My opinion of the existing problem is that we, citizens of the countries within the European Union don't think of ourselves as citizens of the same union. There is still hatred and enormous cultural differences even though we have been living next to each other hundreds of years. Therefore, I not only agree with that EU lacks the fiscal synchronisation but as well, it lacks the collective belief that we actually want to become a union. Hate to bring the example of USA, because what happened there about 250 years ago, happened among different circumstances with no phenomenon as financial contagion, economic globalisation and so on so forth. But what they had realised more than we had is that a fiscal, monetary and cultural union does essentially forge small states into a firm, stable economy, one of the strongest of the world. You can ask yourself the question, do you consider yourself a citizen of Germany, Portugal, Spain? Or a citizen of European Union?
rthelionheart well Norway is technically in a trade agreement with the EU which is just like being in the EU minus the Parliamentary representation or having much of a say with regards to the EU
@@ethandavies8227 lol what? The South Koreans are also in a trade agreement with the EU, does that mean they are in it? Do you have any idea what a trade agreement is?
@@sdprz7893 I do, by trade agreement I was referring to the EEA, which grants Norway access to the single Market but gives them no authority how it is ran. Considering the geographical aspects it wouldn't be prudent to give the same treatment to South Korea :)
well, if the eu fails, all currency will go into hyperinflation, so when zwitserland is surrounded by country that had massive hyperinflation, its too small to hold on its own in a sea of poverty :D
Technically, 30% of Greek capital was (and still is) in Switzerland, instead of European banks, so Greek banks were not as strong, and the raise in Debt freaked them out, they stopped lending to the goverment, and this is where it all started... Some say that if this Capital was invested in Greek Banks, or if Switzerland was in the Eurozone, and the capital was taxed to the EU, Banks would have the capacity to loan Greek households and corporations, and in turn, Greek households and corporations, would be able to hold themselfs and grow, instead of srinking... So Switzerland actually, by being a no-gain, no-tax, bring-your-money-to-us banking country, essentially, made the crisis worse... Very much worse...
Welfare states? We are Europe, not the USA. We don't let the poor, weak or ill persons back in the dust like the USA do. It's our believe, that we are stronger together. Look at your criminal rates and murder rates. We don't want this in Europe. Maybe it costs, but it is worth it. We are paying a lot taxes and insurances to finance this.
Don't let the poor back in the dust? Unemployment rates: Spain 25.1%, Greece 26.8%, Ireland 11.9%, Italy 12.6%. Less violence? We didn't have riots in the streets! Stronger together = those who are strong will support those that are weak at the strong countries' expense.
Jalreal Yes, that's the case in those countries because the IMF forced them into poverty with this ridiculous austerity programs. Slavery for all is the global target for the IMF under leadership of the USA. No riots in the USA? You don't need them with this high murder rates.
I recommend "The Theoy of Money and Credit" by Ludwig von Mises, or really any literature on Austrian economics. It's important to understand why said countries ended up in the abysmal situation they're currently in.
you're able to keep those welfare at the expense of german taxpayers. what happens when germany turns off the tap? hope greece gets kicked out of euro. they won't have access to any money. interest rate will skyrocket and we'll see if you can still keep that welfare state. socialism only works as long you've got people with money. you can't make a poor man rich by making rich man poor.
When a government wants a loan, it creates a bond for which there is a buyer. Any person from any country can become a lender, although in reality a majority of bond transactions originates from financial institutions such as banks, investment banks and most notably; central banks.
I think this is a good general education for all. Obviously, this is nothing new to people that have interest and keep themselves up to date on this issue. But for the general public, this is very, very important stuff to know. In that sense, this could've been even more tangible in approach.
Well it is true that Greece has very high spendings in the public sector and was able to borrow cheap with the Euro. Greece also has good social benefits provided by the government. In economics, you learn that public sector should never be larger than the private sector because the public sector is funded by taxpayers of the private sector.
You ARE talking about young people, which with the viscous cycle created by the European Union - simply won't make a difference. Anyone who is successful in the corrupt political system of your Union is a past loving person. Winston Churchill once said "The farther back you can look, the farther forward you are likely to see". If you can grasp that concept, you can see where "real" politicians are needed Emphasis on the "may" change, because absolutes aren't possible in this case.
Loving this, people sat in their mortgage funded houses, loaned cars, public sector payroll jobs, blaming the political leaders and bankers for the financial crisis. Before you blame others, look into the dark mirror which reveals the truth about you. I'm not blaming public directly, and I'm not in favour of corruption of the political leaders... but I'm saying it's necessary not to blame the easiest target.
@DanMorin007 I think they also mention a better integrated financial Europe as an outcome, which is very viable in my opinion. The stronger economic countries, like Germany, can actually start demanding better economic structures in countries like Greece. Keeping Greece her debt at a high level is no solution, because thats a downward spiral, but reducing their debt while demanding reforms in return might be a good way to strengthen EU as a whole.
The problem start with the way money is created. It's created out of debt on which one pays interest. With the result that, year after year, the debt gets bigger and bigger. The system is fundamentally floored and until that fact is properly understood and excepted then the eventual collapse inevitable. Consider if you will, the fact that the Fed and other central banks have been quantitative easing money, billions per month, QE 1, 2, 3, etc for years and yet America and most European countries are suffering austerity. Sadly the experts find this so frightening they don't want to see it.
I think it is one of those things that far too many are doing to little early on about. If major problems hit people will be panicking and slapping solutions together. It is not so different in that respect in Europe. But, this is very difficult to get a handle on seeing as not enough people want to talk about it without using dishonest discourse and exaggeration/hyperbole.
Yes because if you leave the EU, the rest of the Union will be so thrilled they will be DYING to conduct business with you. To be honest British demands to leave the EU are nothing more than the age-old Empire Complex. It just burns that you are no longer a world player, but one of several players in a larger "European superpower". Populism never leads to anything good, my friend.
six word "the UK need to leave europe", its simple, the common fact that most countries are in crisis right now, they need business, so if the uk leaves we can help ourselves then strengthen our currency to help others while keeping strong links to import and export goods
The biggest catastrophe is the worldwide recession. Europe a huge major player in the world’s economy has dozens of countries that are part of the EU. With the euro going down the world’s economy has suffered the brink of depression. It is the best interest for the world’s leaders to come with a plan to stop this event that may unfold into an all out chaos.
In “Occupying Chairlifts” a simple rule tweak on inheritance ends up changing the direction and purpose of modern human life! Here’s a fair way to transition forward to where we’re rewarded for cooperating and creating instead of competing and conquering. It's something specific we can demand. If this isnt the best answer, at least we’re thinking about what might be. Are we really just this close to having it work right? Oh yeah, it's a Ski movie! “Occupying Chairlifts” on TH-cam!
banks mostly pension funds, all the european banks have public bonds in theyre assets, 15-20% of all bank loans are to nations,germans buying spanish bonds,spanish buying german and so on,how money are created that's a diffrent thing, all money are created as debt the debt can't be paid plus intrest, so everybody needs to take more debt,sometimes people don't have trust anymore, so the future loans are no longer posible,but as well the debt can't be paid.
Well, I couldn't agree more with what this video said. This video is composed of snippets from some smart people. I prepared a 5 video series (about 6 minutes/video) on the Euro Crisis and how they can solve it. You can look at it by going to: Euro Crisis Video 1 Depression
The EU is not a "false government". It is a supra-governmental organization that has done a lot of good for Europe. The monetary policy issues were not thought out nearly as well as they should have been and are a continuous problem. But, this is a case of struggling with bankers. And, yes, bankers are a sleazy breed of vultures who cannot easily be negotiated or asked to do things. It is the same with every economics worker.
Agreed... I don't need a politician to tell me how to take care of my finances, when they are the ones allowing the Central Banks to purposely take risky options.
Europe need to act as a single country with provences or states and rewrite its moral obligations to restore confidence and because of that it a grim outlook
I do not think the EU is such a bad keeper and promoter of justice. They made all of their member states sign human rights treaties and a grand human rights convention that some say was excruciatingly extensive. It literally extended the idea of human rights in international law to including things like accessible (which can mean free if the patient has not money) health care and education. They are not so bad. Europe by and large wants peace and not micro-control of its constituent parts.
The Crisis started long before 2007. Greece lied about its economic health in order to get into the Euro zone. Spain ignored its housing sector bubble that anyone could have told you would have burst. Public spending in the EU was out of control, and combined with large scale immigration, stressed many EU states. You can blame the USA all you like, but Europe's problems started long before 2007.
mtime6 Thanks for educating me about housing sector bubble, maybe europe should have followed USA's example on that... Europe's problem were already there but USA infested the world in 2007 and that crippled Europe and made it weaker. It is ironic that in the video they mention that now Europe will infest the world with the "european crise" when the ones who started the infection and financial Chaos was undeniably the US
David Roullier The USA didn't do shit. It's what it didn't do is the problem. It had lax regulations on baking establishments, turning a blind eye towards improper ninja loans. That being said, to state the the USA " started the recession" is false. Each country has had its own reasons as to why recession started. When the EU collapses, you Europeans will have to swallow your undeserved pride and once again ask the USA for help.
+mtime6 Actually, both Europe and America will have to ask Asia for help. The only other option for America is war. So what worries me is rather how's America's pride is holding up, not Europe's.
kysz1 Europe and the USA are not equal. Europe is fragmented and is becoming economically irrelevant. The USA controls the global market. Stop trying to compare the two.
+Alex Burghelea That kind of processes can take some time. For as long as governments can kick the can a few years further, the problem will grow, but crash will be postponed. At some point, creative accounting or additional debt is no longer an option and things start to fall apart like a domino. It's a flaw buried in the system, only enhanced by loans and investors. You can tell that economy is set for a collapse, but no one can tell for sure when it happens, because no one can predict reactions of governments.
The collapse of the EU would leave nations there independent again and give the voters in each the power they used to have. Nothing better could happen. There is no way those working towards a one government World would ever let this happen.
greece would be bankrupt, they won't have access to money. they'll pretty much become a third world country. property prices would collapse and cost of import would skyrocket. greece would be worse off on their own. their lazy people won't get any welfare or free healthcare.
The problem in Europe is that the greek politicians lied and borrowed money they never could pay back, now this exact fear is spreading to other european countries. I live in Belgium, and our state debt is also out of control, if the crisis doesn't get resolved soon we'll be next on the list. If the eurozone is going down i'm moving to germany, dutch and german are very similar, and if there's one thing that history tells us is that germany always comes out back on top in europe.
Galloni's description of Berlusconi sums up the irrelevance of this item , the definition of a victim applies to many Europeans, not to Berlusconi. Justifications of the impending financial apocalyps, invented by the lowest of scroungers on the sinking boat that is the EU economy.
I do see your perspective of a social-democratic form of government, which I wish the United States was somewhat more of but it is not. But London deregulation have generated so much wealth for the country. Greed creates mammoth wealth but also destroys everything if the bubble burst. So there will always be a financial crisis in a capitalist economy, but capitalism is still the best form of economic system that propels society forward.
Like our EU-Commission said today, one you're part of the euro zone, you can't get kicked out. >>> Greece will stay in the euro zone even with another government
There is no need for grand philosophy or "deep" analysis here - Greece, Spain, and Ireland - have lived the dolce vita like never before. Greeks regularly spent 100 Euros a night in a restaurant, government employees made 5-6 thousand Euros a month, Spanish workers with a high school degree took out quarter-million Euro loans for an apartment, in Ireland everybody had a Polish nanny or butler - there's your answer for the crisis. Just simply eject the PIIG-states from the Eurozone and thats it.
At 22:00 that is just a load of bull. There is no 'European welfare state', welfare states are structured very differently across countries. Also, the way in which she is implying that generous welfare states cause these deficits is just wrong; the Netherlands and the Scandinavian countries have very generous welfare states, and are outperforming her glorified 'entrepreneurial' US system on all indicators. Greece and Portugal don't even have generous welfare states, it's completely unrelated.
Tha outlook for the European project and hence the € are awful for ordinary citizens trapped in what is demonstrably a failed system. The likes of Junker and his types are in denial and need urgently to accept reform or run the risk of a huge European backlash. The UK is the start, Italy will likely follow and then the Dutch and French. I would add that Germany has risks too! A worrying world indeed!
Also a lot of nonsense about 'countries like Greece.' Apparently Spain has huge government debt and expensive welfare state! No it hasn't its purely a private sector property bubble crisis.
in a realpolitik that shadows the ideals of political theorists and dreamers. It is not unlike locking a few people in a room until they get along together. Their are initial adjustment periods in which their can be turbulence. But, eventually the individuals give up their difference and accept that they will have to get along and work together to get beyond where they are. Humanity is too selfish to be coerced by any other means to function outside of an attempt to completely eliminate
Over here there is a sense of fatigue for war and all of the power games. And OF COURSE they still go on. But, the power games that led to all of the wars for over the past thousand years on our continent have pushed most people over the edge to where they cannot stomach the desire for standard nationalism with its petty squabbling and the fighting that goes along with it. There are still a lot of crooks and liars. But, when you live here you get a strong sense that people really want to
At least they produce goods, services and ultimatly jobs. A welfare mother produces more crappy kids that working people are taxed to feed. In my opinion the lesser of the two evils is corporate welfare
And it is this smoldering that is now witness to the events in Europe wherein Germany and France are each in turn posturing, striving for supremacy in the European Union each desirous of being the new leader of such an alliance. Both Germany and France are eager to show that they can be independent from Washington and in so doing attempt to outdo one another in the fight for dominance within the EU. It is time to close the book on the European Union and view it for what it was. (Continued)
well this is wall street journal and I would wonder if you watch anything besides propaganda. us crisis is over, it has been for a while. While the rest of americans were in panic I bought every stock I could while it was low, and Now I pay for college in cash. The american loaning system worked fine except for those who abused it. Meanwhile you were watching people complain and whine about their fiscal irresponsibility, you could have made a fortune. I wonder who may be the most delusional :-/
I think it is worth it because there is nothing that is going to bring peace to a world when there are so many autonomous nations on this planet vying for its constituents and "national interests". You have to take the place of single countries out of the equation and force nations to be held together as one if you want to stop the constant fighting. It seems beyond the framework of modern politics to do that without a supra-government entity. Perhaps in a hundred years our unity will result
@kentamitchell 1. 50% , the fleming population is sick and tired of constantly having to "give in" to the Walloons (Eurocrisis or not), and relations between both language-areas have deterioted even more the last couple of years. It only needs a certain catalyst in order for this to happen.
Los USA tienen 16,8 billones de deuda pública mucho mayor que su PIB, no tiene ningún sector industrial competitivo, su balanza de pagos es fuertemente deficitaria, es decir el resto del mundo les presta cada año mas de 100.000 millones de dólares..... es un cáncer que los demás llevamos sin quejarnos.... hasta cuando???
My opinion of the existing problem is that we, citizens of the countries within the European Union don't think of ourselves as citizens of the same union. There is still hatred and enormous cultural differences even though we have been living next to each other hundreds of years. Therefore, I not only agree with that EU lacks the fiscal synchronisation but as well, it lacks the collective belief that we actually want to become a union. Hate to bring the example of USA, because what happened there about 250 years ago, happened among different circumstances with no phenomenon as financial contagion, economic globalisation and so on so forth. But what they had realised more than we had is that a fiscal, monetary and cultural union does essentially forge small states into a firm, stable economy, one of the strongest of the world. You can ask yourself the question, do you consider yourself a citizen of Germany, Portugal, Spain? Or a citizen of European Union?
My hat off to Switzerland and Norway. They have no business in any of this mess.
Yeah, they dodged a bullet there.
rthelionheart neither did we. 🇬🇧
rthelionheart well Norway is technically in a trade agreement with the EU which is just like being in the EU minus the Parliamentary representation or having much of a say with regards to the EU
@@ethandavies8227 lol what? The South Koreans are also in a trade agreement with the EU, does that mean they are in it? Do you have any idea what a trade agreement is?
@@sdprz7893 I do, by trade agreement I was referring to the EEA, which grants Norway access to the single Market but gives them no authority how it is ran. Considering the geographical aspects it wouldn't be prudent to give the same treatment to South Korea :)
This is from the Wall Street journal... it says it all!
1. lend money to a welfare state.
2. be shocked that its a poor investment.
3. demand the German worker pay for this.
it was the germans the lent the money tho
Sure glad Switzerland didn't join EU
well, if switzerland is surrounded by poor countries, it will get poor soon too, or be overrun like the european gazastrip :D
what do you mean by "surrounded by poor countries"?
well, if the eu fails, all currency will go into hyperinflation, so when zwitserland is surrounded by country that had massive hyperinflation, its too small to hold on its own in a sea of poverty :D
David Cameron said the same about UK.
Technically, 30% of Greek capital was (and still is) in Switzerland, instead of European banks, so Greek banks were not as strong, and the raise in Debt freaked them out, they stopped lending to the goverment, and this is where it all started... Some say that if this Capital was invested in Greek Banks, or if Switzerland was in the Eurozone, and the capital was taxed to the EU, Banks would have the capacity to loan Greek households and corporations, and in turn, Greek households and corporations, would be able to hold themselfs and grow, instead of srinking... So Switzerland actually, by being a no-gain, no-tax, bring-your-money-to-us banking country, essentially, made the crisis worse... Very much worse...
"Europe on the brink" a title pulled straight out of headline.
A highly-engaging exploration.
Good documentary
All I can say is thank god we, the UK 🇬🇧, kept our own currency and didn’t switch to the euro.
And thank God you left the EU period! MEGA!
@@Semper_fi_777 your probably German so your politicians can take over the rest of the EU
matt 2k19 The same UK who left the EU but wants to keep the benefits of being a member without sharing the burdens.
This is excellence from WSJ
Welfare states? We are Europe, not the USA. We don't let the poor, weak or ill persons back in the dust like the USA do. It's our believe, that we are stronger together. Look at your criminal rates and murder rates. We don't want this in Europe. Maybe it costs, but it is worth it. We are paying a lot taxes and insurances to finance this.
Don't let the poor back in the dust? Unemployment rates: Spain 25.1%, Greece 26.8%, Ireland 11.9%, Italy 12.6%. Less violence? We didn't have riots in the streets! Stronger together = those who are strong will support those that are weak at the strong countries' expense.
Jalreal Yes, that's the case in those countries because the IMF forced them into poverty with this ridiculous austerity programs. Slavery for all is the global target for the IMF under leadership of the USA. No riots in the USA? You don't need them with this high murder rates.
I recommend "The Theoy of Money and Credit" by Ludwig von Mises, or really any literature on Austrian economics. It's important to understand why said countries ended up in the abysmal situation they're currently in.
And yes, the austerity programs are harsh. raising taxes amid a deep recession/arguable depression is a horrible idea.
you're able to keep those welfare at the expense of german taxpayers. what happens when germany turns off the tap? hope greece gets kicked out of euro. they won't have access to any money. interest rate will skyrocket and we'll see if you can still keep that welfare state. socialism only works as long you've got people with money. you can't make a poor man rich by making rich man poor.
Interesting...in the context of the situation in July, 2020.
When a government wants a loan, it creates a bond for which there is a buyer. Any person from any country can become a lender, although in reality a majority of bond transactions originates from financial institutions such as banks, investment banks and most notably; central banks.
Thank you ever so
Very well done !
you guys forget to include the "whatever it takes" of super Mario which save the euro.
I think this is a good general education for all. Obviously, this is nothing new to people that have interest and keep themselves up to date on this issue.
But for the general public, this is very, very important stuff to know. In that sense, this could've been even more tangible in approach.
well done thanks
Well it is true that Greece has very high spendings in the public sector and was able to borrow cheap with the Euro. Greece also has good social benefits provided by the government. In economics, you learn that public sector should never be larger than the private sector because the public sector is funded by taxpayers of the private sector.
ya look at Germany Europe is falling Germany is Rising
You ARE talking about young people, which with the viscous cycle created by the European Union - simply won't make a difference. Anyone who is successful in the corrupt political system of your Union is a past loving person. Winston Churchill once said "The farther back you can look, the farther forward you are likely to see". If you can grasp that concept, you can see where "real" politicians are needed Emphasis on the "may" change, because absolutes aren't possible in this case.
Loving this, people sat in their mortgage funded houses, loaned cars, public sector payroll jobs, blaming the political leaders and bankers for the financial crisis. Before you blame others, look into the dark mirror which reveals the truth about you. I'm not blaming public directly, and I'm not in favour of corruption of the political leaders... but I'm saying it's necessary not to blame the easiest target.
coming from the US, this documentary just sounds like a huge insult
@DanMorin007 I think they also mention a better integrated financial Europe as an outcome, which is very viable in my opinion. The stronger economic countries, like Germany, can actually start demanding better economic structures in countries like Greece. Keeping Greece her debt at a high level is no solution, because thats a downward spiral, but reducing their debt while demanding reforms in return might be a good way to strengthen EU as a whole.
The problem start with the way money is created. It's created out of debt on which one pays interest. With the result that, year after year, the debt gets bigger and bigger.
The system is fundamentally floored and until that fact is properly understood and excepted then the eventual collapse inevitable.
Consider if you will, the fact that the Fed and other central banks have been quantitative easing money, billions per month, QE 1, 2, 3, etc for years and yet America and most European countries are suffering austerity.
Sadly the experts find this so frightening they don't want to see it.
Denying reality ,does not change reality...
I think it is one of those things that far too many are doing to little early on about. If major problems hit people will be panicking and slapping solutions together. It is not so different in that respect in Europe. But, this is very difficult to get a handle on seeing as not enough people want to talk about it without using dishonest discourse and exaggeration/hyperbole.
Yes because if you leave the EU, the rest of the Union will be so thrilled they will be DYING to conduct business with you.
To be honest British demands to leave the EU are nothing more than the age-old Empire Complex. It just burns that you are no longer a world player, but one of several players in a larger "European superpower". Populism never leads to anything good, my friend.
six word "the UK need to leave europe", its simple, the common fact that most countries are in crisis right now, they need business, so if the uk leaves we can help ourselves then strengthen our currency to help others while keeping strong links to import and export goods
The biggest catastrophe is the worldwide recession. Europe a huge major player in the world’s economy has dozens of countries that are part of the EU. With the euro going down the world’s economy has suffered the brink of depression. It is the best interest for the world’s leaders to come with a plan to stop this event that may unfold into an all out chaos.
In “Occupying Chairlifts” a simple rule tweak on inheritance ends up changing the direction and purpose of modern human life! Here’s a fair way to transition forward to where we’re rewarded for cooperating and creating instead of competing and conquering.
It's something specific we can demand. If this isnt the best answer, at least we’re thinking about what might be. Are we really just this close to having it work right?
Oh yeah, it's a Ski movie! “Occupying Chairlifts” on TH-cam!
Dear mister ASelfGnosis, it seems you know a lot more than i do. Please inform me also, please tell me where should I go for the whole story?
banks mostly pension funds, all the european banks have public bonds in theyre assets, 15-20% of all bank loans are to nations,germans buying spanish bonds,spanish buying german and so on,how money are created that's a diffrent thing, all money are created as debt the debt can't be paid plus intrest, so everybody needs to take more debt,sometimes people don't have trust anymore, so the future loans are no longer posible,but as well the debt can't be paid.
Well, I couldn't agree more with what this video said. This video is composed of snippets from some smart people. I prepared a 5 video series (about 6 minutes/video) on the Euro Crisis and how they can solve it. You can look at it by going to:
Euro Crisis Video 1 Depression
we should make "economic quarantine zone" in order prevent global crisis in all aspect.
crisis lead to chaos, chaos will resolve to war, world war.
'Currency Wars'- Rickards /previous trader in mkt book-interesting- about IMF with SDRs being World Ct bank, bank of G20
What has been done in 3 years? Exactly.
It seems like there is two kinds of people. One is and lives on this planet and the other does not, it lives in a dream like thing.
Are you serious? Gold and silver? There are some extremely good reasons why the world moved to fiat currencies...
London that is going thru a deep recession, worst than Italy, despite its very laudable market fundamentalism
The EU is not a "false government". It is a supra-governmental organization that has done a lot of good for Europe. The monetary policy issues were not thought out nearly as well as they should have been and are a continuous problem. But, this is a case of struggling with bankers. And, yes, bankers are a sleazy breed of vultures who cannot easily be negotiated or asked to do things. It is the same with every economics worker.
Agreed... I don't need a politician to tell me how to take care of my finances, when they are the ones allowing the Central Banks to purposely take risky options.
Europe need to act as a single country with provences or states and rewrite its moral obligations to restore confidence and because of that it a grim outlook
I do not think the EU is such a bad keeper and promoter of justice. They made all of their member states sign human rights treaties and a grand human rights convention that some say was excruciatingly extensive. It literally extended the idea of human rights in international law to including things like accessible (which can mean free if the patient has not money) health care and education. They are not so bad. Europe by and large wants peace and not micro-control of its constituent parts.
lol !!! the european crise may infest the world??! let's not forget who started this financial meltdown in 2007
The Crisis started long before 2007. Greece lied about its economic health in order to get into the Euro zone. Spain ignored its housing sector bubble that anyone could have told you would have burst. Public spending in the EU was out of control, and combined with large scale immigration, stressed many EU states.
You can blame the USA all you like, but Europe's problems started long before 2007.
mtime6 Thanks for educating me about housing sector bubble, maybe europe should have followed USA's example on that...
Europe's problem were already there but USA infested the world in 2007 and that crippled Europe and made it weaker. It is ironic that in the video they mention that now Europe will infest the world with the "european crise" when the ones who started the infection and financial Chaos was undeniably the US
David Roullier
The USA didn't do shit. It's what it didn't do is the problem. It had lax regulations on baking establishments, turning a blind eye towards improper ninja loans.
That being said, to state the the USA " started the recession" is false. Each country has had its own reasons as to why recession started.
When the EU collapses, you Europeans will have to swallow your undeserved pride and once again ask the USA for help.
+mtime6 Actually, both Europe and America will have to ask Asia for help. The only other option for America is war. So what worries me is rather how's America's pride is holding up, not Europe's.
kysz1
Europe and the USA are not equal. Europe is fragmented and is becoming economically irrelevant. The USA controls the global market. Stop trying to compare the two.
End of 2014 and EU is still here. The only major problem is that a war in going in the Ukraine
+Alex Burghelea That kind of processes can take some time. For as long as governments can kick the can a few years further, the problem will grow, but crash will be postponed. At some point, creative accounting or additional debt is no longer an option and things start to fall apart like a domino. It's a flaw buried in the system, only enhanced by loans and investors.
You can tell that economy is set for a collapse, but no one can tell for sure when it happens, because no one can predict reactions of governments.
I know that the global economy is in a bad shape, the only solution is a debt reset from the financital instituions, look at Greece for example
Middle of 2022 and EU is still here. One of the many problems is that a war in going in the Ukraine
It's stupid that you simply call a whole country stupid.
@LooksAeterna Can you get to you point? What is your version of the events?
@MrBravefencermusashi
the FED will probably print polymer banknotes not worth the ink and plastic they are printed on.
The collapse of the EU would leave nations there independent again and give the voters in each the power they used to have. Nothing better could happen. There is no way those working towards a one government World would ever let this happen.
greece would be bankrupt, they won't have access to money. they'll pretty much become a third world country. property prices would collapse and cost of import would skyrocket. greece would be worse off on their own. their lazy people won't get any welfare or free healthcare.
dont worry southern ireland has voluntered to come to the rescue !
after some thinking, might be too late
True.
The problem in Europe is that the greek politicians lied and borrowed money they never could pay back, now this exact fear is spreading to other european countries.
I live in Belgium, and our state debt is also out of control, if the crisis doesn't get resolved soon we'll be next on the list.
If the eurozone is going down i'm moving to germany, dutch and german are very similar, and if there's one thing that history tells us is that germany always comes out back on top in europe.
Wasn't that the Euro that would take over the US $ Dollar as world currency?
I read your comment and immediately knew if I watched this now it would be 23 minutes of my life wasted! Thanks friend - closing the tab now :)
SO why don't the people of Greece actually try to explain what happened?
That Galloni woman hit the nail on the head. Clear headed wow she said the kink is naaked. Wish I could shake her hand.
... and it ends with the welfare state, of all things, being the main problem?! Not irresponsible bank lending and deregulated financial markets? LOL!
Galloni's description of Berlusconi sums up the irrelevance of this item , the definition of a victim applies to many Europeans, not to Berlusconi. Justifications of the impending financial apocalyps, invented by the lowest of scroungers on the sinking boat that is the EU economy.
I do see your perspective of a social-democratic form of government, which I wish the United States was somewhat more of but it is not. But London deregulation have generated so much wealth for the country. Greed creates mammoth wealth but also destroys everything if the bubble burst. So there will always be a financial crisis in a capitalist economy, but capitalism is still the best form of economic system that propels society forward.
btw. this is a part british report.
where did I say anything about deregulation?
Not forgetting that the US military budget is the biggest deficit spending welfare project in the world.
Like our EU-Commission said today, one you're part of the euro zone, you can't get kicked out. >>> Greece will stay in the euro zone even with another government
There is no need for grand philosophy or "deep" analysis here - Greece, Spain, and Ireland - have lived the dolce vita like never before. Greeks regularly spent 100 Euros a night in a restaurant, government employees made 5-6 thousand Euros a month, Spanish workers with a high school degree took out quarter-million Euro loans for an apartment, in Ireland everybody had a Polish nanny or butler - there's your answer for the crisis. Just simply eject the PIIG-states from the Eurozone and thats it.
Now I see why Gerald Calente calls the WSJ a rag......
At 22:00 that is just a load of bull. There is no 'European welfare state', welfare states are structured very differently across countries. Also, the way in which she is implying that generous welfare states cause these deficits is just wrong; the Netherlands and the Scandinavian countries have very generous welfare states, and are outperforming her glorified 'entrepreneurial' US system on all indicators. Greece and Portugal don't even have generous welfare states, it's completely unrelated.
If you shake hands with a greek, count your fingers afterwards- Albanian Proverb.
"A Financial Virus", is an astute analogy to use.
Funny to see both top comments disagree. I side with the Danmorin007.... the other guy clearly has no clue.
Tha outlook for the European project and hence the € are awful for ordinary citizens trapped in what is demonstrably a failed system. The likes of Junker and his types are in denial and need urgently to accept reform or run the risk of a huge European backlash. The UK is the start, Italy will likely follow and then the Dutch and French. I would add that Germany has risks too! A worrying world indeed!
Has anyone stopped to think; Who is this "money" owed? Its bankers!!!!
the e.u appears to be heading down the can !
@MrBravefencermusashi Tell us more about what you see as the US involvement in the creation of the European Union.
In the midst of all these Euro currency crises is...Brexit!
Also a lot of nonsense about 'countries like Greece.' Apparently Spain has huge government debt and expensive welfare state! No it hasn't its purely a private sector property bubble crisis.
in a realpolitik that shadows the ideals of political theorists and dreamers. It is not unlike locking a few people in a room until they get along together. Their are initial adjustment periods in which their can be turbulence. But, eventually the individuals give up their difference and accept that they will have to get along and work together to get beyond where they are.
Humanity is too selfish to be coerced by any other means to function outside of an attempt to completely eliminate
britain has same mindset as USA and they see things different from EU
EU 🇪🇺💪💪💪
Over here there is a sense of fatigue for war and all of the power games. And OF COURSE they still go on. But, the power games that led to all of the wars for over the past thousand years on our continent have pushed most people over the edge to where they cannot stomach the desire for standard nationalism with its petty squabbling and the fighting that goes along with it.
There are still a lot of crooks and liars. But, when you live here you get a strong sense that people really want to
The US is as much to blame as Europe.
self-serving identities and identifications. Let's hope it work well and evolves into something great.
At least they produce goods, services and ultimatly jobs. A welfare mother produces more crappy kids that working people are taxed to feed. In my opinion the lesser of the two evils is corporate welfare
And it is this smoldering that is now witness to the events in Europe wherein Germany and France are each in turn posturing, striving for supremacy in the European Union each desirous of being the new leader of such an alliance. Both Germany and France are eager to show that they can be independent from Washington and in so doing attempt to outdo one another in the fight for dominance within the EU. It is time to close the book on the European Union and view it for what it was. (Continued)
The doomsday music is obnoxious.
Well babysitting Europe is expensive,and we the USA also have the worlds largest economy...
Nobody knows what the fuck is going on.
And you are? 12 years old?
well this is wall street journal and I would wonder if you watch anything besides propaganda. us crisis is over, it has been for a while. While the rest of americans were in panic I bought every stock I could while it was low, and Now I pay for college in cash. The american loaning system worked fine except for those who abused it. Meanwhile you were watching people complain and whine about their fiscal irresponsibility, you could have made a fortune. I wonder who may be the most delusional :-/
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the EU does not have a stronger economy than the US
I think it is worth it because there is nothing that is going to bring peace to a world when there are so many autonomous nations on this planet vying for its constituents and "national interests". You have to take the place of single countries out of the equation and force nations to be held together as one if you want to stop the constant fighting. It seems beyond the framework of modern politics to do that without a supra-government entity. Perhaps in a hundred years our unity will result
Switzerland should join US ,financial speaking,link the US and Switzerland banks,in case one fails,the other bails it out,might work :))
deflation, inflation, deflation, war, war cleanup, war, war cleanup".
@kentamitchell 1. 50% , the fleming population is sick and tired of constantly having to "give in" to the Walloons (Eurocrisis or not), and relations between both language-areas have deterioted even more the last couple of years. It only needs a certain catalyst in order for this to happen.
But deregulation is part of what "FREE" trade is. Thanks to Adam Smith.
Los USA tienen 16,8 billones de deuda pública mucho mayor que su PIB, no tiene ningún sector industrial competitivo, su balanza de pagos es fuertemente deficitaria, es decir el resto del mundo les presta cada año mas de 100.000 millones de dólares..... es un cáncer que los demás llevamos sin quejarnos.... hasta cuando???
The proverbial house of cards of fiat currencies not based on real weath. The dollar is not immune either
It's Euroshima. In other words, a permanent catastrophe.
the euro was created to avoid WW3 lulz that one was pretty good