Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Two short years ago, if anyone had suggested that we would be considering pan-European bank regulation, cross-border deposit guarantees, joint and several Eurobonds, and the very survival of the common currency, they would have been dismissed as nothing short of crazy. But what was unthinkable then appears to be verging on the inevitable now. With last weekend’s announcement of a bailout for Spanish banks and with potentially euro-shaking elections in Greece this weekend, we can now say with certainty that the staid European Union we knew for its first two decades is a thing of the past.
I'm waiting for the know-nothing, right wing, ideologues to chime in on this thread telling us how "big government" and high taxes was the root cause of all this.
Never mind the countries that are actually asked to bail out these few bad apples out, have the most social programs and the biggest governments size for size than than Greece or Spain.
You got that right wingers? The countries in Europe that are least effected by this downturn are the ones that have the biggest governments.
War and Peace by Tolstoy is a good read. The Old Man and the Sea is a good read. Some conspiracy theorist website written by some guy from his parent's basement is not a good read.
Watch the video with Krugman debating right wing Tories. He totally destroys their myths about the cause of economic strife in Europe.
At the 5:00 mark he gets to the heart of their argument and ask the why Sweden, (the most biggest social program provider on the planet) is fairing so well compared to Greece/Spain?
Sweden went through the same thing in the early nineties. Instead of just handing banks money and taking on their bad debts they made sure the banks wrote down their losses first then extracted equity from the banks as a payback. When they were financially sound again they went public again. Here we just hand a trillion to the big five and look the other way. Not to mention the 16 trill that disappeared from the fed that went overseas and who knows where. Your squealing gets you a D-.
It just amazes me how much power banks and the global fiat currency system which is run by the corrupt US government ala the Fed/US treasury has over society and world communities. Greek utility companies I heard are on the hook for $600 million to foreign banks or "lenders" etc. The Greeks have not been paying their utility bills for 3-4 months. What needs to happen is the world needs to give a big middle finger like Iceland did to the bankers. Greece needs to get out of the EU and get their country back on track. The IMF is ruining this world and it's created and funded by the US debt creating banking system. Seriously, it has nothing to do with political ideology or partisan politics. The corrupt, evil banking system that controls the world and national governments including the US government is run by private banks who have no loyalty to ANYONE or any country. It's time the people of the world finally put a nail in the coffin of these banks and start cleaning up their currencies and getting off the credit/debt heroinesque junky mentality of money being printed out of thin air. And it's time the US dollar being the world's reserve currency comes to an end.
Sweden went through the same thing in the early nineties. Instead of just handing banks money and taking on their bad debts they made sure the banks wrote down their losses first then extracted equity from the banks as a payback. When they were financially sound again they went public again. Here we just hand a trillion to the big five and look the other way. Not to mention the 16 trill that disappeared from the fed that went overseas and who knows where. Your squealing gets you a D-.
Shows what you know. In Sweden, the banks are essentially controlled by the government. The government told the bankers to start lending right away to Swedish entities. If the bankers resisted, the government had them fired and replaced. Worked like a charm, and it 100% refutes your right wing ideology that claims government control of business is bad.
Shows what you know. In Sweden, the banks are essentially controlled by the government. The government told the bankers to start lending right away to Swedish entities. If the bankers resisted, the government had them fired and replaced. Worked like a charm, and it 100% refutes your right wing ideology that claims government control of business is bad.
70% of natural resources in Norway are owned, controlled, and otherwise managed by the Norwegian government. Only 30% are vailable for private investment and corporate takeover. I agree with you wholeheartedly. Government = people. The problem with the USA is the braindead idiotic voters and their right left paradigms. Most Americans are too lazy, stupid, fat, etc. to hold their politicians accountable. Hence we have one of the most corrupt governments in the world. USA is circling the drain on all fronts and by all measures........Norway, Sweden, Finland, etc. are all amazing places to live. And unlike us they don't have to import the third world from south of their border. I'm almost sad to call myself an American these days. I love my country but our government is utterly corrupt and bought and paid for. I'm beginning to really hate my fellow citizens as well though. Love it or leave it. If this keeps up I will leave it! America is no longer the end all be all place to live in this world.
If the Euro zone collapses, it'll bring our economy down with it. They consume the majority of our manufactured goods, and if they have no money to buy........
You can fill in the rest.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
