The EU financial crisis

1,102 posts in this topic

 

Not really.

 

Recent poll by CNN. Not a best deal of support for more integration, apart from those countries which will default without euroland support.

 

There is a difference between wishing your country to cede more power to Brussels, and being generally in favour of the concept of the European Union, which is what I was referring to.

1

Share this post


Link to post
Share on other sites

 

Actually, the process going on right now is that the EU is moving towards a non-deficit budeget policy in the future for all its members.

They already had one of those. Germany was the first country to break the rule in 2003. Nothing happened, they just carried on.

 

 

Germany will be officially reprimanded for its "excessive budget deficit" at a meeting of European Union finance ministers next week, setting the clock ticking for Mr Schroder to address the problem or face the threat of sanctions.

Report from 2003.

 

Why would the markets believe it'll be different this time? That is why this whole rescue package is a farce and won't work. But have fun blaming the Brits anyway.

0

Share this post


Link to post
Share on other sites

 

Why would the markets believe it'll be different this time? That is why this whole rescue package is a farce and won't work. But have fun blaming the Brits anyway.

 

While you're at it, enjoy the loss of democracy and independence you're accepting in the bargain.

 

I distinctly remember talking to people in Europe (mostly Germans) in around 2001 about the EU, and a lot of them were quite suspicious of the whole thing. They were worried about just the kind of thing that's happening now: Brussels gaining more and more control over not only the everyday laws of member countries, but also the mechanics of government.

 

At the time, I thought they were overly cynical (imagine! Germans being overly cynical), but now I think they were right to be leery.

 

Funny, I don't remember the Euro ever being particularly popular when it was introduced. Germans called it the "Teuro," Greeks saw price inflation of everyday goods compared to the drachma. I think it's pretty funny that there's such a scramble to retain it.

0

Share this post


Link to post
Share on other sites

Well quite. The Irish fought hard for independence from Britain only to give it away to Germany. In Greece and Italy elected governments were removed as well.

1

Share this post


Link to post
Share on other sites

 

We worked hard on it and have reached something like 2 % by now. We will not get away with it in future. All of us.

 

Right, so you're refusing to answer the simple question that I put to you last time? Is that possibly because it's actually you that doesn't really understand the mechanics of EU politics?

0

Share this post


Link to post
Share on other sites

 

Well quite. The Irish fought hard for independence from Britain only to give it away to Germany.

 

Yes, funny how the German PR machine is so much more successful than the British one, I would say our unfailing ability to be self deprecating is to blame.

0

Share this post


Link to post
Share on other sites

 

We are all up shit creek with no paddle and the UK and the US aren't doing any better than Europe.

Yet for some weird reason commentators from both countries still express the conviction that they have superior knowledge about handling money.

Based on GDP per capita Inner London is the wealthiest region in the EU.

Based on GDP per capita Greater London is the third wealthiest region in the EU.

 

Maybe you should listen to those commentators very carefully. It seems they are not so easily brainwashed like the Germans are. God knows how but the German press even managed to get a photo of Merkel laughing - do you think it was photoshopped?

0

Share this post


Link to post
Share on other sites

 

There is no incentive, no bargaining, no wheelingdealing, no "I want my money back".

 

Err.... what?

0

Share this post


Link to post
Share on other sites

 

Base on GDP per capita Inner London is the wealthiest region in the EU.

Base on GDP per capita Greater London is the third wealthiest region in the EU.

 

Maybe you should listen to those commentators very carefully.

 

Although no blind supporter of the 99%ers that comment is utterly stupid considering that the financial "service" industry that's pretty much gotten us into this shit situation lives in Inner/Central London so I'd give a piece of shit concerning comments coming from those commentators. What about the rest of the UK if you are quoting GDP? Toss in a wealth spread while your at it?

6

Share this post


Link to post
Share on other sites

 

There is no incentive, no bargaining, no wheelingdealing, no "I want my money back".

Handing over sovereignty to a bunch of jokers who think the right way of dealing with the impending crisis is to threaten the credit ratings agencies is a no go.

 

 

Officials from the European Securities and Markets Authority have been visiting offices of the three big agencies -- Standard & Poor's, Moody's and Fitch -- as well as smaller rivals, since the start of last month and will continue to do so throughout December.

Shooting the messenger. If the EU wasn't happy with the job they are doing they've had nearly four years to do something about it. So why did they all get visits from ESMA officials a few days after S&P put the eurozone on notice? Very crude and idiotic.

0

Share this post


Link to post
Share on other sites

 

Although no blind supporter of the 99%ers that comment is utterly stupid considering that the financial "service" industry

 

It's also pretty stupid laying the blame for the shitty economic situation at the feet of the entire financial services industry, it was a specific part of the banking business, unhindered by regulations and therefore taking risks in the name of greed that was the cause of it all.

0

Share this post


Link to post
Share on other sites

 

Although no blind supporter of the 99%ers that comment is utterly stupid considering that the financial "service" industry that's pretty much gotten us into this shit situation lives in Inner/Central London so I'd give a piece of shit concerning comments coming from those commentators. What about the rest of the UK if you are quoting GDP? Toss in a wealth spread while your at it?

 

Yeah right - that is like blaming the military for WWII.

 

Politicians are responsible for the mess we are in and politicians are responsible for the mess that euroland is in.

1

Share this post


Link to post
Share on other sites

 

The UK and the US are basically being kept afloat by the printing presses, selling government debt to their own central banks. Yet for some weird reason commentators from both countries still express the conviction that they have superior knowledge about handling money.

Unfortunately most euroland politicians seem to have no clue about the power of markets. A summit, some assurances of better behaviour and everything will be OK. Well, it won't. We Brits learned our lesson in 1992. The rest of europe seems to think that was a special case, or rather that they are a special case. Good luck with that.

1

Share this post


Link to post
Share on other sites

 

Actually, the process going on right now is that the EU is moving towards a non-deficit budeget policy in the future for all its members. Resulting in less interests to pay and thereby increased competitivity on an worlwide level.

This is literally gibberish. Tying fiscal policy down is at best only good for Germany.

0

Share this post


Link to post
Share on other sites

 

It's also pretty stupid laying the blame for the shitty economic situation at the feet of the entire financial services industry, it was a specific part of the banking business, unhindered by regulations and therefore taking risks in the name of greed that was the cause of it all.

 

Sorry, let me correct that statement. I meant financial services industry (only the bad greedy fuck guys :rolleyes: ) and their school buddy's that decided on going into politics and (In London) are now trying to save their financial buddy's asses.

 

Am I missing something else?

0

Share this post


Link to post
Share on other sites

 

And as I said before, it's not only because of the interests of Britain as banking place that Cameron blocked. It's the miserable british economic situation with a deficit 5 times higher than in Germany . A YES would have meant that Britain would have to take very strict measures to fight its budget problems, which Cameron simply can't afford politically, protest have already started and would have reached greek-spanish-italien dimensions. Just as your budget deficit is on the way there.

Isn't it funny that Brits living in Germany try to defend their motherland yet pay their tribute and their homage to the fatherland.

 

The only thing what has Britannia kept going over the last ten years was, Northsee oil(in decline now),the gold sale(money spent),sale of useless submarines(they might get them back if the colonials get some spine),a hidden deficit(huge),CDSs(imaginary export), City of London and a lot of pretension. Oh yea, they have a Queen they farm out to some colonials,a few good universities and the London School of Economics and a few distilleries up in Scotland who make good stuff. Their China stuff they make now in Indonesia and their Tabloids are in great decline too, as finally the peasants have caught on that all they print is not as clean as it should be.Now by joining the Republic of Euroland the regulations would change and they could not wrap their fish in newspaper anymore for sanitary reasons with all that garbage printed on the paper.Just got to keep that stiff upper lip B)

1

Share this post


Link to post
Share on other sites

unfortunately some british politicians haven't realized yet that they will be the next to suffer from a confidence crisis in their ability to pay back debts. No wonder with a budget deficit higher than Greece.

0

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now