth unemployment rate exceeding 65 percent, leaving two-thirds of the nation’s young people unable to find a job, there is not much to celebrate in a country where family life – like many cultures – revolves around meals. Greece is also facing a sharp decline in population. Here is a story of what happens when people who love to cook, but have no one to cook for, meet people who love to eat, but have little money for food. (more…)

polish moneyPoland’s prime minister, Donald Tusk, announced Wednesday that the government would attempt to cut government debt by taking money from its citizens’ private pension funds. Poland currently has a two-fold pension system: mandatory contributions are made to the state pension fund and then to private funds. It is the state funds, known as ZUS, that the Polish government plans to “transfer” money from. According to Reuters:

…Prime Minister Donald Tusk said private funds within the state-guaranteed system would have their bond holdings transferred to a state pension vehicle, but keep their equity holdings.

He said that what remained in citizens’ pension pots in the private funds will be gradually transferred into the state vehicle over the last 10 years before savers hit retirement age.

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German Finance Minister Wolfgang Schaeuble is a frustrated man. With unemployment rates in Germany hovering at around 8 percent, and Greece and Spain at almost 60 percent, he believes the EU is on the brink of “revolution.” His answer is not to protest signscrap the welfare model however; he wants to preserve it.

While Germany insists on the importance of budget consolidation, Schaeuble spoke of the need to preserve Europe’s welfare model.

If U.S. welfare standards were introduced in Europe, “we would have revolution, not tomorrow, but on the very same day,” Schaeuble told a conference in Paris.

Not everyone agrees. Italian Labour minister Enrico Giovannini says European youth are being asked to put their lives on hold, and that this is “unacceptable.” Werner Hoyer, head the European Investment Bank, acknowledged that there is no plan at this point to direct the spiraling downturn of the EU economy. There is, instead, a country-by-country “patchwork” approach. For instance, Greece is attempting to focus on job training and entrepreneurship for 350,000 young people, and France is working on a similar plan within its own borders. (more…)

As commencement ceremonies once again are being celebrated around the country, I was reminded again of the moral crisis of US education.

Elise Hilton recently surveyed the dismal employment rate among young adults in the US, writing that we have moved in twelve years from having the best rate in the developed world to being among the worst, following the path of Greece, Spain, and Portugal.

She highlights two possible solutions. The better one is from Acton’s director of research Samuel Gregg:

Gregg says we must rely on free markets rather than redistribution of wealth, economic liberty, rule of law, entrepreneurship and the ability to take risks economically – all things that have made America great in the past.

The second comes from David Leonhardt, who, among other ideas, suggests, “Long term, nothing is likely to matter more than improving educational attainment, from preschool through college.”

Notice the language he uses? Not educational quality, nor even job-training, but “educational attainment.” With no intended disrespect to Mr. Leonhardt, it is precisely this well-meaning, widespread, but ill-informed mentality that has led, in large part, to our current educational crisis. (more…)

New York Post illustration

New York Post illustration

In the New York Post, Acton Research Director Samuel Gregg looks at “the spread throughout America of economic expectations and arrangements directly at odds with our republic’s founding” and asks what the slow walk to “Europeanization” means for the long term. Gregg:

Unfortunately there’s a great deal of evidence suggesting America is slouching down the path to Western Europe. In practical terms, that means social-democratic economic policies: the same policies that have turned many Western European nations into a byword for persistently high unemployment, rigid labor markets, low-to-zero economic growth, out-of-control debt and welfare states, absurdly high tax levels, growing numbers of well-paid government workers, a near-obsession with economic equality at any cost and, above all, a stubborn refusal to accept that things simply can’t go on like this.

It’s very hard to deny similar trends are becoming part of America’s economic landscape. States like California are already there — just ask the thousands of Californians and businesses who have fled the land of Nancy Pelosi.

Europeanization is also reflected in the refusal of so many Americans to take our nation’s debt crisis seriously. Likewise, virtually every index of economic freedom and competitiveness shows that, like most Western European nations, America’s position vis-à-vis other countries is in decline.

Is there a way out, even as the “fiscal cliff” negotiations vividly illustrate the inability of Washington’s political elites to take spending and tax problems seriously? Gregg holds out hope: (more…)

It’s no secret that certain parts of the world have been losing population for some time. The tightly-controlled Chinese birthrate is the first thing that comes to most minds regarding this topic. However, large parts of Asia, Europe and now even the United States are beginning to see clear danger signs when it comes to economies and low birth rates.

Taiwan’s birthrate is “dropping like a stone…” says an editorial in the Taipei Times. The majority of people realize there is a demographic problem. It could hardly be otherwise, since the total fertility rate—the number of children per woman—is an anemic 0.9. Few are motivated to do anything about it, however. Taiwan is now heavily urbanized, and city folk tend to have very small families. When asked, younger Taiwanese say that they are not interested in having children because they cost too much money, or take too much time. Women are more motivated to get a college degree and seek professional employment than to marry and have children. In this highly secularized society, children are not seen not as a blessing, but as a burden tying down the women who bear them. Goodbye, Taiwan.

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In what was dubbed the “Bailout Game” of the 2012 European Championships, the German national team defeated their Greek counterparts, the 4-2 score only slightly representative of the match’s one-sidedness. The adroit, disciplined Deutscher Fuβball-Bund owned 64% of the ball, prompting at least one economic retainment joke and the asking of the question: What does this game mean for Europe?

Not much, according toIra Broudway of Bloomberg Businessweek, who last week issued a preemptive “calm down” to the throngs of journalists, broadcasters and politically-aware fans itching to work their witticisms into the soccer-as-political-grudge-match conversation. Chill out, he says; thinking soccer could have any say in the realm of global affairs is “mass lunacy.” He’s right, the German’s systematic defeat of the Greece’s beloved Blue-White’s won’t spur any continental economic legislation or seal Greek’s fiscal fate. But maybe Broudway’s treatment of the match’s relevance is a tad too dismissive.

To deny the social influence of sports, especially in soccer-crazed Europe, is to forget about a history of cultural milestones. Less than two weeks before Germany and Greece met on the pitch, international tensions between Poland and Russia, together with a poorly-scheduled game-time resulted in violent riots on the streets of Warsaw. For a brighter recollection, think only of the Miracle on Ice, the 1995 Rugby World Cup or you name that sporting-event-turned-movie. For better and for worse, athletics have an undeniable ability to inspire and incite.

But what’s behind this potential? Social scientist Arthur Brooks, president of the American Enterprise Institute, has written and spoken widely on the topic of “earned happiness.” It’s difficult to think of a realm that encourages earned happiness more than athletics. Sports pit conflicting dreams of teams, cities, nations against each other and promise fulfillment to the winner. Done fairly, competition even maximizes potential for all involved parties.

Imagine the consequence of a Greek victory. No, a victory wouldn’t have paid back billions of euros of debt, but it might have reaffirmed the possibility of achievement for a people decimated by a burdensome fiscal situation. It may have at least modeled the idea of earned happiness for a society that today knows more about learned dependency.

Who knows, maybe that dream still exists for one of Europe’s debt-ridden nations. Germany’s next opponent? Italy. Squaring off on the other side of the bracket? Portugal and Spain. Soccer fans and the globally-concerned can at least speculate about the cultural implications of the coming week of soccer, and what it has to say to Europe’s present economic context. Vamos!

How about a tax on fires?

On National Review Online, Acton Research Director Samuel Gregg examines the push for a “transaction tax” to solve some of the fiscal problems in the European Union. The move would, Gregg explains, “levy a tax on any transaction on financial instruments (securities, loans, deposits, derivatives, and various asset classes) between banks, hedge funds, insurance businesses, investment companies, and other financial organizations whenever one contracting party is located in the EU.” That may not sound like much, but would apply to literally millions of financial transactions daily. The scheme has drawn the support of “EU apparatchiks” but the opposition of the British who see the tax proposal as a threat to London’s financial competitiveness. Gregg sees what’s behind it:

In short, the EU’s transactions-tax scheme reflects a long-standing desire to “throw sand” in the wheels of financial globalization. Its origins lie in what’s called the “Tobin tax,” named after the American economist James Tobin, who argued in 1972 for the levying of a 0.5 percent tax on all spot-currency conversions. The point, for Tobin, was to discourage “speculators” who “invest their money in foreign exchange on a very short-term basis.”

Unfortunately for its advocates, there’s considerable evidence that Tobin-like taxes on financial transactions don’t reduce volatility. In the midst of financial crises, long-term and short-term investors behave in very much the same way — they get out, and transaction taxes don’t prevent them from abandoning ship. Greece, for example, currently applies a transaction tax to the sale of Greek-listed shares. That, however, isn’t doing much to prevent the present exodus of capital from Greece.

Taking the broader view, it’s hard to avoid concluding this latest EU harmonization boondoggle is about two things. First, it’s a way for EU officials and governments to appear to be punishing European financial institutions for their contributions to Europe’s economic crisis. Second, it reflects the general European failure to come to grips with some of the deeper problems contributing to Europe’s debt crisis.

Read “Financial Fiddling while the Euro Burns” by Samuel Gregg on NRO.