Europe on the Brink -- A WSJ Documentary
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- เผยแพร่เมื่อ 3 ม.ค. 2012
- In this documentary, Wall Street Journal editors and reporters examine the origins of Europe's debt crisis and why it spread with such ferocity to engulf much of the continent and threaten the entire world.
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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 :)
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?
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...
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
This is from the Wall Street journal... it says it all!
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.
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.
A highly-engaging exploration.
Good documentary
"Europe on the brink" a title pulled straight out of headline.
Very well done !
This is excellence from WSJ
Interesting...in the context of the situation in July, 2020.
well done thanks
@LooksAeterna Can you get to you point? What is your version of the events?
you guys forget to include the "whatever it takes" of super Mario which save the euro.
@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.
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.
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?
@MrBravefencermusashi
the FED will probably print polymer banknotes not worth the ink and plastic they are printed on.
dont worry southern ireland has voluntered to come to the rescue !
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.
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.
Thank you ever so
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.
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.
coming from the US, this documentary just sounds like a huge insult
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.
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.
... and it ends with the welfare state, of all things, being the main problem?! Not irresponsible bank lending and deregulated financial markets? LOL!
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!
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.
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.
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.
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.
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
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.
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
Are you serious? Gold and silver? There are some extremely good reasons why the world moved to fiat currencies...
well, apparently the wall street journal is proficient in hindsight.
@MrBravefencermusashi Tell us more about what you see as the US involvement in the creation of the European Union.
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
Wasn't that the Euro that would take over the US $ Dollar as world currency?
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.
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.
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.
What has been done in 3 years? Exactly.
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.
'Currency Wars'- Rickards /previous trader in mkt book-interesting- about IMF with SDRs being World Ct bank, bank of G20
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!
It's stupid that you simply call a whole country stupid.
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 :)
ya look at Germany Europe is falling Germany is Rising
London that is going thru a deep recession, worst than Italy, despite its very laudable market fundamentalism
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.
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.
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.
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.
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
Denying reality ,does not change reality...
That Galloni woman hit the nail on the head. Clear headed wow she said the kink is naaked. Wish I could shake her hand.
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.
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
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.
SO why don't the people of Greece actually try to explain what happened?
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
where did I say anything about deregulation?
Not forgetting that the US military budget is the biggest deficit spending welfare project in the world.
@Caelistas (politely) just asking: 1 what do you think is the chance (zero % to 100%) of the Flemings & the Walloons splitting the country in the next quarter century.
2. What is the chance of a Muslim takeover/or civil war in the next 50 years?
the e.u appears to be heading down the can !
after some thinking, might be too late
The Euro has created such a welfare-nanny state which has created such a large class dependent on the gov't are most/all of their income. This is exactly what is happening here in the US. When the gov't takes $ away from the many who have grown accustomed to it riots occur. Gov't needs to distinguish between the deserving poor and the undeserving poor. The deserving poor are poor due to MANY poor decisions they have made in their lives (not a bad stock trade).
Funny to see both top comments disagree. I side with the Danmorin007.... the other guy clearly has no clue.
btw. this is a part british report.
But deregulation is part of what "FREE" trade is. Thanks to Adam Smith.
Propaganda is right. 06:40, this guy asks how Greece was able to lie about its finances. This coming from Wall Street. You've got to laugh. Why doesn't he walk over to his buddies at Goldman Sachs so he can learn how they were in Greece ten years ago, cooking their books to get them into the Euro zone. The scariest thing is, we haven't seen the end of it yet. Who else did Goldman Sachs 'advise'?
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)
True.
"A Financial Virus", is an astute analogy to use.
HOW ABOUT PUMPING CONSTRUCTION OF NON PRODUCTION HOUSING INFRASTRUCTURE SERVICES TO COMPENSATE FOR A COMPETITIVITY IMPOSSIBLE WITH COUTRIES WITHOUT MINIMUM SALARIES.. ALL TUNEL VISION OR CON JOB SUPORTED BY MEDIA CONTROL
Has anyone stopped to think; Who is this "money" owed? Its bankers!!!!
self-serving identities and identifications. Let's hope it work well and evolves into something great.
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.
If you shake hands with a greek, count your fingers afterwards- Albanian Proverb.
Well babysitting Europe is expensive,and we the USA also have the worlds largest economy...
Now I see why Gerald Calente calls the WSJ a rag......
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???
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
@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.
Propaganda or not.
Switzerland has been preparing and equipping their army concerning the euro crisis and the fall of Europe. And that is a sign of something?? which is worrying and alarming.
Is a third world war heading for us?
i agree investors knew from 2007 that greece is bamkrupt but they chose to lend greeks at 6-7% intrest rates than us germany and so on at 2%, those people shouldn't get any money,a bet that europeans wouldn't let greece fail,but forget greece all europe is bankrupt including germany,we no longer have a market economy is socialism the state controlls 50% of the economy,europe needs to default on it's debt get back to capitalism and 15-20% gdp public budget.
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 :-/
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
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
In the midst of all these Euro currency crises is...Brexit!
Nobody knows what the fuck is going on.
The US is as much to blame as Europe.
the euro was created to avoid WW3 lulz that one was pretty good
EU is the same as USSR bourecrates rule,its made for multinationals, why have 27 sales men to sell to the people what multinationals want, when you could have a bourecrat to pass the law and sell to everyone? look at carbon caputure and storage, look at biofuels, look at stupid regulations like polution norms esp on all cars, streesed chickens that's my favorite last year my country didn;t have eggs anymore because a bourecrat said that stressed chickens have bad eggs and we can't eat that:))
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.