Forex news. Recently from morning newspapers Italians found out about the death of a 29-year old Chinese emigrant, whose body was found near one of underground car parks. According to the author of the article, “he had been thrown away as if he were useless rubbish”. This is the third similar case during last two weeks. All deceased had been working at one of shadow sewing factories, which is situated in the center of Tuscany. Such workshops, where immigrants from Asia, Africa and other countries work for peanuts and suffer from poverty and hard work, are nothing else than the consequences of economic globalization amid governmental connivance.
World crisis, in the first place “came down on” European Union, caused a rapid growth of illegal economic activity. It is rather explicable, as “shadow enterprises” do not charge out tax payments, which aggravates the budget deficit even more and leads to the rise of taxes. On the other hand, these are high taxes that provoke many entrepreneurs to run unofficial business. The most “outstanding” representative of such vicious development is Spanish economy, where police regularly inspects Chinese workshops, although the main part of shadow business is composed of “native” Spanish entrepreneurs. In Australian economy the share of shadow economy amounts to about 20% of GDP, which is not yet the worst case…
this is where the answer to Spanish enigma lies – the high official unemployment rate does not bother local population and does not lead to public demonstrations and turmoil.
Another small secret is that official statistic data of Spanish unemployment is almost two times higher than the average in Europe, although in reality everything is not so terrible. Many people apply for benefits, but at the same time work; as they are not officially employed, their employers charge out no means to social security funds. Spanish government pretends to be making some steps, however for this purpose the vast majority of labour force has to be recognized as crooks.
However, these are not all secrets of Madrid court...the point is that only a minor part of purchase-sale transactions are “grey”, which means that at least some part of taxes is paid, whereas the other part is “black” money. It is for this reason that Spanish population like a 500 Euro note more than anybody else in Europe.
At the same time it cannot be claimed that “Spain is an evil-doer” while everybody else is “warm and fuzzy”, as the major part of the government prefer to pretend that nothing happens, as sometimes it is so difficult to distinguish the fine line between the end of “light” and the beginning of “dark” economy, for they eventually compose a single entity... Moreover, some economists see the benefit of shadow economy as well, as it enables the state to stay up.
Despite all conspicuous efforts to fight illegal entrepreneurship, governmental bodies provoke further development of the situation themselves. Ten years ago a Chinese emigrant would have hard times, as in order to get to Europe, the whole Odyssey awaited for him: to remain unnoticed while going by sea and then to go on foot through the Balkans. Today, thousands of Chinese freely cross European borders by tourist visas and stay there for many years. Having settled in Europe, Chinese, similarly to a weathercock, keep “a weather eye open” by reacting to all new fashioned trend in one or two-days time, at the same time not forgetting to carefully attach “made in Europe” labels, which is essentially difficult to argue... It seems that fighting Chinese immigrants will demand much time and effort from European governmental bodies.
Europe can only be wished to see into the matter of economic light and shadow and then to share their unique experience with the whole world.
At present, as traders of the Department of Volume Analysis of Forex Academy and Masterforex-V stock exchange trade, Euro future 6E keeps recovering, against the last week’s drop, by testing 1.3400 mark.
