Markets Plunge

Following the elections in Both Greece & France the markets have plunged,  I wonder why ?

Could it be that after borrowing loads of money on their national credit card, now the bills arrived no one wants to pay the bill?

Lets tax the rich, is the battle cry of the socialists, but this was tried before in England and France during the 1960's, with the "We will tax the people" approach

see

http://www.songfacts.com/detail.php?id=101


This section is from another site in the US

Wealthy Residents Have Fled New Jersey and Other High Tax States.Similar to the UK, these states thought taxing wealthy residents was the answer to their fiscal woes.
They have since learned the wealthy have other options. Gov. Chris Christie (R-NJ) has repeatedly emphasized that as taxes have gone up in his state, the wealthy have relocated. The state had a $98 billion surplus from 1999 to 2003.
Then New Jersey significantly raised taxes on the wealthy, and between 2004 and 2008 they ended up losing $70 billion. The Garden State has America’s heaviest tax burden


It goes on to say

The UK’s Upper Class Exodus
The New Jersey lawmakers should not have been surprised because taxing the wealthy an inordinate amount has rarely worked. Denis Healey, who was the UK’s Chancellor of the Exchequer from 1974 to 1979, was correct when he predicted “howls of anguish” from the rich. He was referring to the tax increases made by the Labour governments in the 1960s and ’70s.

The result was a huge decline in Britain’s income when the upper class fled. The UK’s biggest export turned
out to be its wealthy residents


See for your self
http://diplomatdc.wordpress.com/2010/06/07/the-return-of-the-tax-exiles-the-uks-biggest-export-has-been-its-wealthy-citizens-by-gregory-hilton/


and it finishes with

The UK has a new government, but it inherited one of the largest budget deficits in the world and they are coping with a larger structural deficit than they thought. Similar to the 1970s


let the debate start