In truth, the middle income trap is just another exposition of how government policy can bring an economy to ruin.
“Ambiguities and differences in individual countries’ opinions about financial regulation setting are so enormous that the recent situation could be marked as worse than before.”
Finance Minister Rostowski claims that “the liquidation of the Open Pension Fund is not completely ruled out”. But he is far from being right. The liquidation of the Open Pension Fund is completely certain.
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It is definitely not a small amount; in 2012 alone the expenditure of the state oscillated around 680 billion PLN, and speaking more lucidly, 18,261 PLN per person.
But today it could happen anywhere; for example in China. It seems that counterparty mistrust among financial institutions reached extreme levels in China last week, where so called Shibor, or the Shanghai Interbank Offered Rate, has been surging.
According to the F. A. Hayek Foundation, total redistribution rate in Slovakia this year is 41.71% of gross domestic product.
Let’s be clear. We’ve intentionally blown the biggest government bond bubble in history … We need to be vigilant to the consequences of that bubble deflating more quickly than [we] might otherwise have wanted.
UK´s Foreign Secretary William Hague, for example, called for cooperation between Britain and Germany to carry out reforms within the European Union.
Opponents of the austerity policy have forgotten that one of the main causes of our current problems is not saving in response to the crisis.