Video: The European Debt Crisis Visualized

bitgeek

sr. member

Activity: 462

Merit: 251

Very good explanation of the situation. What they forgot to say is that the Union promoted and offered these loans. They calculated how much each country can and should borrow to boost the economy and divided this into certain areas. The countries allowed their citizens working in that areas to apply for loans, financed with these money borrowed from the union, which caused an enormous amount of frauds.
For example someone forced a bill in the EU saying that there's not enough forests, so now you could get a country to pay you (with the money borrowed from the EU) if you planted some trees on your land!
I also don't think the countries will allow the fiscal union to exist, this would mean that a government far far away can reduce my pay or make me fired and to protest I'll have to travel 3000 km Cheesy

KenJackson

full member

Activity: 127

Merit: 100

Wow. Excellent video. And it doesn't pull punches. Germany says, if you want our money you must except our morals!

Similarly, in the US, many of us have been writing to Congress for decades demanding that the government be responsible and spend less money than receipts. And for decades Congress has with one voice said, NO, we don't care about tomorrow and we like spending your grandchildren's money.

Frustrating. So it's good to see a video that spells out the problem with irresponsible, immoral government spending and how it really does threaten at least all of Europe if not the world.

But the proposed solution of more centralized fiscal policy is clearly NOT the solution. Decentralization is a valuable thing that offers freedom. Once you loose it, it's gone. Also, the US has centralized fiscal policy and we're in the same boat with Greece.

Something for nothing. Just borrow or print money. Don't worry about tomorrow.

Joerii

legendary