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Commenting article: Heritage Foundation: Bulgaria Economy More Free but Not Quite There Yet

The Bulgarian economy is 64,6% free, according to the 2009 Index of Economic Freedom, released by the Heritage Foundation and the Wall Street Journal.

The score places Bulgaria in the group of countries with moderately free economies.
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#1
CJB - 14 Jan 2009 // 14:47:07

Government in BG is not as big as in some other countries: Slovakia has 3rd highest spending as % of GDP, after Iraq and Cuba...

http://anepigone.blogspot.com/2008/03/government-spending-as-percentage-of.html

Some countries who are close to BG's levels of spending (in percentage terms) for 2007:


30. Belarus 52.9
31. Cyprus (no Turk-adm) 52.6
32. Ukraine 52.1
33. Yemen 50.9
34. Greece 50.7
35. Brunei 50.5
36. Georgia 50.4
37. UK 50.0
38. Bosnia/Herzegovina 50.0
39. Bulgaria 49.9
40. Swaziland 49.9
41. Germany 48.8
42. Malawi 48.2
43. Canada 48.2
44. Latvia 47.7
45. Jordan 47.6
46. Egypt 47.5
47. Spain 47.3
48. Slovenia 47.1

#2
xNELLIEx - 14 Jan 2009 // 17:03:31

CJB

As far as I am concerned, the less government spending the better the economy is. The government is full of idiots who know nothing.

#3
CJB - 14 Jan 2009 // 21:00:51

"As far as I am concerned, the less government spending the better the economy is."

That's not necessarily true. Many Nortern European countries have high government spending, but their economies do okay.

"The government is full of idiots who know nothing."

In the case of Bulgaria, that's almost universally true.

#4
Kolegialen - 14 Jan 2009 // 23:19:24

"In the case of Bulgaria, that's almost universally true."

As opposed to that in the US, which is on the verge of tipping the whole world into a depression with plain neglect of responsibility and incompetence of their government on every level..
Oh yeah, northern countries..
England?
Or may be Island, the first country in modern history to file for bankruptcy, or perhaps Norway where whole counties are bankrupt due to mindless investments in mortgage backed securities.

I think it's rich for any American institution to preach right about now about anything to do with markets...
Very Anglo - neck deep in shit, yet still busing themselves with others....

#5
Kolegialen - 14 Jan 2009 // 23:35:26

http://www.nytimes.com/2007/12/02/world/europe/02norway.html?pagewanted=1

Here's what those wonderful Northern government have been up to, while our friend Dag Petterson (aka furian, McDonald Highlander and so on) kept harping on Bulgarian corruption and incompetence....

#6
vesela_s - 14 Jan 2009 // 23:39:31

Kolegialen:
"I think it's rich for any American institution to preach right about now about anything to do with markets... Very Anglo"

Very confused: your statement.

Nobody is preaching -- it is only an annual ranking based on certain criteria.

Not very Anglo either -- not only are those ranked on top Asian, but the Heritage Foundation employs researches from around the world.

Many disagree with their assessment but usually in a more intelligent manner than yours.

#7
Kolegialen - 14 Jan 2009 // 23:39:42

"Now, the towns are considering legal action against the Norwegian brokerage company, Terra Securities, that sold them the investments. They allege that they were duped by Terra’s brokers, who did not warn them that these types of securities were risky and subject to being cashed out, at a loss, if their market price fell below a certain level."



Norwegians got screwed by other Norwegians, just like Dag was hoping to get some cash from some naive Bulgarian mutri....

Stop shitting on BG because we're all living in a the same shit reality of greed and crime....

#8
Kolegialen - 14 Jan 2009 // 23:44:15

Vessi,
Heritage foundation is an American institution - why do I care who they employ?
The reality is that the US DID NOT regulate their economy to a criminal degree, and I find it disgusting, actually that they will comment on how "free" other economies are, especially that in Bulgaria where we have 10% capital gains tax and so on.

Sorry the irony escapes you, but that is a glaring fact...

#9
xNELLIEx - 14 Jan 2009 // 23:49:19

Kolega

I heard about these sovereign wealth funds like Norway pension funds and municipal funds investing in the US. Other countries as well. There were huge amounts of foreign investments coming into the US and of course, they all lost money, as everyone else did when the market went south.

#10
vesela_s - 14 Jan 2009 // 23:51:25

Kolegialen:
"Here's what those wonderful Northern government have been up to, while our friend Dag Petterson (aka furian, McDonald Highlander and so on) kept harping on Bulgarian corruption and incompetence...."

Pray tell us how you equate the almost universal corruption and incompetence in current Bulgarian politics, with a small Norwegian town's risky investments strategy?

Need I add that even if the Norwegians lose their investment they'd still be much better off than the equivalent Bulgarian town. The effects of rampant corruption are much worse and long-lasting than the effects of temporary investment foolishness.

#11
Kolegialen - 14 Jan 2009 // 23:55:05

Nellie,
let me try again if I may:
1.2 Trillion deficit is not "slightly larger" nor is this a "market gone down".
It's a fukcing man made, corruption based, catastrophic disaster!

Not only for the US but for the rest of the world. Bulgaria seems to be one of the few with relatively stable economic climate right about now, the low base and all those protesters notwithstanding....

#12
xNELLIEx - 14 Jan 2009 // 23:59:38

@kolega

"It's a fukcing man made, corruption based, catastrophic disaster!"

Tell me about it! I am extremely pissed off myself! All these years investing money in IRAs and 401K plans so we can have money to retire, and now it appears we would have been better off to keep our savings under our mattresses. How disappointing is that!

#13
vesela_s - 15 Jan 2009 // 00:01:47

Kolegialen:
"Heritage foundation is an American institution - why do I care who they employ?
The reality is that the US DID NOT regulate their economy to a criminal degree"

You don't make any sense and I doubt your economic competence so I will not engage in an argument with you.

But are trying to tell us that Bulgaria's economy is better managed, more robust and resilient than that of the US or Scandinavia? Because this would be news to most Bulgarians.

#14
Kolegialen - 15 Jan 2009 // 00:03:26

Vessi,
I am not going to get into childish comparison of apples and oranges.

We have the southern culture of corruption that will be with us for generations if not for ever - I don't see southern Italy changing any time soon, all the years in the EU notwithstanding. That's just stating the obvious.

However, to give me a northern country (like Island) for example of smart government is just ridiculous.
Island is bankrupt! The whole country! Why? Due to decisions their government made - so much for smart governments - Nellie is right about that, actually.

Sure we have massive problems in BG, but I am very tired of people living in glass houses, throwing rocks.

#15
Kolegialen - 15 Jan 2009 // 00:14:34

Vessi:
"Pray tell us how you equate the almost universal corruption and incompetence in current Bulgarian politics,.."

No Vessi, it's not Bulgarian politics - you seem intelligent and yet you are repeating the standard Bulgarian cliche here.
It's us - the BULGARIAN PEOPLE, like yours, and I am sure mine relatives, not the politics.
Politicians are part of who we are, like it or not.
You can accept that or pretend you are from a different nationality - your choice.

And you can call it "temporary investment foolishness" if it happens in Norway and "total incompetence and corruption" if it happens in BG - that would be predictable Bulgarian reaction.
Guess what - the Norwegians from the brokerage company that sold them the securities WERE corrupt - blond mutri - nothing else... stop apologizing for people, on account of not being Bulgarian - it's intellectually lazy.

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