The European Fiscal Crisis and Lessons for America

[perp1exed]

1. As a European citizen who's taxes are bailing out the PIGS (yes, including Italy)... I categorically reject this nonsense!

2. The views espoused in this video are clearly of the Chicago School of Economics. In Europe many of us believe that lack of regulation and excessive debt (not to mention speculation) is what got us in this fix!

3.Its clear this channel has a clear right wing bias. We use different terms when talking politics & economics and talk mostly about sovereignty and austerity...

[perp1exed]

If you want to know what really happened in a short 10 minute explanation in clear English...

Just search for a video titled: "The Crisis of Credit Visualized".

[schlecksi69]

Ciao Silvia, quanto t hanno pagato x sto michionata? You're talking propaganda & you know it!

2:48 the generous welfare state makes people lazy? WTF? In Austria, we have one of the most generous unemployment benefits (90% of your last net pay for 12 months!) and the lowest unemployment rate in the EU, also far beyond the US.

We have a far bigger government than Greece, Italy, US, therefore less deficit AND more growth. Silvia, you know that tax increases (ceteris paribus) decreases deficits!

[JohannBBravo]

way to long! when you have some patients, read my comment in my blog: Nestor_83 on blogger title: Response to The European Fiscal Crisis and Lessons for America. cannot post the link for some reason :/

[Tusiriakest]

part three-"Only 3 of the 10 most competitive nations are among the Heritage Foundation's index of the world's 10 freest nations. They are Singapore, Denmark, and Iceland. In fact, some countries like Finland, Sweden and Norway, all with high taxes and generous welfare systems, are considered by business executives among the 10 most competitive nations."

Why?because they have good democracies,they oversee there politicians,they don't allow corruption nor mixes between politics and private sector

[Tusiriakest]

part 2-'cause it monopolizes education,therefor creating a class with money to send there kids to goods schools while the poor have a bad education.Those that succeed coming from poor families are growingly rare, and the gap between rich and poor is one of the highest in the first world.We have to make the system more eficient,there should be a free market,but the idea that Europe should end welfare state is absurd.See"Economic Scene;Is less government really better for business?by Jeff Madrick

[Tusiriakest]

Finally somebody saying right thinks, you're right silvia, down with welfare state. let's all have health systems like the american one, and let's have education ony for those that can afford it,and let's lower taxes so that we can pay the private sector, private police, private firefighters, private prisons etc.Because the welfare state in the scandanavian countries haven't work right? wrong...nobel prize Joseph Stiglitz shows the lack of goverment led to the end of the "american dream" 'cause

[theredscourge]

@Tusiriakest Straw man argument detected!

[wsumac]

Nice work Silvia...miss you friend!

[TheJiral]

The VAT is a sensible tax because you can be as wealthy and powerful as you like, you can't evade it and the more you consume the more taxes you have to pay. It does not lead to bad government nor to big deficits by itself, no more than income tax.

[TheJiral]

So you take a cute looking European student and you can tell US Americans anything you want? Just have a look at the graph at 1:22. If you pause there you'll see how what the speaker says is not entirely backed up by the chart. During the austerity drives in the late 90's, expenditures were cut back, while revenue slightly rose.

Raising taxes can be a justified part of austerity programs. The larger part must be cutting back expenditures.

[elements1985]

What a hottie.

[aveng006]

@BonnBerlinerVI Sure Europe is a larger economy than the US right now, but it is predicted to be surpassed by the China, India AND the US. With recession and the aging population there's no real or great perspective coming for EU. Welfare states is great, I like the idea of free medicare and all but it also has a limitation, specially during crisis and when it comes to spur growth. It's true that european citizens are somehow better protected than the americans.

[piellamp]

no no we must all do like southpark!! praise the economy and sacrafice a jew lmao :p just joking

[rooleybbq]

Do these women know what they are saying?

Not that I disagree with what they are saying, but it seems like they are just reading off of a prompter. It's kind of robotic. These are economists or models?

[Viktorsiable]

So young an so much insight ,and yes Milton Friedman was right

[aveng006]

I live in europe and i'm willing to move to US if things go wrong because US is the blackhole for the bright students, those who wants to be successfull, intellects etc...It had also been the escape land during the WW2. Although there are few things I don't like in the US, I wouldn't want the US to end up like europe.

[starsfan6878]

Smart, beautiful, with a great understand of economics, politics, and liberty . . . I bet she'll go far.

[786baqi]

bitches learn make-up from this woman. minimal make-up plus moderate sunshine...perfection!

[KCatalano88]

I want to marry her.

[xjhacking]

Very well explained!

[malkooth]

Italians are like the Portuguese = Junk bond rating.

[M0rmagil]

Damn, she purty! Smart too..... man can I pick 'em!

[tpp27]

MAMA MIA!

[RectulThreat]

@loismlsx

You're a virgin...

[UTubekookdetector]

Unless we reform entitlements and get defense spending under control (quit wasting billions in foreign aid, quit subsidizing the security of numerous wealthy countries) we will become Europe.

[Freevoice1960]

Thank you very much for making the case that big government/social welfare state is crippling the human spirit.....

[darioshanghai]

Your metaphor only applies in the current monetary system: change the monetary system and the cart begins moving all by itself.

What people need for living are things, like houses, food, clothing and the like, not money. Take away taxes and debt-based economy, and the real cost of things (near to zero) emerges: over 90% of people living in cities offers services, does not make goods for living. And most of those jobs wouldn't even be necessary in a non-monetary economy!

[canofsand]

@darioshanghai "non-monetary economy"

People like you are insane. Bartering simply makes trade difficult, putting huge burdens on everyone involved. But I hope you idiots speak up louder in the public square so you can be summarily laughed out of politics instead of lurking in the shadows and voting in your stupidity in the only way you can to pull the wool over the people's eyes: Incrementally, or shall we say, "PROGRESSIVELY."

[darioshanghai]

@canofsand I am insane? You are a blind asshole. I never said bartering was the alternative, you did. And I am insane? You don't even know what I am talking about, and you never will, because I don't waste my time with people who don't know respect. Fuck you.

[itreeye]

@darioshanghai

Wow that's heavy. Thanks for the food for thought.

[therubicon]

I had to watch that with the screen off to concentrate.

Italiana rigazza are like Otome Nihonjin, Two groups of girls I can't hold my male sanity over.

[malkooth]

Why do we have a fucking communist bitch lie about money? The Laugher Curve is the like the string of balls this whore pulls out of her asshole while laughing in your fucking idiot faces. Fucking assholes.

[itreeye]

@malkooth

Actually she's the opposite of communist, as you accuse. She believes that the smaller the State, the bigger the citizen. She is against ever more power to a centralized government. In truth she is speaking from a place that is closer to true American specific values. ie., Individual liberty over our decent instinct for egalitarianism.

[malkooth]

@RectulThreat Oh I forgot Fascists hate commies. Your name sez it all la Tenia.

[RectulThreat]

@malkooth

LOL everyone hates communists.

Because they are worthless shits. Just like you :D

[IKeepRight]

Welfare keeps them all on the plantation where they can be controlled like chattle. The only difference is back then, the slaves knew they were slaves.

[mrhlakeriviera]

THIS IS GREAT!

[1manwalkingfreakshow]

Well explained, and right on target.

Silvia Morandotti -- now THAT'S a European model we should follow.

[24rinks]

extremely insightful and concise presentation of the grave issue!

thanx a lot madam for sharing your valuable knowledge!

[mjd6852]

Wow, this is one of the most concise and clear descriptions of what happens when Goverments are allowed to uncontrollably raise taxes. A Must watch video!

[brendanw2]

Fact is that while she is 'Belisima" . The United States won't do spit. We will continue on the same road, so to the youth of our nation...get ready people the unimaginable IS about to happen....

[duster722]

This puts me in the mood for some hot economist-on-economist action...

[TheOmegaAnon]

Her knowledge of economics and her accent...they make me moist.

[elbuggo]

Nice girl. How much?

[hayden50]

@elbuggo  you could never afford her

[BobRoberts1492]

Brains AND beauty - articulate and intelligent.

Will you marry me?

[arooly]

Excellent video, the lady is smart & beautiful.

[mfarmer1]

Did she say something?

[abe2517]

One thumb down - did Barney Frank watch this!?!?!?

[Enturbanon]

Awesome, succinct wisdom from Dan Mitchell.

Silvia Morondotti is totally hot!

[ThePol8719]

@Enturbanon Yes, it's me!

[6rpima]

The burning question I have after watching this profound scholarly presentation is ... does she have a boyfriend? ;-)

[mudvillehustler]

Wow... I think i just learned something

[pabeyer549]

OMG.....She can teach me Econ any day of the week including Sunday's. @Pbizzel

[UltraConservative298]

F the government. There should be no welfare state at all. Redistribution of wealth is theft. The government should either be reduced to the courts, the police, and the military, or abolished entirely. Government does nothing more than destroy relations between men and women, parents and children, and erodes social capital in general.

[squirreljester2]

I don't trust that she drew those, but she is pretty damn cute. :)

[Richard5sf]

@moses340: I agree completely!! My grand-children get it!!

[moses340]

My eight year old son can understand this concept of a welfare state. Why can't grown men and women understand this concept? A vast majority of people, have been replacing God and Selfhelp with Government.

Keep up the good work!!!

[phonepimpbill]

@moses340 Incentives. Those who are in the government don't lack understanding, they PREFER the welfare state because it consolidates power to them. They don't care about the destructive consequences to everyone else because it benefits them personally. Google "The Curley Effect: The Economics of Shaping the Electorate."

[moses340]

@phonepimpbill The same thing could be said about about the current Governor and senators of the USVirgin Islands. Food stamp recipients get 25% more than any where else in the US. Claiming one child for child care credit you would receive $4500. Thats just a snapshot of the nanny state that we call the Virgin Islands. For a gross population of around 160K: Governor Salary $150k, Lt. Governor $125k, 15 Senators $95k each. If any of these people worked in the priv. sec. the would be fired.

[hayden50]

@moses340  exactly, but the thing is once you get people dependent on the government, it's very difficult to get them off,once the tit runs dry.

[moses340]

@hayden50 Your correct about the difficulty of getting them off. I think the only solution to this problem is fighting it indirectly. "What you resist the most will always persist" so in other words we just have to ignore the burden of the welfare state and put all of our efforts into increasing prosperity. Once the dependents of the welfare state have realized that the world is passing them by it will cause them to change their way of thinking.

[SeppLainer]

Nothing like a rather stunning young italian lady, to spell it all out to us. Keep up the great work!

[Yakko77]

@SeppLainer Her accent is lovely but thankfully it's backed up common sense and constructive thought. Beauty and brains, probably the most epic combination there is.