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Corporate-linked EC attacks Poland's retail tax; govt suspends collection


peterweg 37 | 2,321
22 Oct 2016 #61
On the other hand the UK (ranked 11 and is especially at risk due to Brexit) would have riots on the streets with people looting and killing one another for food once the financial market moves away and the inevitable capital flight follows,.

How then did the UK manage to run up massive debts and have a stable currency until Brexit?

Poland CURRENT low level of debts won't help if there is no confidence in the government and a belief that the country is a safe, stable and secure place to place capital.

And don't kid yourself that Poland is uniquely placed to survive an economic disaster.
dolnoslask 6 | 3,193
22 Oct 2016 #62
Poland is uniquely placed to survive an economic disaster.

Poland is well experienced in surviving economic disasters , also Invasion and foreign occupation as she has proved throughout history.

We shall see as time unfolds, I personally feel that I have made the right choice to move to Poland, I feel safer,confident and I am more self sufficient to cope times of economic turmoil. others would do well to prepare, just in case, those who can't will be helped by those who can, maybe a return to the values of the II republic.
OP Polonius3 1,000 | 12,448
22 Oct 2016 #63
because they produced rubbish.

Not all were hopeless but ex-commie Balcerowicz decided to sell everything off for a song or close down and destroy what he coulnd't sell. Just the opposite of Morawiecki. If Morawiecki had been around at the time, he would have selected works with the largest potential and done everything possible to make them viable.
jon357 63 | 15,587
22 Oct 2016 #64
Poland CURRENT low level of debts won't help if there is no confidence in the government and a belief that the country is a safe, stable and secure place to place capital.

This is absolutely correct. There needs to be inward investment and a structure for exports.

And don't kid yourself that Poland is uniquely placed to survive an economic disaster.

Things could go to pieces very very quickly here.
OP Polonius3 1,000 | 12,448
22 Oct 2016 #65
Things could go to pieces very very quickly

And everywhere. Never forget hat the financial mechinations of a few Jewish speculators (Lehman Bros) caused an economic crisis in mighty America comparable only to the Great Depression of 1929.
OP Polonius3 1,000 | 12,448
22 Oct 2016 #66
no confidence in the government

Apparently Toyota and Daimler know soemthing you don't know. They both believe Poland is an excellent place ot invest thanks to a pool of skilled manpower and the country's location. You may have heard that Toyota, who have so far invested nearly $980 million in Poland, now plan to build a hybrid-engine facility here at a cost of $163 million. "Toyota is a world leader in hybrid engines and hybrid cars, and I'm happy the technology will be transferred to Poland," Deptuy PM Morawiecki told a press conference recently. The news followed an announcement earlier this month that Mercedes Benz planned to build an engine factory worth some $544 million. Both companies have chosen sites in SW Poland's Dolny Śląsk (Lower Silesia) region,
Harry
22 Oct 2016 #67
Apparently Toyota and Daimler know soemthing you don't know.

Yes, they know how much of our money they've been promised: the 18% regime have refused to tell us that.

the technology will be transferred to Poland," Deptuy PM Morawiecki

If he actually did say that, he's an even bigger moron than anybody suspected.
OP Polonius3 1,000 | 12,448
22 Oct 2016 #68
ethnic slurs

You really pay homage to the PC dictatorship and their buzzwords, don't you. Some people are more turned off by vulgarities such as speech peppered with the F-word. Each to their own!
jon357 63 | 15,587
22 Oct 2016 #69
PC dictatorship

buzzwords

Pot. Kettle. Black..,

Jewish speculators

Here's another buzzword, Po. Are you a Nazi...
OP Polonius3 1,000 | 12,448
22 Oct 2016 #70
buzzword

That is not a buzzword but a normal, descriptivre adjective. Would you prefer if Lehman Bros were erroneously identified as Albanian or Norwegian speculators?
Wincig 2 | 222
23 Oct 2016 #71
So all countries -- USA, Germany, France, etc. -- are dominated by non-native capital to the same extent that Poland is

Well, yes, and even more.

According to Forbes, the top 8 companies in Poland are, in that order, PKO BP, PKN Orlen, PGE, PZU, KGHM, PGNiG, Tauron, Grupa Lotos. All those companies are controlled by the Polish government. Compare this to the Dax 30 (Germany's 30 top companies) which is more than 60% owned by foreign investors, or the CAC 40 (France) which is 50% owned by foreigners.

It is true that in 2 sectors, retail and banks, foreigners dominate the polish market. But there is a good reason for this: lets' start with retail; there was no modern distribution in Poland in 1990 as such, and the Carrefour, Tesco, Auchan did not buy existing polish assets, they brought expertise and capital in the country. And they are not making and have never made big profits (reason why some players like Metro/Real decided to exit) and "modern" distribution control a much smaller share of the polish market (around 45pc) compared to other countries where they operate (80 pc or more in the UK or France)

In banking, the biggest bank is Polish owned. And the polish regulator KNF, one of the most difficult in Europe, makes sure that polish interests are preserved at all time. It is, to my knowledge, the only banking regulator in Europe demanding that the CEO of a Polish bank speaks the local language, hence introducing a biais in favor of Polish nationals. During the subprime crisis, one of the largest banks in Poland, subsidiary of a big european player, put a multi billion euro deposit with its parent to shore up the latter's liquidity which had been thin following the crisis. Within 2 days, KNF ordered the deposit to be brought back to Poland, which the bank complied with. And last but not least, there is still plenty of room for a Polish entrepreneur to start a bank and make it thrive , look at the success the franco-polish Zalewski family had with Alior which they started less than 10 years ago( of which the control has just been sold to PZU).

Just heard Siemens is scrapping its manufaturing facilities and is evovlving into orchard (esp. apple and plum) production.

Well, maybe not Siemens right now, but that's exactly what Preussag did at the turn of the millenium . Preussag was one of the main steel makers and shipbuilding companies in Germany; they had been losing ground for some time and decided to transform themselves in the early 2000's into...TUI, one of the Europe's leading tour operators.
peterweg 37 | 2,321
23 Oct 2016 #72
They both believe Poland is an excellent place ot invest thanks to a pool of skilled manpower and the country's location.

I didn't say PiS has blown confidence in Poland, I said governments must not do so.

However, they apparently don't believe in their own rhetoric and welcome foreign investment for bring jobs and tax income.

I'm glad you have also had a revelation that Foreign Direct Investment (FDI) is very good for Poland, even if it requires financial assistance.
mafketis 24 | 8,870
23 Oct 2016 #73
there was no modern distribution in Poland in 1990

Yes! In the early 90s almost all Polish retail operated on the old "job lot" system. They would buy a bunch of stuff from wholesalers and then when they sold it they would go back and buy some more stuff. There was virtually no tracking of what was wanted or not and so there would be weird dislocations and no continuity of products. The current system is far superior in terms of supplying stores with things people want to buy.

And this was something that could not have been created by educating entrepreneurs, the big retailers built most of the current retail infrastructure from scratch.

And they are not making and have never made big profits

To socialists, all profits are theft and must be stamped out.
Harry
23 Oct 2016 #74
PKO BP, PKN Orlen, PGE, PZU,

All state-controlled and all rubbish. Roll on the day when they're sold off and the proceeds invested in things Poland actually needs.


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