Monday, July 1, 2013

Croatia celebrates its EU membership

ZAGREB, Croatia (AP) ? Fireworks are ready and foreign leaders are arriving as Croatia celebrated on Sunday its entry into the European Union some 20 years after winning independence in a bloody civil war that shook the continent.

Croatia will become the 28th EU member on Monday, the bloc's first addition since Bulgaria and Romania joined in 2007. Croatia's membership marks a historic turning point for the small country, which went through carnage after declaring independence from the former Yugoslavia in 1991.

A decade back, when Croatia started negotiating the entry, the once war-torn country was overjoyed at the prospect of becoming a member of the European elite. But with the EU in deep financial turmoil and Croatia's own economy in recession for five consecutive years, the excitement has dimmed.

Thousands of people are expected to join in the celebrations across the country, including in the main square of the capital, Zagreb, where artists will perform for dozens of EU and regional leaders until midnight when big fireworks and the singing of Beethoven's Ode to Joy ? EU's anthem ? will mark the official entry into the bloc.

Customs posts will be removed from Croatia's borders with EU neighbors Slovenia and Hungary, while EU signs and flags will be put on its borders with non-EU states Bosnia, Serbia and Montenegro.

But overall, the celebrations will be much more modest and less jubilant than when Bulgaria and Romania ? currently EU's poorest states ? became members. With the entry, Croatia ? a nation of 4.2 million people ? will become the third poorest country in the EU.

"There are not too many festivities because the general situation is not brilliant," Croatian President Ivo Josipovic told The Associated Press in a recent interview. "We have to develop our economy, take care of those people who are jobless now, and there is no time and money for big celebrations."

With an unemployment rate hovering at around 20 percent, plunging living standards, endemic corruption among its political elite and its international credit rating reduced to junk, many Croats are not in the mood to celebrate.

Protest movement Occupy Croatia is planning an anti-EU march Sunday evening, saying in a statement that "the European Union is not a solution to our problems."

"The entry into the European Union is an economic genocide over the people living in our country," the group said in a statement, blasting the EU as a "union tailored for rich corporations and their politicians."

The EU is in the grips of a recession, with many countries struggling to stimulate growth while grappling with a debt crisis that has led governments to slash spending and raise taxes. The EU countries account for 60 percent for Croatia's exports, which has sent the Balkan country's economy into a steady decline.

"It's important that we remember that Croatia is joining at the strangest time for the European Union in history," said Paul Stubbs, a senior research fellow at the Institute of Economics in Zagreb. He said Croatians "might see some increased prices, some increased competition, I wouldn't expect some huge increase in investment overnight."

But, the pro-EU voices in Croatia note that joining the bloc means Croatians could find jobs in more prosperous EU countries, that their country could attract more foreign investment, and that the EU's leadership in Brussels could help keep widespread corruption and economic mismanagement in check.

"We really had no choice," said Nino Vidic, a Zagreb resident. "Croatia is a small country, and logically as a Catholic country, we strive toward the West."

___

Associated Press writer Jovana Gec contributed.

Source: http://news.yahoo.com/croatia-celebrates-eu-membership-101549636.html

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Social Sec will stay solvent for 20 years... *IF* we pay off 1/3 of the National Debt

When Social Security was first implemented in the 1930s, the government assigned the "retirement age" to be 65. After that, you could start drawing benefits.

By some strange coincidence, the average age of death in the 1930s was..... 65.

Meaning, half the people who would pay in all their lives, would never draw out a dime, except for death benefits.

And the rest wouldn't draw out very much before they, too, kicked off.

Social Security was designed to be "self-supporting"... for that time. With no thought of what might change in the future... like medical science advancing enough to enable people to live a LOT longer.

BTW, all the money you've paid in, has already been spent. In the SS Trust Fund is nothing but IOUs from the government. Remember Obama's statements a year or so ago, that if the Debt Ceiling wasn't raised, Social Security checks couldn't be written to its benefits recipients?

The money has been "borrowed" by other government agencies, and spent. All the money being paid out as benefits to retirees, is coming from the money you and I are paying in now. None of it is being saved for us. This is the defining characteristic of a Ponzi scheme.

Which brings us to the other issue.

Remember the other predictions various govt officials have made, saying that SS will be "solvent" for the next 15 or 20 or 30 years (depending on which politician you listen to)? They mean that they will be able to pay retirees their scheduled benefits from that money supposedly in the Trust Fund, until then.

But all the Trust Fund money has been "borrowed", and is gone. This means that those agencies that "borrowed" it, have to pay back ALL the money by that deadline (15 or 20 or etc. years from now), so it can be paid out to retirees that need it. And of course, if they are going to be replenishing the Trust Funds this way, they can't borrow any more while they're paying it back.

So, how much money is owed to the SS Trust Fund and other such govt-held trust funds?

Answer: 30.1% of the entire National Debt is owed to these Trust Funds. That's $4.7 trillion. (See reference below.)

That's how much must be paid back into the SS Trust fund and other such funds, to keep them "solvent" for that long.

Has anyone heard of any plans to pay off 30% of the National Debt within the next 15 years? Or 20? Or.....?

Neither have I.

Next time someone tells you how solvent the Social Security Trust fund is, or any other government trust fund, show him the numbers and see what he says then.

Reference: See Current and Back Issues: Overview: Daily Treasury Statement: Publications & Guidance: Financial Management Service . Pick a recent date, and and look under "Intergovernmental Holdings".

Source: http://www.usmessageboard.com/politics/300809-social-sec-will-stay-solvent-for-20-years-if-we-pay-off-1-3-of-the-national-debt.html

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Mesoraco homer in 11th gives Reds 6-4 win at Texas

Devin Mesoraco hit a two-run homer in the 11th inning and the Cincinnati Reds snapped a three-game losing streak with a 6-4 victory over the AL West-leading Texas Rangers on Saturday night.

Mesoraco was 0 for 4 with three strikeouts before his 380-foot homer into the left-field seats off Kyle McClellan (0-1), which came right after Todd Frazier was hit by a pitch to start the 11th.

Cincinnati had lost six of seven and was coming off consecutive shutout losses before Shin-Soo Choo homered on the first pitch of the game.

J.J. Hoover (1-5) got the last two outs in the 10th, even after a walk and a hit. Aroldis Chapman worked the 11th for his 20th save in 23 chances.

The Reds had also lost five straight interleague games.

Source: http://www.miamiherald.com/2013/06/29/3477852/mesoraco-homer-in-11th-gives-reds.html

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