Somebody gets all the benefits, then they make all the costs, now they want somebody else to pay for the costs while they keep all the benefits.
Systemic moral hazard
democracy is asset insurance for the rich - stop skimping on the payments
Tax cuts - reduction in taxes. The immediate effects of a tax cut are a decrease in the real income of the government and an increase in the real income of those whose tax rate has been lowered.
tax revenue - tax based gov income
caught in a slump - in bessa
A short-term debt obligation backed by the U.S. government with a maturity of less than one year. T-bills are sold in denominations of $1,000 up to a maximum purchase of $5 million and commonly have maturities of one month (four weeks), three months (13 weeks) or six months (26 weeks).
T-bills are issued through a competitive bidding process at a discount from par, which means that rather than paying fixed interest payments like conventional bonds, the appreciation of the bond provides the return to the holder.
debt to gdt - debt to the Gross Domestic Product (a measure of economic power)
repo collateral market - repurchase (repo)
buying and shorting securities.
In the fixed income market, these transactions are accomplished with the use of the repo market.
A repurchase agreement, or repo, is a sale of securities for cash with a commitment to repurchase them at a specified price at a future date.
Practically, the repurchase agreement by itself is simply a collateralized loan.
AAA mortge - The highest possible rating assigned to the bonds of an issuer by credit rating agencies + A temporary, conditional pledge of property to a creditor as security
liquidity crunch -A time when cash resources are in short supply and demand is high. During a liquidity crunch, businesses and consumers are charged high interest rates on loans which are more difficult to obtain. Also known as liquidity crisis and credit crunch.
oecd countries - c. belonging to the Organisation for Economic Co-operation and Development
orgy of public spending - borrowing money. spending. No balance to the budget, No sacrifices. galactic scale.
politically unpalatable - not pleasant to taste politically
surplus - excess supply of a produc (nadwyżka)
lax public financing - not sufficiently strict, severe, or careful financing
variable inflation logical set of inflation assets
soverign - the quality of having independent authority (suwerenność)
lever up - podnosić się
volume/levverage - refers to debt or to the borrowing of funds to finance the purchase of a company's assets.
GDP equivalent - the market value (of all officially recognized final goods and services produced within a country in a given period of time) equal to smth
GNP - gross national product (GNP) which allocates production based on ownership.
LTROs - Long-term refinancing operations (LTROs); they involve the central bank lending money at a very low interest rate to euro zone banks, which has led to the term “free money.”
Liberalism Emetic Economics - u need the state, but u are afraid of it
Nullify - to deprive (something) of value
parsimony - extreme unwillingness to spend money or use resources.
myopic - short-sighted.
emetic responce - causing vomiting.
curtail spending - reduce in extent spending
zero sum against itself - If I lose, you lose so for you to win, I must win but if I win you lose so you must lose.
Housing Crisis - plunging real estate market value of residential properties. Burst housing market bubble.
Federal debt. the amount of debt held by the United States government.
Doomsday device. a device designed to usher in armageddon, apocalypse, total destruction of the world.
What about in the context of the european union?
Fallacy of composition - what's good for any one agent is not good if every agent does it all at the same time.