Peston 9pm tonight - The great Euro crash

ILW

Generali wrote: »

Post of the Year!!!!

Exports exist to pay for imports. You can no more export more than you import indefinitely than the other way round.

Germany is as responsible for the Eurozone 'crisis' as Greece etc.. One day voters in the importing countries will realise that they have Germany by the short and curlies.

Trouble is that currently Germany are making what people want to buy. Most would prefer a BMW to a Vauxhall.

pqrdef

ILW wrote: »

Trouble is that currently Germany are making what people want to buy. Most would prefer a BMW to a Vauxhall.

Depends entirely on the price. Which depends on the terms of trade. Change the exchange rate, the picture is different.

zagfles

Just watched it. Makes a change from the continual "blame the bankers" mantra we get from politicians. Politicians are much more to blame for this.

What a hypocrite that Irish property developer turned MP is. Lays into the banks for stupid lending, yet he owes EUR40 million he can't pay :rotfl: Erm, wasn't he just as stupid borrowing it as the banks were to lend to him and people like him?

Probably right that a political union is the only way to save the Euro. It would mean Germany subsidising the rest but they get the advantage of not having a stronger currency than the rest. If they want to retain that advantage then they need to subside the countries which are getting hammered by having an artifically strong currency.

zappahey

The_J wrote: »

No, the unions in Germany accepted that working for longer, reducing (relative to inflation) their pay and increasing the pension contributions was required to maintain a solid manufacturing base and keep jobs in Germany.

If I may address your points:

1) It's the existence of the unions that are driving labour costs up unsustainably. Hence seeking cheaper work elsewhere, sensible business decision.
2) Unions have no say in tax. That's the Government's job.
3) Sorry, that's a throwaway line that I have destroyed above.

Good attempt at missing the point entirely.

Pobby

My take is what all this is doing to the average Joe. Yes that is the majority who live in these countries. I have mentioned that I know people living in the Pigs. In particular Ireland, been trading there for over 30 years. Yes they were waiting in line to buy over priced property. No one ever worked out they had more property then people to live in them.

The statement of a 300% increase is most likely lowish. My sources are saying in Dublin that a 300% crash is about right. Deeper south in county Cork it could be worse. I think the guy had paid 200k euro for a house there . Now can be picked up for a fraction.