Peston 9pm tonight - The great Euro crash

dandy-candy

Probably worth a look

http://www.bbc.co.uk/programmes/b01hy4xr

globalds

The great |Euro crash BBC 2 now - Robert Peston ..looks interesting

The_J

Jesus Christ, Peston's true colour coming out.

And he had the cheek to talk about Italian nepotism.

collywollys

I found this really interesting, concluded that Germany finally got their wish and run Europe.

Wookster

For anyone who didn't know, this shows the European leaders to be the utter morons that they actually are.

They have squandered every single opportunity to repair the problems in the Euro.

Mugabe, with his economic record, would be proud.

pqrdef

Disappointed when he got on to talking about competitiveness, because it isn't going to happen. Europe isn't going to be harmonised and turned into a giant Germany. In the USA, rich parts have to subsidise poor parts - mostly through social security - even after 200 years of common currency.

The euro can be made to work without that. Some things that are needed are

- eurozone bonds, because member states can no longer manage their own credit

- federal social security. If the Germans want to suck in all the jobs, they should at least help to pay for the unemployment they leave behind

- something has to be done about trade imbalances, either by direct intervention or by moving money back the other way

- German reunification has to be put on hold, because Europe can't afford it

ILW

Why cannot other EU countries compete with Germany?

The_J

ILW wrote: »

Why cannot other EU countries compete with Germany?

Germany's framework and work mentality built on cheap money post re-unification with unions that care about the country, not about themselves.

The German's got rid of their socialist disease (Nationalsozialismus) in WW2 (well our bombers helped of course ho ho ho).

wellused

Is it because Germany's wealth is based on good housekeeping and organisation which is part of the German peoples character and so accepted by them as the correct way to behave, but the rest of Europe are just happy for an easy ride and quick fixes?
I'm sure that British banking used to be based along similar lines until they decided that it was easier to start lending large amounts to people who couldn't really be relied on to pay the loans back, borrow off of one credit card at zero percent for six months and then transfer the loan to another credit card on the same terms continuously, how was that ever sustainable? And that's just the tip of the iceberg.

StevieJ

wellused wrote: »

Is it because Germany's wealth is based on good housekeeping and organisation which is part of the German peoples character and so accepted by them as the correct way to behave, but the rest of Europe are just happy for an easy ride and quick fixes?
I'm sure that British banking used to be based along similar lines until they decided that it was easier to start lending large amounts to people who couldn't really be relied on to pay the loans back, borrow off of one credit card at zero percent for six months and then transfer the loan to another credit card on the same terms continuously, how was that ever sustainable? And that's just the tip of the iceberg.

The Brtitish banks have not had a problem with British consumers. The Germans are doing OK because they have frigged the system i.e. artificially devalued their currency by linking it to countries like Greece.

de1amo

a note of interest--GM have chosen to build the new Opel astra in the uk which threatens the Bocham plant which is in Germany--could the Eurozone be dragging Germany down into the mire?? i always remember the arguement against the Euro put forward was that 'we' would only be as strong as the weakest economy--the Greeks if they have any sense wont leave the Eurozone which will drag down the rest of the Euro using countries---they will have to pick up the debt right down on the default!