Stage 2 of crisis begins (but this will have no effect on Poland).

♂

Jun 11, 10, 04:12 #1

George Soros is a smart business operator, a lot of forum members will agree that this will have no effect on Poland.

Billionaire investor George Soros says ''we have just entered Act II'' of the crisis as Europe’s fiscal woes worsen and governments are pressured to curb budget deficits that may push the global economy back into recession.

''The collapse of the financial system as we know it is real, and the crisis is far from over,'' Mr Soros said at a conference in Vienna. ''Indeed, we have just entered Act II of the drama.''

http://www.theage.com.au/business/world-business/act-two-of-crisis-beg ins-soros-20100611-y188.html?autostart=1

plk123Threads: 30 Posts: 6,412 Joined: Aug 29, 07 ♂	Jun 11, 10, 08:09 #2
bolek: a lot of forum members will agree that this will have no effect on Poland. like the first round didn't? of course it will this time too. may be even worse then round 1.

bolekThreads: 10 Posts: 369 Joined: Sep 13, 08 ♂	Edited by: bolek Jun 11, 10, 08:50 #3
Still not convinced! Additional reading, problems in the far east http://www.heraldsun.com.au/news/breaking-news/naoto-kan-warns-of-gree ce-like-crisis/story-e6frf7jx-1225878531481

plk123Threads: 30 Posts: 6,412 Joined: Aug 29, 07 ♂	Jun 11, 10, 09:08 #4
what aren't you convinced of?

bolekThreads: 10 Posts: 369 Joined: Sep 13, 08 ♂	Jun 11, 10, 21:27 #5
plk123: what aren't you convinced of? pretty convinced a second wage of a economic downturn will reach our shores. Time tells.

Artur22	Jun 13, 10, 08:05 #6
Many say Germany is finding it hard and huge decrease in spending.

bolekThreads: 10 Posts: 369 Joined: Sep 13, 08 ♂	Jun 15, 10, 00:57 #7
The American economy is in a state of rot, I suppose printing money helps till that fails.

MareGaeaThreads: 45 Posts: 5,527 Joined: Feb 6, 08 ♂	Jun 15, 10, 01:00 #8
bolek: bolek Are you part of Bolek i Lolek? >^..^< M-G (just wondering)

Marek11111Threads: 49 Posts: 1,954 Joined: Aug 6, 09 ♂	Jun 15, 10, 01:09 #9
Obama now wants 50 billion for states so small stimulus package if he does not get it then states will have to let go teachers and police. the second dip recession will happen all over the world everyone will be effected. then new ww3 will start as politicians will look for diversion from their fail policies. this period of time will be known as grades depression.

bolekThreads: 10 Posts: 369 Joined: Sep 13, 08 ♂	Jun 15, 10, 01:20 #10
Marek11111: the second dip recession will happen all over the world everyone will be effected. Lol, everyone is effected now, don't worry about later on. MareGaea: Are you part of Bolek i Lolek? hmmm, is the Pope a Catholic.

SeanusThreads: 22 Posts: 30,158 Joined: Dec 25, 07 ♂	Jun 15, 10, 13:30 #11
Well, Poland doesn't plan to enter the EURO til 2015 but other things can happen before then. The change in Poland's national banking minister plays more of a role than people might think. The death of Sławomir Skrzypczyk RIP marks a turning point. Letting Komorowski in will just lead Poland off down the globalists' path.

southernThreads: 116 Posts: 10,955 Joined: May 17, 07 ♂	Jun 15, 10, 13:51 #12
bolek: Stage 2 of crisis begins (but this will have no effect on Poland). I am waiting for stage 3.

Marek11111Threads: 49 Posts: 1,954 Joined: Aug 6, 09 ♂	Jun 15, 10, 17:58 #13
Poland doesn't plan to enter the EURO til 2015 there be no euro in 2015 and in probability the Euro zone will dissolve by then. Germans will pull out of euro zone first

MareGaeaThreads: 45 Posts: 5,527 Joined: Feb 6, 08 ♂	Jun 15, 10, 18:02 #14
Marek11111: there be no euro in 2015 and in probability the Euro zone will dissolve by then. An American who thinks he knows all about the EU. What's next? The Chinese army invading Europe? Americans who think they have knowledge about football? >^..^< M-G (nuff said)

bolekThreads: 10 Posts: 369 Joined: Sep 13, 08 ♂	Jun 15, 10, 21:07 #15
Seanus: The death of Sławomir Skrzypczyk RIP marks a turning point. Letting Komorowski in will just lead Poland off down the globalists' path. Skrypczyk knew his business well, Komorowski is a puppet of big business. lets vote him LAST.

♂

Jun 15, 10, 21:27 #16

Marek11111:

Obama now wants 50 billion for states so small stimulus package if he does not get it then states will have to let go teachers and police.
the second dip recession will happen all over the world everyone will be effected.
then new ww3 will start as politicians will look for diversion from their fail policies.
this period of time will be known as grades depression.

http://in.reuters.com/article/idINIndia-49266620100613

SeanusThreads: 22 Posts: 30,158 Joined: Dec 25, 07 ♂	Jun 15, 10, 23:01 #17
Still, is Komorowski the lesser of 2 evils? I just think JK will resist the globalists and steer Poland on a path that represents their interests more. I don't like some of what he has to say but he feels more Polish than BK I think.

♂

Edited by: Marek11111 Jun 15, 10, 23:13 #18

Warszawski do not trust bankers thay are the reason why we in this position
Just look how many countries passing cuts to social spending, that means no tax reveniu
No tax reveniu that means no jobs, no jobs means no recovery no money to spend
Don’t let them suck you back in into stock market you will lose all buy gold or silver coins

An American who thinks he knows all about the EU. What's next? The Chinese army invading Europe? Americans who think they have knowledge about football?

>^..^<

Do not be silly China will never invade Europe there is no oil, I know about two footballs more then you  :-))

♂

Jun 25, 10, 11:22 #19

Thread attached on merging:
Why Was Poland the Only EU Country to Avoid Recession?

What are the reasons for Poland’s extraordinary performance in 2009? Good economic policy had much to do with it. As with some other emerging market economies Poland was in a much better macroeconomic position in 2009 than it was 10 years ago. It kept its inflation rate and its debt levels low, limited its borrowing in foreign currencies, and accumulated a large amount of foreign reserves. It also did not overact to the financial crisis, despite urging of many inside and outside of Poland to do more to stimulate the economy with discretionary fiscal policy. By not overacting it prevented the kind of panic seen in other countries.

http://wallstreetpit.com/32924-why-was-poland-the-only-eu-country-to-a void-recession

Or maybe Poland was just lucky?

Your thoughts?

alexw68

Edited by: alexw68 Jun 25, 10, 11:43 #20

... and also a 'failure' (if that's the word) to fully sign up to the Western economies' group psychopathy when it came to taking out loans.

Granted, by 2008/9 the process for obtaining mortgage credit (and the barriers to entry) were a lot easier than only a couple of years before, but that whole 100+% subprime mortgage stupidity we'd had in the UK/US didn't have the chance to reach anything like those levels in Poland.

There were, of course, a few cases. One of the larger food chains in Poland went bust because their corporate treasurer fancied himself as a trader or something and ended up on the wrong end of a synthetic currency option (synthetics are more risky than a regular options play - you get smacked twice over if the **** hits the fan).

And don't forget that although the impact on GDP and so on was comparatively low, Poland had and still has a major sweat covering debt taken out to fill various budgetary deficits. The IMF had to step in with a 21bn credit line in February 2009 - arguably this step saved the day (and the fact, that unlike with Greece, the Finance Ministry in Poland 'fessed up to the issues early and asked for prompt action).

TrevekThreads: 33 Posts: 2,155 Joined: May 21, 08 ♂	Jun 25, 10, 11:45 #21
That Poland wasn't linked to Euro (or Sterling!) undoubtedly helped. Also, I'd ask about the income of money being sent back by Poles working abroad (and taxes) and the amount of things like child benefit being paid by countries like UK. Maybe not that much in the great scheme of things, but maybe it helped.

southernThreads: 116 Posts: 10,955 Joined: May 17, 07 ♂	Jun 25, 10, 12:12 #22
David_18: Why Was Poland the Only EU Country to Avoid Recession? Simply flow from western world to Polki.But polish were hard hit since they are immigrants everywhere.

♀

Edited by: milky Jun 25, 10, 12:54 #23

Because it's such a mess that it had no boom to lose..You can't fall out of the bed if you sleep on the floor. This great economy Poland myth is spin. If Nigeria had 10% growth last year does that mean that its doing better than Germany?

shrinking population.
Mass immigration
Massive property bubble
2 euro minimum wage
growing unemployment
3 generations squashed into one house.

Oh yea Poland is doing great thanks to the great policies of Donald Tusk blba bla bla
pull the other one

hague1cmaeronThreads: 21 Posts: 1,649 Joined: Mar 30, 10 ♂	Jun 25, 10, 12:55 #24
There are other threads on the Polish economy addressing precisely that point, I suggest you take a look them:)

delphiandomineThreads: 42 Posts: 9,954 Joined: Nov 25, 08 ♂ [Suspended]	Jun 25, 10, 12:56 #25
milky: 3 generation squashed into one house. Must be tough living in a poor part of Krakow in such a situation, especially if you're American and in your 40's with a rather hideous wife.

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Jun 25, 10, 13:02 #26

While it seems to have been avoided by the country as a whole, there are areas that were affected. Take where I live, which is under 70 km from Warsaw. Several of medium sized firms have been deeply affected by the financial problems last year (up to a 90% drop in both domestic and export orders - although this situation has been exacerbated by the harsh winter we had), with several facing the very real prospect of collapse. The only thing that has kept some these afloat, till now, was the extension to the Warsaw Industrial Zone, which allowed some tax breaks and incentives to attract business and to encourage those already here to modernise and become more competitive.

milkyThreads: 10 Posts: 1,224 Joined: Oct 26, 09 ♀	Jun 25, 10, 13:07 #27
hague1cmaeron: There are other threads on the Polish economy addressing precisely that point, I suggest you take a look them:) I suggest you have no monoply on the course of argument especially in a country that had social realism forced upon it for many years.

scottie1113Threads: 11 Posts: 873 Joined: Mar 13, 07 ♂	Jun 25, 10, 13:17 #28
Trevek: That Poland wasn't linked to Euro (or Sterling!) undoubtedly helped. I don't think that was much of a factor. Conservative lending policies helped a lot, as Alexw68 mentioned. Anyway, there has been no crisis in Poland, just a little slowdown, and that's a reflection of what's happening in the rest of the world. This too will pass.

hague1cmaeronThreads: 21 Posts: 1,649 Joined: Mar 30, 10 ♂	Jun 25, 10, 13:18 #29
milky: I suggest you have no monoply on the course of argument especially in a country that had social realism forced upon it for many years. I suggest that you stop making meaningless points, and refrain from giving opinions on Economics, because as the previous threads suggest you know shite about the topic.

TorqThreads: 65 Posts: 4,024 Joined: Apr 10, 09 MEMBER ♂	Jun 25, 10, 13:22 #30
milky: social realism Or was it real socialism? :-)

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