Article

2004-02-06 Europe

Lifting the Lid: Global Accounting Plan Far from Easy Sell

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Posted by anon 2004-02-06 11:22:11 AM|| || Front Page|| [1 views since 2007-05-07] Top

#1 The protest gathered steam last year when French President Jacques Chirac picked up cudgels on behalf of the insurers and banks, saying the planned rules could potentially threaten Europeâs entire economic system.
When your entire economy is based on cooked books, state subsidies, bribes, bad loans that are mysteriously forgiven, and incredibly anti-market labor policies, a little transparency could definitely wreck things. Just as Western ideas of individual freedom and accountability undermine the tribe-based power of sheikhs and mullahs, so "Anglo-Saxon" capitalism disrupts the power base of certain corrupt elites. The US does need a PR campaign, not in the middle east but in Europe and East Asia. We need to tell the blokes there that nobody forces you to take a test at thirteen. A test that if you don't pass, forces you into a trade school with no chance to go to college. Also nobody forces you to sign up for an "apprenticeship" at 17 for a company that you will probably work for for the rest of your drab blue collar life. But I suppose that this will have to wait until the war against the Islamists is over.

Posted by 11A5S 2004-2-6 12:06:35 PM|| 2004-2-6 12:06:35 PM|| Front Page Top

#2 If this isn't a sell / short signal for Euro stocks, I don't know what is.

Posted by Raj 2004-2-6 12:34:04 PM|| [http://angrycyclist.blogspot.com] 2004-2-6 12:34:04 PM|| Front Page Top

#3 Enron was a child compared to our sophisticated moral adult cousins.

Hmmm, adopting some American accounting standards. How imperialistic of us to impose some transparency on them.

Hmmm, could be considered like our blunt way of talking v. their flowery language.

Posted by Anonymous2U 2004-2-6 3:02:10 PM|| 2004-2-6 3:02:10 PM|| Front Page Top

#4 We went through this same crackdown on derivative holdings several years ago. There was quite a bit of whining then everybody found a new way to cook the books.

Posted by Super Hose 2004-2-6 3:51:27 PM|| 2004-2-6 3:51:27 PM|| Front Page Top

#5 The title keeps giving me a visual picture of my kids' striped tabby slaking his thirst in the toily.

Posted by Super Hose 2004-2-6 5:17:49 PM|| 2004-2-6 5:17:49 PM|| Front Page Top

#6 Enron was a child compared to our sophisticated moral adult cousins.

Now that was crude.. true.. but crude.

Posted by Shipman 2004-2-6 5:26:27 PM|| 2004-2-6 5:26:27 PM|| Front Page Top

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