Euro Event Horizon

wpr102

Discussion of the failure of the meeting in Brussels, and how the Euro collapse is becoming a mathematical certainty.

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"It was grim. The worst mood I have ever seen, a complete mess," said one eurozone finance minister."

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440 euro billion to bail out Greece alone now:

Jan Kees de Jager, the Dutch finance minister, told colleagues: "We've got to get real. People are talking about new defences but with one gulp the whole €440 billion could be gone, leaving the eurozone with no protection at all."

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According to insiders, Wolfgang Schaeuble, Germany's finance minister, could not resist taking an "I told you so" approach - he had been, after all, the first to call for an "orderly" default for Greece 18 months ago, at a time when the cost of such a move was less than one third of the price today.

"Schaeuble is a man who does not mince his words, whose reputation for harshness and arrogance is well earned. He was, frankly, unbearable," said one diplomat.

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"Their shouting could be heard down the corridor in the concert hall where an orchestra was about to play the EU's anthem, Ode to Joy," said an incredulous EU official.

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Finance ministers - including George Osborne, the Chancellor - expressed frustration on Saturday that their emergency meeting could take no decisions of substance until Mrs Merkel and Mr Sarkozy had buried the hatchet.

"This Ecofin meeting has been reduced to an academic seminar, an exercise with absolutely no purpose," complained one finance minister. complained one finance minister.



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OzzyAndy

Our media is reporting it as if a deal has finally been done and the crises is over and the world can be all rosey again. Does nothing to improve things in the long term, Greece (and others) are still spending more than they're earning.

Eurozone approves more funds for Greece

wpr102

lol yea, I guess they cannot report that the unthinkable is getting close to happening

jmski52

Greece (and others) are still spending more than they're earning.

This is the problem in a nutshell. If you hire everyone to work for the government employee unions and give them all great benefits & pensions - just exactly who is innovating, developing products, producing them, getting them to market, and paying taxes?

At the tipping point, you have to create money to compensate for what's NOT being done in the Reality Sector.

States like New York, California and Illinois have passed the tipping point long ago and are soon going to want free money from the rest, while they continue to spend money they don't have on public employee unions who demand more than their governments can afford.

Allowing public employees to unionize is a blatant conflict of interest and an abuse of taxpayers in every way and is a major contributor to corruption in government. Government employee unions inherently work against the free market system of merit pay, and should be prohibited as a matter of law.

renman95

I saw on the BBC that the G20 members meeting in mid-November are now looking over a pamphlet explaining the pros and cons of a nation exiting the EU.

ricko

I agree with jmski52... We must push for a law disallowing public sector unions. They serve only to suck the taxpayers dollars more and more each contract, while government expands to cover their lack of 'productivity'. Well, productivity is really the wrong word, since the government produces nothing but debt. Cheers, RickO

Coyn

agreed

But in addition to thier excessive growth we now have a new paradigm to contend with.

They are no longer the public servents, they have now become the publics bosses with the corresponding privleged lifestyle . ala USSR

Konahead

<< <i>lol yea, I guess they cannot report that the unthinkable is getting close to happening >>



The US media is starting to sound like that nut case in Iraq that as the soldiers where outside his door he kept saying they are winning the war and all was well.

streeter

Things aren't as bad as they seem.

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/8844646/World-power-swings-back-to-America.html

cohodk

Linkified


This is impossible. Dont they watch the news. The US is bankrupt. The dollar is worthless. Americans are lazy. The Chinese own America. Politicans work for the banks. Go(l)d is great!!!

jmski52

The switch in advantage to the US is relative. It does not imply a healthy US recovery. The global depression will grind on as much of the Western world tightens fiscal policy and slowly purges debt, and as China deflates its credit bubble.

The rebirth of American prosperity depends heavily upon how well it is managed/allowed to happen.

streeter

Thank you DK for linkification.

I haven't given up yet on this country. But it's testing my patience.

cohodk

<< <i>Thank you DK for linkification.

I haven't given up yet on this country. But it's testing my patience. >>




Its testing all our patience. If tests were easy, would we learn anything?