Wednesday, August 24, 2011

Smelly Media: The Devil is in the Details

Bleak News on Finland's Economic Prospects

Consumer confidence in the Finnish economy has fallen compared to last year, according to Statistics Finland. Views on the economy are at their gloomiest since the beginning of 2009.
Let's see...
Nokia got served on a silver plate to Microsoft, and possibilities of laying of 5000+ educated people is looming on the horizon
ABB is laying off people
Sonera is laying off people
Metso is laying off people
The train service is laying off people in a time when trains are cancelled due to shortage of staff
Every week new companies are being added to the list.
Greece is going down the drain, Spain, Portugal and Italy are in the queue...
How is there going to be confidence?

But, this is the sentence that stands out:

Consumers felt that, in July, the time was right for saving.

This is the real problem.

In the welfare state, the taxes are sky high, the retirement benefits are taken for sure and granted, so people do not see the need to save. Many of the ones who see the need to save cannot do so.

When retirement hits, there are no savings, so people look to Daddy Gov'n'm'nt in order not to starve.

Had people saved, or had people not be crippled by the sky high taxes, the downturn of economy would be handled a bit more easier than now.

Now is the right time for saving?

You should have saved for the many years that had past, instead of resting your back on Daddy Gov'n'm'nt's wallet; a wallet that will implode very soon.

And one more thing about the welfare state:

It is like socialism. All fine and dandy until you run out of someone else's money. (Thatcher)

In this case the working people's money.

How much more are they going to pay tax?

Now they even want to tax the bottle collectors...

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