# "Europe is too poor" - advice from the East -An interesting read...



## McClane (Dec 9, 2010)

One of the more interesting takes on things I've read in the news recently. I like this guy! :thumb:

http://www.bbc.co.uk/news/business-16918000


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## ivor (Sep 24, 2008)

that'll be the common sense approach again and we know that won't work


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## kh904 (Dec 18, 2006)

-PJB- said:


> One of the more interesting takes on things I've read in the news recently. I like this guy! :thumb:
> 
> http://www.bbc.co.uk/news/business-16918000


Yeah he hit the nail right on the head! -

"And you can't remedy that by printing money. Money is not something you just print. It must be backed by something, either good economy or gold."

In particular, he believes Europe and the West must begin the long slow process of restructuring their economies to reduce their dependence on the financial sector.

"I think you should go back to doing what I call real business - producing goods, providing services, trading - not just moving figures in bank books, which is what you are doing."

"Currency is not a commodity", he says.

"You sell coffee. Coffee… can be ground and made into a cup of coffee.

"But currency, you cannot grind it and make it into anything. It is just figures in the books of the banks and you can trade with figures in the books of banks only.

"There must be something solid to trade, then you can legitimately make money."

Spot on on the above!

Very similar to Ron Paul's diagnosis re: the economy & financial system.
You can't create wealth from the currency printing press - that just leads to inflation!


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## Shug (Jul 13, 2007)

Thank glorious governments through the last couple decades who destroyed/left to ruin every industry to solely build london into some kind of financial mecca. 
That went well.


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## The Cueball (Feb 8, 2007)

Is he my long lost Malaysian uncle?!?!?!?

:lol:

:thumb:


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## Goldbug (Sep 23, 2011)

I think the thread title should be changed to 'Europe Is Poorer Than It Was So Should Live More Within Its Means'

The eurozone is still the richest economic area in the world and has the financial power to sort itself out. The problem is *political*. Also ask most Eastern Europeans about living within their means and they might be able to teach the Malaysians a thing or two.

Next time there is an earthquake or a tsunami in Malaysia, we'll see how much they remind us of of our European poverty when the aid helicopters are being readied.

Europe does need to change, and adapt to the demographics, but it's far from poor when you look at just about any country in south east Asia.


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## UBRWGN (Nov 25, 2007)

Political posturing at its finest.
What he is saying is not earth shattering nor insightful, as stated above it is common sense. (hindsight is 20/20)
The advantage Asia has is cheap labour, plain and simple.
When his economy evolves like the Western world then maybe he will be qualified to comment


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## McClane (Dec 9, 2010)

Goldbug said:


> I think the thread title should be changed to 'Europe Is Poorer Than It Was So Should Live More Within Its Means'


You tried fitting that in the box!? 



UBRWGN said:


> Political posturing at its finest.
> What he is saying is not earth shattering nor insightful, as stated above it is common sense. (hindsight is 20/20)
> The advantage Asia has is cheap labour, plain and simple.
> When his economy evolves like the Western world then maybe he will be qualified to comment


Indeed, what he's saying ultimately on a "personal level" is that we should all work harder and for less. Which I'm not sure many of us would agree with!! But, the idea that our economy is unbalanced and far too reliant on imagined funds - whilst not ground breaking - is very nicely framed by the "boot being on the other foot" angle.


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## PaulTheo (Sep 26, 2010)

I think the message is live within our means which seems to be so difficult for some that want want want then get upset when they have to pay for it.


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## McClane (Dec 9, 2010)

PaulTheo said:


> I think the message is live within our means which seems to be so difficult for some that want want want then get upset when they have to pay for it.


True philosophically... but he does also mention that we're paid too much and work to little.

So yeah, some principles I totally agree with. But not many of us want less for more... just look at the strikes over pensions etc.

This is where idealism meets reality.


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## PootleFlump (Jan 1, 2006)

Well he does have a point, you need to sell goods to make money. Unfortunately manufacturing is a small element of our economy and probably needs to expand to help rebalance the economy, the service sector is too large. A country like Finland has a better balance. I see this sort of problem if I look at my work; I can attend meetings with many managers and highlight that I have a resourcing issue when I can only get 2 people on a piece of work but have have a meeting with 8 managers to discuss that piece of work which isn't being delivered effectively because I just can't get access to the right people. 8 people to talk about it, 2 people to do it.


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