Imperfect Union: The Eurozone in Crisis - Full Episode
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- เผยแพร่เมื่อ 12 ก.ค. 2024
- After WWI, Europe's leaders established greater economic ties to help prevent future continental conflict. Now, more than half a century later, the EU faces the biggest financial crisis in its history with future of the eurozone itself is under question.
How did the 2008 global recession contribute to the development of the euro crisis? The health of the euro affects and is affected by the state of the global economy. How can European Union leaders prevent the collapse of the common currency?
Full episode from the Great Decisions PBS series:
www.greatdecisionsonpbs.com/
Visit our website for more information: www.fpa.org/
Narrated by Academy Award nominated actor David Strathairn and produced by the Foreign Policy Association, each half-hour episode of the Great Decisions documentary series tackles a different challenge facing America today.
Executive Producer: MacDara King
Lead Editor: David Heidelberger
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I love the European people I don't love the idea of being ruled by an unelected EU Soviet style commission,
ME TOO!!!!
@T Kit Why would the germans do that, they set up a currency the severely undervalued it for themselves at the same time overvalued it for others who joined. german exports make a fortune for Germany and puts off imports, why would Germany want to change that. oh yes it is all about to come tumbling down
@T Kit There is a difference between the Irish government and the Irish people. The government wouldn't dare have a leave referendum. It would remove the backstop problem at a stroke if the Irish Republic were to leave. How about instead of giving the E.U. 39 billion, we pay off the Irish debt on condition that they leave?
👍 spot on brother!
Cheers from Portugal
No we don't like it. In fact, even my national government (the junta from The Hague) is whittling away support. Because they're too despotic. Don't expect any better when the supra-state has become a super-state.
In fact, this currrent cabinet (Rutte3) already does not represent the outcone of the election, so rrally, there is not one law they dictate to us, we do not have to respect.
Yes, glass half-full is a much nicer way to look at this dreadful world.
Europe for Europeans, EU for the garage bin
Boomer Galactica out without any deal bullocks to the EU
Joe King thought the E U was in the bin already ??
The Elites will do anything it takes to have its New World Order and a European Super State is the first step.
@Boomer Galactica y do u keep commenting on the UK u muppet u worried ur taxes will go up once we're out thank fuck sooner the better
Why do you say this? , interesting it's an American doing the narration, but what is your reason for saying this?
Hopefully the UK will be out very soon. So will not have to worry about the EU.
Bullet-Catcher I think we will always have to worry what this 'corporation' is getting up to....now and in the future.
Good riddance. You are not welcome in the EU anymore. Just go away.
andreasvukman That's the point...we do not wish to be governed and controlled by the german led eu....you are welcome to it if you prefer to be.
andreasvukman Hahaha, we were NEVER welcome in the EU! European countries have asset stripped Britain since the Roman invasions.
@@andreasvukman We were never welcome, only when we put our hands in our pockets.
This documentary fails to say that the country of Ireland, Greece, for example received the money from the EU/Germany however this money went directly back to the creditors .Who remain unknown. the consequence is that the people are paying a debt to to creditors and the countries are struggling.,
please let us know who the recipients of the the payments are??
What do you expect? Donations of Billions? Its already a release to pay only a third of the rates they ought to have without the help.
Not quite. Greece owed billions to the main French and German banks. If, as its Finance Minister wanted, it had declared itself bankrupt, those banks went with it. So, the EU Commission, ECB and IMF (included in the scam to appear to give it credibility), 'loaned' Greece the money it need to 'bail it out' but, as you say, as soon as it got the money, it paid it to the banks. In effect, it turned a private loan between Greece and the banks into a public loan between Greece and - well, anyone but the banks.
I bet one of the creditors has the initials G.S.
Portugal is another country now struggling under the weight of EU loans they were encouraged to take up.
@@stellayates4227 Yeah, how to control a country, make it use a common currency, get it into hock and then tell them they get no more money unless they do as they're told. Et voila! Unfortunately the Euro is destined now to fail and its main objective, political union, is dead along with it.
The UK needs to get off the Titanic As it is clearly heading to a huge disaster. Leave wto. ASAP
Alfa&Omega 00000 just go ffs
@Alfa&Omega 00000 Yes, leave. Please.
@Alfa&Omega 00000 Well, they had a vote, and decided to stay within the UK. Who else will fund their lifestyle.? Free Universities etc. Please leave, but don't come for a handout in 6 months. Also Scotland wants to leave the UK, but be part of the EU ????
Unfortunately Boris the betrayer is selling this country out with May's shit deal, where we will still be tied to this vile, evil Nazi EU dictatorship, for up to six years after we have left, along with still being told what we can and cant do, by still remaining in the European courts. We will be giving up our fishing waters, and still be paying these EU Nazi bastards 39 billion pounds of our money. This is Boris the betrayers deal. Do YOU want this pile of shit. "NO" then vote for the Brexit Party.
we're trying , but alas democracy is just a figment of the imagination
The people of Europe never signed up for economic and political union, the EEC was sold as a trading partnership. The "long con" nearly worked until our vote for Brexit threw a spanner in the wheel.
And aren’t they fighting tooth and nail to try and keep us in, look how many politicians have suddenly become remainers without explanation. Every little morsel they throw at us with our money is accompanied by a plaque saying built in partnership with EU.
@@annemcniell6956 agreed. They give us back only a portion of the money we send to them but remainers think it is the EU's wonderful bounty. This is what we are up against in the UK. People who willfully refuse to look at the facts and bathe in the warm fuzzy feeling that "belonging" gives them.
@Alfa&Omega 00000 The Treaty of Rome did not provide for what we have now. That came about through the Maastricht Treaty and the Treaty of Lisbon. When the British people voted to ratify our government joining the European Economic Community in 1975 they were specifically told it was trading bloc. It has all be done in the shadows and as I say THE PEOPLE HAVE NEVER VOTED ON IT and when they do and reject it their wishes are ignored as with Brexit. If they keep us in we will work from the inside to bring the whole thing down so best to let us go.
@Alfa&Omega 00000Hardly matters now because we will leave or destroy the union from within, which was probably the aim from the beginning knowing our power hungry politicians. Best to let us go.
Alfa&Omega 00000 you frogs have always aimed for a union - let's have a EU aircraft carrier built in France paid for by Germany. You are living proof that despite having been occupied ( in the literal sense) throughout your history by the Romans, Brits, Germans, Russians, Veitnamese, Algerians and now by sub Saharan Africans that the gene pool has not been significantly improved. Charley the Gaulle was a willie puller and not in the same class as his ancestor Asterix.
The EU is an Empire.
Guy Verhofstadt has said this LOUDLY and repeatedly.
Of course.
@Boomer Galactica "How is it an Empire?" You´d better ask clown´s-head Verhofstadt. I think it´s only because it appeals to his vanity.
@Boomer Galactica Listen to his [Verhofstadt's] rantings at the Lib Dem Party conference last weekend
@Boomer Galactica You fucking piece of shit
Boomer Galactica Clever twat!
Jobs for the boys as usual, what suits one doesn't suit all when will they ever learn.!!!
Lynne Morris Post Brexit..
Let each European country decide it’s own route to financial maturity. When the EU collapses, the European countries are still there....it is just the EU stranglehold on each country that ceases to be....and the cost of running the inefficient EU decision making processes will be minimised.....Or extinguished, because the EU hold will be more evenly spread “No Billions Of €$£ wasted on funding MEPs exorbitant Pensions, Salaries, And Expenses..spend more on Developing European Democracy. Rename the EU...ED EUROPEAN DEMOCRACY For European public Cultures! RDR
Alfa&Omega 00000 Stick together as a Holistic concept with Freedom to make Uk Laws And Business worldwide...The EU is too anti Democratic. But there you go, save at least £1,000,000,000-- One Billion- each month.....that builds some stuff in the UK, avoiding the EU debt crisis. Remember the EU will continue to put up their fees out of all proportion to what the UK is receiving in benefits. New Schools, New Hospitals, Better Health Service....Are the benefits of saving excessive EU charges! Plus of course the Great British Way Of Life....with a World economy trading opens up to UK....Think of the 7,000,000,000 Humans outside EU and their future potential for World trade. Hmm European dream? Or UK REALITY. Take your pick... not up to me to decide for you.....Sheep or Shepherd your Choice Maybe? RDR
The people of this country voted out out out but or ruling class dosant want us to leave. Don't say we need a people's vote because we've already voted 😠
The problem is they decided on using a common currency. They should have left it at a free trade zone and been done with it. I find it ironic that this is 4 years ago or more and they are still in the same place now as they were 4 years ago.
No political union without monetary union which requires a common currency, the 2008 financial crisis has made monetary union impossible now, thankfully
Common currency was essentially for Political union
Imagine if you were a country with a strong currency which affected your sales within the EU. If you could get everyone else to use your currency, the problem would go away. Hence the Euro aka the Euro-Mark, which is really what it is.
Hopefully it will fall apart so that there will be nothing left for the remainers to try and rejoin...
joe sprinter - I'm sure they'll find some other cult to join; that's what nodding dogs who can't think for themselves do, after all!!
@@evelynvanzale4757 I'm with you on that.
I noticed that no one in this programme mentioned the dynamic of the EU's democratic deficit?
Your delusions are in your own head.
"12 years ago, Germany was the basket case economy of Europe". Hello?
Well the ECB did lower interest rates in the 2000's to help Germany out during a recession and in funding reunification, however it had the side effect of lowering rates right across the Eurozone which caused the housing bubbles in Ireland, Spain, Portugal etc etc
@@noIMspartacus2 Not forgetting what it cost Germany to reunify www.pimco.co.uk/en-gb/insights/viewpoints/germany-back-to-sick-man-of-europe/
Talks about the ECB, then zooms in on the Deutsche Bank HQ
Talks about Germany, shows belgian flag...
German Deutsche Bank - 10 years on After a $354 Billion U.S. Bailout, Germany’s Deutsche Bank Still Has $49 Trillion in Derivatives (how toxic unknown)
wallstreetonparade.com/2019/04/after-a-354-billion-u-s-bailout-germanys-deutsche-bank-still-has-49-trillion-in-derivatives/
Now this www.zerohedge.com/geopolitical/german-finance-minister-publishes-new-banking-union-plan-save-eu-and-deutsche-bank
At some point in the future the French and Germans are going to have to put away the grand chess board and stop causing mayhem for everybody around them.
LOL you simple fool.
we don't need the Eu never have, a common market was the dream, now its just becoming a federal Europe.
Strength in numbers? The most successful countries in the world are the smallest. Luxembourg, Mónaco, Liechtenstein, Andorra, Hong Kong, Singapur, Gibraltar, etc.
Nayo Tawken - Excellent point!!
Those are all tax heavens XD
Yeah you need numbers to have influence globally in trade, etc... Those rich countries plays less roles global
This feels somehow dated., like watching something made 15 years ago... So for the sake of not rocking the boat, nobody can leave the EU or its damned currency. Well excuse me for saying but we the people dont like the sound of that, however handy it is for US exporters to imagine a federal Europe. Given the EU's unfolding plans for a unified military and its recent talk of itself as an Empire, the notion that a unified Europe is unlikely to go to war seems naive. The EU's proudest boast is that it has kept the peace since 1945, conveniently overlooking NATO's contribution. If you are an American watching this you should be aware that the EU makes a point of looking down its nose at the USA, is no friend of the American people, unless they happen to own a hedge fund maybe, or Soros is your last name.
Although it's sold to the public as a means of avoiding another European war, the EU is really designed as a project to assist globalism. Correct me if I'm wrong but WW1 was the result of power blocs going to war, I can't see how world stability will be assisted by a European 'empire'.
Mesolithic Man No , you are RIGHT , no correction here.
@Alfa&Omega 00000
NATO protected us from the very real threat of Soviet Russia steamrollering over the border, you seem to have no cognisance of that very real historic fact.
The USA and the UK at immense cost to themselves stationed millions of its citizens along the east/west border for decades and now that situation has allayed itself you can in 2019 say whatever you like but you will always sound like an ungrateful wretch.
The USA as the most powerful nation on earth has a right to feel superior to Luxembourg or Germany but that's only because they are.
How do you think Germany or France would act if they had the power of the USA?
Thankfully they haven't because they would almost certainly have headed east into Russia by now.
Why do you think the damned eu is so keen to get its filthy corrupt hands on an army?
What purpose can that have?
Defence? lol.
Cargumdeu (an unusual name) I agree with everything you said except that you say the USA would prefer to export to a United Europe. The USA would prefer to deal with individual countries and not have to pay the EU tariffs. That would increase their exports.
@Alfa&Omega 00000 USA out of NATO/UN both a waste of time and money, kick UN off USA soil.
Certain countries industries have been destroyed for the sake of the few and the few are Germany and France all other countries have been reduced to tourism. THEY HAVE GOT IT WRONG.
Nasty eu
Misspelt I think? NAZI EU
They keep saying, "you NEED time to..."
So 50 years isn't enough time? They let all this time pass without bothering to address anything and now that it is failing, NOW they want more time?
Brexit is the right idea.
And while we talk about exiting, we need to get civilised countries OUT of the UN as well.
The Euro was doomed to fail as member states were far too different with their money to remain under one currency. I'm glad the UK had the good sense to see this coming and not join it.
LOL what a moron you are, enjoy queuing for food you simple gullible racist hick.
The best statement of this 'explanation of facts is the reference to 'hotel California' once you go in there is no way of going out. Once you realized there is no way of going out you stick toghether. This should be the leit-motif of the European Union. Realize what you are in for.
The EU man made, diversity is key.
I noticed on the EU building that the French name is at the top, which reminds that French is the EU's official language. Nothing wrong with that, but it makes me wonder if the whole thing is a vanity project for France and Germany -- linguistically and culturally for France, and as a vehicle for German economic supremacy. Ironically it's now intensifying nation to nation hostility, and raises the real specter of a 3rd go-round of European war. Ha ha. It should have been predictable.
The French have been trying to get control of German money right from the start because they are shit scared of them, and given recent history it's not hard to understand why
What a bunch of lying I have heard on here the European parliament and union didn't stop war and also to make these countries stronger it's the the other way around it's only about 2 countries France and Germany if you are not one of them your a second class citizen
Us in the UK are leaving thank god for that I feel for the people of Greece they deserve better than EU has treated them badly Germany forgets how much they cost to these countries during the world war in life and financial terms
Despite the initial project, the euro was finally done btw france and germany to ease Germany unification with the east, and to do this Italian industry was to be destroyed and this they have done!!
Some claims are incorrect.
We already suffered too much under this madness. Enough is enough.
If you wanted to know what the European Union is all about.
See Guy Verhofstadt's speech at the Liberal "Democrat" party conference.
The economic union is only the start, they want "more" integration to compete with the other "Empires" like China and India.
The USA no longer supports the EU. Trump thinks brexit is a good idea. So it would seem that different presidents have different ideas. Also, retrospectively, Obama was not as good as we all hoped.
Quiet down you sleepy gullible traitor.
The EU started off as a trading block which worked well.
The indroduction of the Euro has distroyed the trading block and will end up distroying the whiole EU.
I voted for the EEC NOT the EU. I certainly didn't expect the UK to be one of a handful of net contributors while the majority took out more than they paid in. If it isn't fair for one, it isn't fair, and the EU isn't fair on the UK.
it a doomed ideology
we must uphold the U K democratic vote , out means out
@ 06:24 and on these people peddle the false idea that Germany did well because of its self discipline and 'doing the right thing'. Sorry that is a lie that hides the reality and the utter deceit of the EU and especially why the Euro was created. Germany was doing badly as was rightly noted because it had created a high value Dmark currency, its exports suffered and caused a lack of GDP growth. So they came up with the idea of the Euro, covered it in EU flags and bullshit but which effectively devalued the German currency by about 20% by adopting the Euro. Without the political and international fallout a direct Dmark devaluation would have caused internationally. Of course German politicians made sure control of the Euro was placed in Germany, under German control, in Frankfurt. And 'Voila' exports surged and GDP growth returned on the back of the devalued currency. Ever since then decisions made in Frankfurt by the ECB have been for the benefit of German industry at the cost of other economies and ordinary people especially the young where unemployment is in the 30% region. they care not that a 'one size fits all' does not work outside Germany because Germany is the paymaster of the EU and funds it from excessive (and, in Euro terms illegal) export trade surpluses. So thats OK then ...
I have a vague memory of that, Germany was starting to go down the tubes, along came Euro and saved its arse, everything started to be hunky dory again, in those days the News you got on BBC could be trusted, now there as bad as news papers, and you know what they say about them.
A bailout is against EU rules, funny that, they can change the rules when it suits them
Read George Orwell’s book ANIMAL FARM - Some Are More Equal Than Others - !!!! That says enough
Anyway we won’t out 🇬🇧🇬🇧🇬🇧
Even though this video predates Brexit, it feels very much like the elephant in the room...
I'm no economist but it seems like what is being suggested here is essentially trying to fix a problem by doubling down on what created it in the first place - stripping nations of the autonomy to adopt policies that fit their own situation. To survive, the EU must continue to integrate - this can only end in the emergence of Europe the nation. In future, the policies that really matter won't be set in Madrid, or Prague, or Athens, but Brussels. Very far away from some of the people it will effect the most and yes, it does absolutely mean nations having things forced on them they don't want.
Brexit can't happen quickly enough. No taxation without representation...
The popular belief that the Euro debt crisis was simply caused by excessive social welfare spending has since been refuted by many economists.
The so called "Euro crisis" started with the US/UK subprime mortgage scam which was caused by the mortgage industry on both sides encouraging borrowers to be approved for loans they could not afford.
As a result, a significant rise in foreclosures led to the collapse of many lending institutions and hedge funds.
The problem then erupted into a financial crisis and subsequent recession in Europe in 2007/2009.
USA and its "too big to fail" banks became a too big to bail financial mess in the EU. The results of which are still being felt today.
A few EU member countries - in particular Portugal, Italy, Ireland, Greece and Spain - came to the brink of bankruptcy, and were then rescued by *the EU and the IMF* on the condition they adopt austerity measures.
Although UK is not part of the Eurozone, it has provided a total of €6.5bn (£5bn) via the EU for two bailouts: €3bn for Ireland in November 2010 and €3.5bn for Portugal in May 2011.
In 2011, afraid that the UK might be asked to step up to the plate, Cameron and his government tried very hard to escape the burning building which the UK unregulated mortgage industry had indirectly caused. This was despite guarantees to the contrary made by the EU in 2011. This is probably one of the many reasons why UK wants to leave the EU.
When the going gets tough, the tough get going doesn't exactly apply to the UK government at the moment.
brace for impact
Brexit! Get GB out!
You either work in the best interest of your people or you work in the best interest in yourself and the fact that only 1% holds almost all the money means the other 99% is left out to fend for themselves
How come the so called intelligent remainder MPs cannot see the absolute disaster that the EU is.
The EU would have been far more successful if it had remained the EEC. But no, the power mad bureaucrats wanted to create a new superstate and suck in every country in its orbit and become a global superpower. Too much power in too few hands is NEVER a good thing. These people missed the greatest lessons of WW1 and WW2.
“The problem with socialism is that you eventually run out of other people's money.” Margaret Thatcher
Facinating video that needs to shared with the masses. Will share on Twitter. Others need to share where ever!!
Interesting but you never fully explained why Greece found itself overborrowed, because before the EURO it had little debt. So it goes like this ;Germany being an export country had a SURPLUS of money from export payments received , interest rates fell, and Germany lent money to Greece , Spain Portugal etc which had colatteral security. Further debts became unsustainable . German Banks were just as much to blame as Greece , an irresponsible lender to an irresponsible borrower. The ECB can handle Greece but not all of the "PIGS" together , in other word a crisis is brewing .The EU will have to borrow money from USA/China and or get part contributions from member countries , which amounts are partially budgeted for . Your video of March 2016 made some good predictions
"
Yes let’s get out before we end up financing the EU
What about the negative effects of mass migration?
A rigorous nuanced American doc on Europe. I'm in awe!
The initial problem was the exchange rate mechanism and countries wanted the Euro, but it was not at the correct level. The sovereign problem is another issue and it seems like Brussels are dominating politics and changing our culture, by the migration of people mainly from other Muslim countries. There is a law issue where citizens wish to have their own Christian laws.
"They wouldn't go to war anymore." and then the shared European army was created, because that is a clear sign of not wanting to go to war.
No We do Not want a greater state of Europe!
One important point that is not mentioned in this is that the only countries meeting the initial criteria for joining the Euro were UK & Denmark. These criteria had to be watered down a number of times before other countries could meet them, at which point The UK & Denmark, quite naturally, weren't interested in joining. Germany could not meet them due to the expense of East/West German unification.
Brexit on the 31st of October could be the political equivalent of Saddam Hussain’s statue being torn down
Just maintain an economic union (free trade areas) with floating currencies for individual member states. There is no mobility of labor, the differences in cultures is too great. Let the market decide the value of individual member state currencies, but let the member states set their own laws and interest rates. Sure, keep barriers for movement between states low like customs and immigration. Sure agree to follow common trade laws like competition policy, but do not adopt a common currency when national interests do not align i.e i do not blame NJ for being lazy because they had a higher debt last year, when im in NJ with 25% unemployment, I do not complain, I just move another state and things balance out. That is impossible here, America had 100s of years to figure this stuff out as it slowly grew from 13 to 50 states with the same culture, deciding what powers are left to the states and which are not. Europe forced itself together all at once with no common language or culture and then decided to change overnight from anti federalists to federalists. .
The French in particular don't want floating nation currencies or to let those countries control their own monetary and fiscal policies as that would make the French even more uncompetitive! Italy has gone down the pan in 20 years thanks to the Euro and has massive youth unemployment.
Just wonder what would happen if all the other countries became as 'competitive' as Germany... Ouch!
germany is competitive, because they pay shit money to the people. I have lived in Berlin 6 years, and saw how german pensioners are scavenging empty bottles and cans, to sale it on the supermarkets.
the only way in germany as a worker, is get money from the job centre, and work black on catering. that´s the system that Angela Merkel wants to put all over Europe, and that´s why, they open Europe to East Europe, just for the big companies have this slavery kind of cheap workers, fucking up all the middle classes of West Europe.
I really hope that Marine Le Pen wins in France, to finish this nonsense so called the EU.
anyway, all the countries, we know how to trade with each other, therefor, we don´t need Brussels to tell us what to do. Fuck this Lazy bastards in Brussels, just doing regulations in which just the big companies,can afford, killing the small business, and regulating the prices of everything, including the salary of the people.
I have lived in 7 different countries in Europe, which just made me anti EU.
@@joematarc5245 Very true Joe www.spiegel.de/international/germany/germany-rising-rents-are-putting-squeeze-on-germans-a-1202311.html
Ireland, Spain, Portugal and even Greece are a lot better off today than when this program was made Mar 2016.
The British should be more concerned with the Sterling that has tanked 27% since the referendum and the "U" in the UK.
The EU is a beautiful thing that needs to continue and be expanded.
But yes, it does need reform. We need more transparency and democracy before we can tackle large problems like refugees, climate change and tax evasion/tax havens
@Pingu Thing Then what did we vote for last year? The European Parliament is fully elected, and part of the other organizations are elected by the parlement as well. As I said, reform is still needed, but what you are saying is just pure bullshit. Sorry man, but you're either ignorant or stupid.
Thank you for this informative documentary.
Expecting more videos.
oh my word...lies in the begining
This programme mentions only 17 countries so is not current by any means. No wonder no one has ever balanced the books !
They did an analysis of which countries met the criteria pre euro currency launch.
Only two countries met the criteria, Germany and Britain , France at a push.
So they pushed ahead anyway!
And now are bringing more countries in that have less economy than Greece!
This program is way too late, and the whole global economy is in threat and more Europe and debt sharing by responsible countries is just delaying the inevitable outcome which is apparent to everyone.
More boom and bust.
Britain dodged the bullet they didn't join the Euro.🙏
@@bettyblack2781 , yes but after the last bang which we the UK had to contribute to the losses in club franchise EU and after a change in government and all the austerity to get the UK solvent again the EU via Brussels said excellent.... you can now afford to pay more into the euro zone!!!
I don't have the impression that they value is except as a sort of cash cow.😶
Thank God that Britain are leaving this mess called the EU!
safety in numbers??
tell that to the Mayans, the Easter Islands, or even to India...
safety in numbers is good for wilder beast, or goats or sheep. not for humans...
I hope it ends the soon as possible, and if we will have war, so be it.
Irresponsible comment. Do you know how many millions died in the last war - mostly innocent people?!
You obviously, selfishly, have no idea what war is. I hope you never experience it - its not a video game.
As a Brit I am Glad the US isn't writing any bail out checks. Writing those checks actually makes things worse shortly down the line. If we compare Europe to Hotel California, the problem is that the mis-treatment of the occupants of room 3, has alienated them, making them wanting to leave.
Italy has always been a net contributor to euro !!! Our balance before debt cost was always positive!!! we we paid to euro much more than we received !! We also paid for the German and French bank not to fail !!!
The EU is neither European nor is it a union.
UK will keep paying.
Douglas Adams had the right idea.
Pack all the beurocrat s on a giant space ark and get rid of the lot.
Trouble is that they landed on planet earth.
I voted to leave the failing European Project and not Europe. This is what I tell my European friends. I say that being European is both in the heart and a matter of geography. When November comes I will still be a European and I hope to blaze a trail for all my European friends into freedom and democracy.
no brexit prove its possible to stepout EU...
u arnt out jet dont be so quike
Germany kept down wages and imported thousands of Salves sorry I mean Immigrants to work for them low wages. In other words looking after the Elite and keeping the poor poorer. Have we seen this before in Germany look into history it will hit you in the face we fought two wars to stop it. Will we ever learn bring on the revolution.
@michael curtin I would have thought every one in 2019 would have learned from history and what is and is NOT correct. l am not responsible for the passed just now and the building of a future too many people like you expect people of today to carry responsibility for crimes of passed generations. Well I do not work on things that cannot be changed. You expect every one today to carry the guilt of yesterday make any wonder people today are taking pills and are depressed. AS for stones that is exactly what these forums are for so just drop back into history man
@michael curtin The low wages and the immigration is happening now in 2019 and that we the point I was making watch George Friedman Imperfect Union Europe Destine for conflict on here and you will see what my point was.
I am not going to lower myself to depths you are obviously a very closed mind person good lucky in life :(
@michael curtin And the EU is not a propoganda machine LMAO . It Lied to the public to get members, it continues to lie while building a Globalist State of War mongers oh please. It indoctrinates and as an unelected governance to run it...........Total Corruption and you the educated man are standing up for it your bias shames you
Michael you are not that educated or would see from my previous replies I was politley telling you I am not interested in your responses what you think or how you think you are just too stupid to see when someone it telling you to go screw yourself. As for the EU the future will show us all about it when it finally sinks and takes all the dregs down with it. I am neither Left nor Right I am just me so put you labels back in your Handbag with the mirror you check every day to see your own self importance.
Nothing in the Eurozone has changed for the better since this documentary was made. National interests prevail since the diversity of the western fringe of the Eurasian landmass is determined by a host of geographic, demographic & cultural factors which render a single, common administration impractical.
George Friedman sees the nations of continental Europe falling naturally into three distinct regions; the north-eastern or Atlantic nations, the southern or Mediterranean nations, including the South o f France; and the eastern nations forming their own alignment from the Black Sea to the Baltic. Russia is an anomaly, stretching from a corridor on the Baltic, touching on the Arctic and open to the Pacific.
Blocs of nations with similar interests co-operating in matters of trade & finance is one thing, a common currency which benefits primarily Germany at the expense of smaller, very different, Eurozone members quite another.
Germany’s commitment to thrift, regulation & hard work cannot be imposed from without on people with contrasting values and attitudes, for better or worse.
Cultures change from within; attempts to impose change from without have never succeeded; the Russians failed in this between 1945 and 1990.
Germany may be promoting a system that we find more acceptable than Stalinism but the dynamic is the same although, in the Eurozone, the stick is too small and the stock of carrots is all but exhausted.
The only solution is to abandon the Eurozone, allowing individual nations to choose the currency - which could mean the German mark aka euro - best suited to their unique domestic economies. Brussels & Strasbourg must be scaled back to pre-1990 levels; european taxpayers can no longer bear the burden of a largely redundant bureaucracy & a toy parliament.
International co-operation can proceed through conventional channels; NATO, Interpol & a resurrected common market in which nations can, if desired, trade freely, free of regulation, tariff barriers & government interference.
One government for all of “Europe”? Never a viable prospect...
The concept of a United Staes of Europe had, and apparently still has, great appeal to cloistered thinkers and philosophers of every stripe. It's actually a very appealing idea, and a natural response to the catastrophies of WW1 and WW2. We now are discovering that great ideas do not easily translate into strong economies and political unions.. It seems that there is a practical limit to the size of the group which can be managed in a practical way to the common benefit of its constituents. The bigger the unit gets, the more there is a tendency for some interests to flourish and others to founder.
Past writers warned about this - Jane Jacobs springs to mind. As I recall she postulated that the largest unit which can be run with efficiency and with any guarantee of the welfare. for its members is the city state, such as appeared for example in medieval Italy - Venice, Genoa, Milan.
That argument has some validity here in Canada. I think a good case could be made that we have a number of separate city states operating, with contiguous areas as de facto members of the city state. Toronto, Ottawa, Windsor, Montreal, Halifax, and Vancouver [ and an alienated Canadian West ] all have their separate ups and downs, and operate to a great degree as independent states in ways which are not especially obvious. One indicator might be the dynamics of the real-estate markets in each of these cities and their contiguous sub zones.
Miserable !!!!
A very strongly weighted pro-EU documentary! The key piece that is missed in this account of events is the lack of support of EU policies by the actual people of Europe!
i’m halfway thru watching this & all i can think of is how ironic it is that Germany knowing what we know about it’s economy after WWI & how that lead to WWII is now the one to save that European dream of unity & peace
The Italian debt was in the hands of Italians but we were forced by the financial community to buy investments abroad in foreign funds to buy Italian debt and this is totally absurd as now our debt is in the hands of foreign speculators while we still have the highest private savings
@ 3:47 That was the ultimate Goal when forming the EU
The Euro is the second biggest economy in the world, and is the BIGGEST Economy that is certain to go BANKRUPT. There almost there, if not already arrived. Isn't it WONDERFUL.
This report smells of an BBC approved report .Notice they never mentioned the UK
Refreshingly honest, unlike the mainstream media entertainment industrial complex of propaganda.
Titanic🇪🇺 European union go💣 down in to 31/10/19,no ever more!😂😁🤣Freedom!💝
it was fairely obvious from the outset what would eventually happen. How can you balance countries like industrial Germany with non industrial countries like Greece? Greece was technically in the dark ages compared with countries like Great Britain, Germany, Sweden , France etc.
This was the reason why United Kingdom wanted nothing to do with the Euro.
Before a person or country borrows money it has to have the means to repay the loan
More diplomatic decision making direct involvement of the nations and respect may help.
no... what made/makes German goods cheaper around the world was Germany adopting the Euro (a faux currency if ever there was one) in place the Dmark.. the Euro's value is the summation of the demand for goods and services created in the EU countries that use the Euro.. which reflects the various strengths and weakness of the different economies.. which in essence Germany trades with an undervalued currency and so benefits.. example a $100,000 Mercedes in Euros would be more if in Dmarks.. say $120,000 so the poorer Euro countries subsidize German mercantilism.. nice gig for Germany however the gig will soon be up as the EU and by extension the Euro collapses.
Eu banking system close to collapse bundesbank 775 billion in debt deutchebank owns 87 trillion euros in bad derivatives ie toxic debt
I guess Germany finally figured out a way to conquer Europe without firing any shots.
Alice Rabbit no I mean Germany. Germany leads the EU. Germany runs the EU. Germany controls the EU. Lest we forget Germany started WW1, WW2 and don’t forget it was Germanic tribes that destroyed Rome, plunging the world into the dark ages and setting back human civilization almost a thousand years. All Germany.
The Marshal plan rebuilt a devastated Europe, the main beneficiary being Germany. The USA reaped the rewards of the plan for nearly 40 years by way of huge exports to Europe and the mutual sharing of intellectual assets. This documentary illustrates American lack of understanding of deep rooted European socialist ideology we are all interrelated and have been for a thousand years whilst still maintaining respected cultural barriers. This is why the desire for centralised fiscal and political union is weak. The creation of the EU was an unnatural extension of the trading culture that Europe has always enjoyed. The EU is an entity driven by lawyers and bankers influenced by the US to protect the Benefits gleaned from the Marshal plan. No wonder that Truman excluded banking institutions from the design parameters of his fantastic idea. Yes greed, hubris and ignorance will bring Europe to it's knees once again.
Without money and without energy to be controlled mankind can live better.
The whole EU won the 2012 Nobel Peace Prize?! How did I miss that? Oh crap; I just can't wait to see Greta Toolberg accepting her Nobel Prize!
THEY FORGOT TO ASK PEOPLE!
The national governments do not represent anyone. Other than representing politics to the people, which is exactly the wrong way round.
The EU decides for the local (city-level) governments.
The Euro was introduced in 2002, not 1995, how did you manage to get that wrong?
The EU just celebrated 20 years of the Euro, it was launched in 1999
It did not enter circulation until 2002. Some of the coins began being minted in 1999 and national currencies were fixed to the Euro exchange rate in 1999 but no one was actually using them until 2002.
@@fiverZ True they weren't used until 2002 but was launched in 1999. It's been going downhill since 2008.....
Just another reason that government needs to be as local as possible. The only body that's bigger and more internationalist and more firmly in the grip of faceless bureaucrats who care little whether the people they supposedly serve live or die than the European Union is the United Nations. Time for Usexit!
If they had been more open it may have not got this far ? Should have just kept it as the EEC
The UK government has promised a court that Boris Johnson will send a letter to the EU seeking an extension to article 50 as required by the Benn act.
The undertaking appears to contradict the prime minister’s statements the UK will leave the EU on 31 October
Can we become the United States of Europe? I say NOOO