Is This Man A Good Pick For Secretary Of...
News0 min ago
Mervyn King: Eurozone Crisis 'Storm' Imminent
http://www.bbc.co.uk/news/business-18084700
Looks like the Eurozone really is staring into the abyss.
Looks like the Eurozone really is staring into the abyss.
Answers
Best Answer
No best answer has yet been selected by Philtaz. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.
After the second world war Europe was broke (in more ways than one) - financially as well as infrastructure (roads, rail, cities etc.).
Even in the 1950s most of Europe was still poor (we had rationing in the UK into the 1950s).
But then gradually during the 60s, 70s and 80s and 90s things improved (even though the UK had its dips in the 70s) and gradually things looked rosy and the EU spent (wasted) money as fast as they could get it.
But then I think we (Europe) began to think the good times were here to stay for ever.
We began to borrow and spend money as though there was no tomorrow (individualy as well as countries and the EU), and we got very "generous", allowing immigrants and asylum seekers to come here and stay, often giving them homes and benefits when they had not contributed to the system.
Rather like a rich "lord" who has inherited his fathers estate and fortune and begins to spend it recklessly, soon you realise the cupboard is bare.
We (Europe) have been far too sily with our money in the last few years, watching our manufacturing business go to the Far East, China etc, but still continuing to spend as though people all over the world were buying whatever we made.
Europe is a mess, and countries like Spain, Greece, Italy, Portugal may never get out of their financial mess. Even we, the UK, are not far behind.
I dont see it geting better for years.
Even in the 1950s most of Europe was still poor (we had rationing in the UK into the 1950s).
But then gradually during the 60s, 70s and 80s and 90s things improved (even though the UK had its dips in the 70s) and gradually things looked rosy and the EU spent (wasted) money as fast as they could get it.
But then I think we (Europe) began to think the good times were here to stay for ever.
We began to borrow and spend money as though there was no tomorrow (individualy as well as countries and the EU), and we got very "generous", allowing immigrants and asylum seekers to come here and stay, often giving them homes and benefits when they had not contributed to the system.
Rather like a rich "lord" who has inherited his fathers estate and fortune and begins to spend it recklessly, soon you realise the cupboard is bare.
We (Europe) have been far too sily with our money in the last few years, watching our manufacturing business go to the Far East, China etc, but still continuing to spend as though people all over the world were buying whatever we made.
Europe is a mess, and countries like Spain, Greece, Italy, Portugal may never get out of their financial mess. Even we, the UK, are not far behind.
I dont see it geting better for years.
its been said before, but.....
only the finacially delusional would think that trying to tie various economies of countries possessing different cultures, values and ethics and of course resources, to a single currency is doomed to fail...
we have a hard job balancing the north of england to the south,
methinks the driver of all this euro monetary union bunkum was and still is germany...the country who unsurprisingly have done best under this hopeless scheme,
only the finacially delusional would think that trying to tie various economies of countries possessing different cultures, values and ethics and of course resources, to a single currency is doomed to fail...
we have a hard job balancing the north of england to the south,
methinks the driver of all this euro monetary union bunkum was and still is germany...the country who unsurprisingly have done best under this hopeless scheme,
the problem as I see it (other than the Euro in an idealist theory rather than a practical solution) is that it takes forever to get a decision to take corrective action.
Look at Greece, problem identified, solutions proposed - this took 9 months, then the small matter of asking the Greek people (i.e those who are going to pay to support the Euro theory) whether they actually want this - surprisingly (and all power to them) they said "No!!". Now back to the drawing board.
When will someone stand up and say Enough!!!!!!!!! To many snouts in the trough!!!!
Look at Greece, problem identified, solutions proposed - this took 9 months, then the small matter of asking the Greek people (i.e those who are going to pay to support the Euro theory) whether they actually want this - surprisingly (and all power to them) they said "No!!". Now back to the drawing board.
When will someone stand up and say Enough!!!!!!!!! To many snouts in the trough!!!!
//Could somebody explain what happens if Greece does go "bump" and refuses to pay its debts. //
Sure It happened 10 years or so ago in Argentina - they're still getting over it - Greece would be even bigger.
Nobody would lend money to them and the government would run out of cash almost immediately.
in this cas they have a "new drachma and they'd have to print them, the value would fall through the floor and on the streets people would run on the banks trying to withdraw before forcible conversion.
Where they could people would stick to using Euros the way US dollars are in some unstable countries.
Seeing this would focus minds in Spain, Italy etc. they would be able to point to Greece and say "Is that what you want?"
It's ludicrous to think that if Greece crashes out there would be a queue to follow
Sure It happened 10 years or so ago in Argentina - they're still getting over it - Greece would be even bigger.
Nobody would lend money to them and the government would run out of cash almost immediately.
in this cas they have a "new drachma and they'd have to print them, the value would fall through the floor and on the streets people would run on the banks trying to withdraw before forcible conversion.
Where they could people would stick to using Euros the way US dollars are in some unstable countries.
Seeing this would focus minds in Spain, Italy etc. they would be able to point to Greece and say "Is that what you want?"
It's ludicrous to think that if Greece crashes out there would be a queue to follow
The most intriguing aspect of the Eurozone crisis is that British commentators just "don't get it". There is much more at stake here than simple economics. Here is a quote from a European Central Bank document in 1999:
"The monetary order established by the Maastricht Treaty with the detailed statute of the European System of Central Banks by itself represents an important building block for the development of a European statehood."
See http://
"The monetary order established by the Maastricht Treaty with the detailed statute of the European System of Central Banks by itself represents an important building block for the development of a European statehood."
See http://
pdq1 - Gordon Brown saved the world? This must be irony:
"So I congratulate you Lord Mayor and the City of London on these remarkable achievements, an era that history will record as the beginning of a new golden age for the City of London." (Gordon Brown 2007 http://
"...it was Gordon Brown in 1997 who started the "race to the bottom" of deregulation that caused the global crisis. In fact Brown was determined to deregulate UK banking and it was the pressure of competition from London that led the Americans to remove the Glass-Steagall Act. Labour's Gordon Brown, more than anyone else in the world, caused the global recession." http://
"So I congratulate you Lord Mayor and the City of London on these remarkable achievements, an era that history will record as the beginning of a new golden age for the City of London." (Gordon Brown 2007 http://
"...it was Gordon Brown in 1997 who started the "race to the bottom" of deregulation that caused the global crisis. In fact Brown was determined to deregulate UK banking and it was the pressure of competition from London that led the Americans to remove the Glass-Steagall Act. Labour's Gordon Brown, more than anyone else in the world, caused the global recession." http://
"So I congratulate you Lord Mayor and the City of London on these remarkable achievements, an era that history will record as the beginning of a new golden age for the City of London." (Gordon Brown 2007 http://pol-check.blog...e-been-foreseen.html )
Related Questions
Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.