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MO:Collapse of the euro is 'inevitable': Bailing out the Greek economy futile, says FRENCH banking chief

JMS

By JMS
in The Tailgate

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JMS

JMS

Posted
Posted

Not good, because it will be a second sucessive blow against international markets and "open trade" policies which is the basis of the global economy in the last two years.

Least the economic collapse of 2010 won't be America's fault........

Buy Gold.

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zoony

zoony

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The Euro has been unpopular from the start... especially from the wealthier nations like France. I could have found you 20 dozen quotes in 1996 that would have been more foreboding than this one.

Add in a few dashes of extreme nationalism that exists among European Nations, and an old, tired French Bank claiming that the Greeks shouldn't be bailed out and that the Euro is destined for failure because

"'Even if Greece receives a one-off bailout it would not solve the real problem, which is the huge differences in competitiveness between the eurozone's richest and poorest members."
Made by, of course
Mats Persson, Director of the Open Europe think-tank, which campaigns for reforms in Brussels.

And buying gold is a dumb move right now. It's over-valued.

.....

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Riggo-toni

Riggo-toni

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Posted
is it a blow against open trade or the realities of too many entitlements? Spain, France and Britain are following Greece off that cliff. How far behind are we?

Agreed! ...And yet a friend of mine keeps sending me all these Paul Krugman articles about how we need to spend so much more $$$, and how the European nations (gasp) didn't spend enough to shore up their economies subsequent to the financial crisis. Denial...it's not just a river in Egypt.

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JMS

JMS

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The Euro has been unpopular from the start... especially from the wealthier nations like France. I could have found you 20 dozen quotes in 1996 that would have been more foreboding than this one......

This isn't a general proclaimation of doom and gloom. This is a statement on near term events. If france and mostly Germany don't step in and assist Greece, it will default on it's debt. If that happens the Euro is in the toilet. The second leading international currency is in the toilet.

That's a disaster for international trade. Taken together the EU has the largest economy in the world. If they're in crisis, we're all in crisis.

And buying gold is a dumb move right now. It's over-valued.

So what? It was overvalued at 100$ an ounce. So are diamonds. That won't stop it from cracking 2k heading towards 5k.

That's what happens to commodities in skidish uncertain markets... they get inflated values.

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JMS

JMS

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is it a blow against open trade or the realities of too many entitlements? Spain, France and Britain are following Greece off that cliff. How far behind are we?

? You do realize no industrialized country on earth follows a market driven healthcare system. Certainly not the United States which has had anti trust exemptions in place since your parrents were kids... mid 1940's.

That's no industrialized country on earth.

Some other things every other industrialized country has over the United States in healthcare delivery systems are

  1. They cover everybody universally,
  2. They spend at most about half what we do per capita (that's right the so called entitlements would actually save our economy trillions and help make our industries compeditive again),
  3. Healthcare costs are not the #1 cause sited for bankrupcies for people with insurance in other countries like they are in the US.
  4. The World Health Organization ranks 36 of the foreign systems superior than ours. ( we rank down between costa rica and cuba. )

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deejaydana

deejaydana

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? You do realize no industrialized country on earth follows a market driven healthcare system. Certainly not the United States which has had anti trust exemptions in place since your parrents were kids... mid 1940's.

That's no industrialized country on earth.

Some other things every other industrialized country has over the United States in healthcare delivery systems are

  1. They cover everybody universally,
  2. They spend at most about half what we do per capita (that's right the so called entitlements would actually save our economy trillions and help make our industries compeditive again),
  3. Healthcare costs are not the #1 cause sited for bankrupcies for people with insurance in other countries like they are in the US.
  4. The World Health Organization ranks 36 of the foreign systems superior than ours. ( we rank down between costa rica and cuba. )

how about move to Cuba and report back to me at how wonderful the healthcare is down there. Oh, that's right, you won't have a phone

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zoony

zoony

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JMS, you are completely... I mean COMPLETELY... ignoring the socio/political motivations behind this French banker making this statement and the UK publication making it a headline.

But if you want to panic, buy canned foods and gold, go ahead I guess.

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JMS

JMS

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how about move to Cuba and report back to me at how wonderful the healthcare is down there. Oh, that's right, you won't have a phone

Actually you will be hapy to know the World Health Organization ranks the United States healthcare system above that of cuba. We're 37th, their 39th.

http://www.photius.com/rankings/healthranks.html

Coarse we spend $7,498 per capita on healthcare in this country ( in 2007 highest in the world by nearly 50% )..... Cuba spends $251 per person and has universal coverage.

So the reaons for throwing Cuba into the discussion wasn't to suggest their healthcare system was superior but comparable while 30 times less expensive.

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