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Joined: Sep 2008
Posts: 1,327
BellaOnline Editor Chipmunk
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OP
BellaOnline Editor Chipmunk
Joined: Sep 2008
Posts: 1,327 |
Thank you Tony for an accurate, succinct and well balanced analysis of the current financial crisis.
There are enormous problems in Europe at the moment, caused mainly by the misguided handling of the Euro.......actually an excellent concept if it had been correctly structured.
A United Europe was and is an admirable, workable and successful aim to have, and one which, given our not so distant history, is also understandable.
However as far as putting together the finances of all countries with completely different financial attitudes and structures, but without having included some type of inbuilt adjustment.....well perhaps we, or our leaders 'the people' were not too sure about it, were all a bit too idealistic.
Am sending your article on to several American friends in the US who are jumping up and down with frustration at the way the situation is being publicised on Wall Street and in the media as, having been long time residents of Europe, they know what is happening and why.
Hope you don't mind if I quote this section of your article, as it explains a great deal.Yes, the debt problems in Europe are very serious. But if one looks at the whole picture (such as unfunded liabilities), the United States' debt problem is much worse.
Think of it this way...think of the sun and the moon. US debt is sunlight, European debt is moonlight. Which is brightest? Both are bright, but we all know which is brighter (the bigger problem).
So why does Wall Street go nuts over European debt, but have no worries about US debt?
They are simply using a trick that all magicians use. Magicians distract the viewers with movements or even pretty assistants to draw attention away from what they are really doing.
Wall Street keeps pointing to Europe saying, �Look at how bad things are over there�, so that investors won't notice how bad things are here.
US Debt is Downgraded
Last edited by Francine - German Culture; 08/06/11 02:04 PM.
Francine A. McKenna - German Culture Editor German Culture Site - German Culture Facebook Avatar: HOHENZOLLERNBRÃœCKE Cologne with CATHEDRAL and LUDWIG MUSEUM. The Bridge a symbol of how Germany was rebuilt after WWII, it was left in ruins, the Cathedral with roots in the 13th century represents the country's history, Museum of Modern Art the present day.
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Joined: Apr 2008
Posts: 56
Amoeba
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Amoeba
Joined: Apr 2008
Posts: 56 |
Thanks for the kudos...glad you liked the article.
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