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Europe is falling apart---close to bringing the whole world down.

Discussion in 'BBS Hangout: Debate & Discussion' started by Northside Storm, Nov 9, 2011.

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Hightop Member

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QdoubleA said: ↑

Lol shutup Hightop, what are you doing to stop the drone attacks besides crying on the internets? Kill the socialists! Amirite?
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It's better than sucking Obama's dick and thinking that stealing money from others will solve the worlds problems. It does nothing but line the pockets of the bureaucrats and their friends. All socialists should die. That would be great. Abolish the IRS.

#121 Hightop, May 20, 2012

mc mark Member

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Hightop said: ↑

It's better than sucking Obama's dick .
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seriously Mods.,, this is allowed now?

#122 mc mark, May 20, 2012
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You can not tax your way to prosperity.
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It depends on what the taxes are used for.

#123 Raven, May 20, 2012
Northside Storm Member

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Hightop said: ↑

All socialists should die.
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based on who's getting it done in university sex-wise, I would guess most of the next generation would be socialistic.

thanks for the kind regards though. although I wonder, where do social democrats fit in your threat?

#124 Northside Storm, May 20, 2012
AroundTheWorld Member

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Has the whole world been brought down yet?

#125 AroundTheWorld, May 20, 2012
Northside Storm Member

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AroundTheWorld said: ↑

Has the whole world been brought down yet?
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Wait until markets open.

http://www.bbc.co.uk/news/uk-politics-18137239

Eurozone's banks are 'in tatters', says Ken Clarke

Former chancellor Ken Clarke has said Europe's banking system is "in tatters", warning the UK is "heavily exposed" to potential problems.
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Eurozone crisis

Q&A: Spain's woes
Greece shattered
Spain's blame game
Crisis in graphics

#126 Northside Storm, May 20, 2012
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http://online.wsj.com/article/SB10001424052702304019404577416200222787714.html?mod=googlenews_wsj

Europe Banks Fear Flight of Deposits

Now the concern among a growing number of policy makers, investors and analysts is that banking systems elsewhere in Europe's periphery are susceptible to similar crises. If that happens, policy makers and central bankers would likely again have to rush to the rescue.

If Greece leaves the euro zone, it will almost certainly restrict bank customers from moving their money out of the country. That could prompt depositors in struggling countries like Spain and Portugal to think, "If it could happen in Greece, it could happen here," said Philippe Bodereau, head of European credit research at bond-fund manager Pimco.

They then might preemptively transfer their funds out of their countries in order to avoid having their savings converted into rapidly devalued Spanish pesetas and Portuguese escudos. "That's what markets are starting to worry about," Mr. Bodereau said. "It takes you to a whole different level of liquidity crisis."
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#127 Northside Storm, May 20, 2012

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Has Europe fallen apart yet? Last I checked, it was still there.

#128 AroundTheWorld, May 20, 2012
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http://www.reuters.com/article/2012/05/19/spain-deficit-idUSL5E8GJ1KJ20120519

Spain faces crisis of confidence after deficit slip

Spain hikes 2011 deficit to 8.9 pct from 8.5 pct of GDP

* Change a disaster for Spanish credibility-economist

By Paul Day

MADRID, May 19 (Reuters) - Spain's government faces a crisis of confidence from nervous investors after admitting late on Friday its 2011 public deficit was higher than it had previously reported due to adjusted accounts in three of its regions.

Spain revised its 2011 public deficit to 8.9 percent of gross domestic product from a previous 8.5 percent of GDP, a figure which was already sharply higher than the original target of 6 percent of GDP.
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#129 Northside Storm, May 20, 2012
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So how close are we to the whole world being brought down?

#130 AroundTheWorld, May 20, 2012
Northside Storm Member

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AroundTheWorld said: ↑

Has Europe fallen apart yet? Last I checked, it was still there.
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The European Union might lose a member or two in a matter of months if not weeks. Governments will probably fall. Chaos will ensue in regions where youth unemployment (in Greece for example at 51%) have hit record numbers.

considering the exit of Greece has become almost inevitable, and all countries violating the 3%/60% rule one could say that "Europe", as codified by the monetary union and the Maastricht Treaty, is dead.

#131 Northside Storm, May 20, 2012
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AroundTheWorld said: ↑

So how close are we to the whole world being brought down?
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This man certainly thinks it's imminent.

http://www.guardian.co.uk/business/2012/may/17/barack-obama-eu-growth-crisis

Barack Obama tells EU: boost growth now or face a global crisis

Germany to be urged to ease austerity during G8 talks as fears of global recession grow

#132 Northside Storm, May 20, 2012
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FV Santiago said: ↑

Let me state this very clearly – Greece’s problems were brought about by budget deficits. When their borrowing costs went up, it was game over. They will likely leave the Euro so that they can devalue their currency, and the banking sector in Europe will be in an even deeper crisis. You don't even want to know what happens if Spain gets to a similar spot. Their 10 year bonds are currently yielding over 6% which is already in the danger zone.

Greece's budget deficits were brought about primarily by out-of-control entitlement spending, a union labor force that is not cost/productivity competitive globally, and a lack of political will to balance the budget. Sounds like the Democratic Party platform, huh? These problems plague the United States today (of course we are the global reserve currency, so we have more flexibility – for now at least…until our creditors decide otherwise… read Currency Wars?). Our current administration is dodging the problem. They are acting like cowardly politicians instead of responsible leaders. If this administration does not have the political courage to pass a budget, how can we trust them with the economy? We can’t, and the record deficits speak for themselves. It’s reckless disregard for the future health of our great nation. Obama took his eye of the ball and focused on pent-up liberal social priorities instead of the economy. And now he pays.

It’s not the job of politicians to create jobs – their job is to create a climate that will encourage job growth. High labor costs, high energy costs, regulations that have proven themselves to be failure (cough, Dodd-Frank/JPM), continued threats of higher taxes – all of these policies discourage job growth. Despite the most accommodating monetary policy IN HISTORY for the last three years by the Federal Reserve (0% interest rates and QE1, QE2 and Twist), the economy still is very bad. That is proof that this administration has created a hostile environment for businesses. Business executives are beyond fed up with Obama – they may not voice their concerns publicly, but in private it’s pure hatred for The Amateur (props to you Ed Klein). Pure hatred.
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Your first paragraph is correct, but I'm under the impression that the reason why Greece could even borrow in the first place was basically because Greece could borrow at German rates. People believed the Euro was as safe as Germany, and so Greece's borrowing costs were way out of line of what it should be, and hence could fund its deficits. Is this wrong?

#133 brantonli24, May 20, 2012

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Governments change. Monetary unions change. Economic structures change. Unemployment goes up and down.

That's not "a continent falling apart" and "bringing the whole world down", as the sensationalist thread title by an overly excited junior student suggests.

#134 AroundTheWorld, May 20, 2012
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AroundTheWorld said: ↑

Governments change. Monetary unions change. Economic structures change. Unemployment goes up and down.

That's not "a continent falling apart" and "bringing the whole world down", as the sensationalist thread title by an overly excited junior student suggests.
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Right, so the Great Depression was just a simple turnover, and a day in the fields?

Because this is probably the most economic turmoil the world has faced ever since then.

#135 Northside Storm, May 20, 2012
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ATW, just get your manlove for me over with, and admit you're nitpicking at the slightest things to try to get back at me for some petty reason.

You don't like the "sensational thread title" then leave. Plenty of people (myself included) think the issue at hand is enough to warrant this kind of wording. you've made it abundantly clear you don't. hoorah. Now move on to some real points, if you have any at all.

#136 Northside Storm, May 20, 2012
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Northside Storm said: ↑

Plenty of people (myself only) think the issue at hand is enough to warrant this kind of wording.
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Fixed.

#137 AroundTheWorld, May 20, 2012
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Greece is bringing forward the moment of truth for Europe. A big risk to the Euro zone is a mass deposit run (bank run). If people in Greece start removing their Euro's to avoid it being converted into the Greek Drachma then this problem will escalate. You'll probably see this type of behavior spread to Italy, Spain, Ireland, and Portugal. It's imperative that politicians understand that the financial re-engineering of Europe is a prerequisite for the euro to survive. The prospect of a Greek exit means they must begin to act fast.

#138 ChrisBosh, May 20, 2012

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AroundTheWorld said: ↑

Fixed.
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you're pretty much the only one that has made it his mandate from page 1 to note it.

You can put it in my duly noted, "don't really give a s***" folder.

Anyways, to be more direct, as I feel this is a recurring problem---

me and you have had personal disagreements. Fine. You don't like me or whatever it is. I don't give a s***.

Let's get it straight though, if your entire purpose is to try to get even at me in some game, I'm not interested anymore. It was fun, now it's just kinda sad. Do you have any real points at all to bring to the table?

#139 Northside Storm, May 20, 2012
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Northside Storm said: ↑

you're pretty much the only one that has made it his mandate from page 1 to note it.

You can put it in my duly noted, "don't really give a s***" folder.

Anyways, to be more direct, as I feel this is a recurring problem---

me and you have had personal disagreements. Fine. You don't like me or whatever it is. I don't give a s***.

Let's get it straight though, if your entire purpose is to try to get even at me in some game, I'm not interested anymore. It was fun, now it's just kinda sad. Do you have any real points at all to bring to the table?
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So...

...has the whole world been brought down yet?

#140 AroundTheWorld, May 20, 2012

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