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European Economic Crises Compound

September 13, 2011 by  

European Economic Crises Compound

The European economic crises continued to compound on Monday with threats of a Greek default coming closer to reality, and European banks holding masses of country debt came under fresh threat.

Markets across Europe are collapsing, fueled by the situation in Greece and rumors that France’s three largest banks — which hold tens of billions of euros worth of Greek debt — may see their ratings cut by a top credit agency this week.

According to The Washington Post, some European banks are trading at bottoms not seen since the worst of the 2008 financial crisis.

The New York Dow Jones Industrial Average, the S&P 500 and NASDAQ fell sharply after the markets opened on Monday with European shares at two-year lows. The biggest issue facing Europeans is the alarming speed at which the economic crisis is unfolding.

The Dow Jones Industrial Average (DJIA) dropped 82 points late Monday morning, in a volatile session and the Standard & Poor’s (S&P) 500-stock index fell six points. By the end of the day Monday, S&P closed at 8 points up and DJIA was up 65 points.

Some experts say that despite European turmoil, markets in the U.S. should remain steady as American investors focus more on problems with their own failing economy. The problems associated with the European crises have been blamed heavily on the inability of the euro to act as a unifying force among the many diverse economies that it represents.

“The euro was conceived to bring a lot of unity to the European markets,” said Randy Bateman, chief investment officer of Huntington Funds to The Wall Street Journal. “[But] they never really built in a fail-safe mechanism. The economies that constitute the European community are just too diverse.”

 

 

 

 

 

 

Sam Rolley

Staff writer Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After learning about many of the biases present in most modern newsrooms, Rolley became determined to find a position in journalism that would allow him to combat the unsavory image that the news industry has gained. He is dedicated to seeking the truth and exposing the lies disseminated by the mainstream media at the behest of their corporate masters, special interest groups and information gatekeepers.

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  • Ellen

    We should be looking at Greece as a case study in socialism and learning lessons about how to avoid such problems. Instead, Obama is pushing more socialistic programs and more government growth. A large part of Greece’s problem is that over half of their population is employed by their government. Because governments don’t make money, they take money (taxes), they couldn’t sustain their economy. Since Obama has been in office, he has increased the size of our government greatly and wants to continue. He’s pushed unionism, which is simply socialism in the workforce. He’s saddled us with Obamacare which is the stepping stone to socialized medicine. He has granted amnesty to millions of illegals at a time when we should stop all immigration until our unemployment percentage drops. Instead of learning any lessons from all the debt ridden socialist countries of Europe, Obama is pushing forward his socialist plan in America.

    • Brad

      Ellen,

      Amen sister, if he gets re-elected it’s only going to get worse, voted Ohmama out in 2012.

  • TIME

    The “Big Egg Heads” were wrong yet again, was it not the silly stupid little people who said this would come to pass??

    Oh ~~~ YEA thats what it was the BIG Smart Egg Heads all said NO, the Euro and Europe will be fine, its all better now, how strange is it that the silly stupid people are right yet again..
    Can anyone see a pattern here??????????????????

    Well for you that still don’t get it, the New World Order is working over time to BREAK the backs of everyone, and the US is not immune no we are standing at the door and knocking real hard to get in on that Action going on in Europe.

    So how will you quasi expert political annalist who get your news from the controlled Dain Dream media handle the TRUTH?
    Oh yea, Thats it, you’ll just stick your heads deeper in the sand.

    • Jyrine

      Aside from being the smartest person who ever lived, TIME you are without question, the rudest, most arrogant SOB I’ve seen on this site. I sure envy you all your skills.

      • Song

        hahahahaha If you think TIME is the most arrogant SOB on this site then you haven’t been around long! hahahahahhahahahahaha

        • TIME

          Song,
          Ditto you on your post. I just LMAO after reading the Big J’s post.

          PEACE & LOVE my Brothers & Sisters.

      • TIME

        Jyrine,
        Its quite obvious you have some strange attachment for me, why? I have no bloody clue.

        Be that as it may, {very odd indeed,} perhaps someday you too will let the flow of knowledge grow in your gray matter. Keep striving to open your mind. Again, we are all “ONE.”

      • http://naver samurai

        I guess that J hasn’t met rob smith, coal miner, duhnisso, and others on this site yet. J is in for a rude awakening if they show up. FOR GOD AND COUNTRY!

  • V. O’Donoghue

    Barry Eichengreen has written an article outlining the possibilities put forward as solutions to Europe’s financial crisis, ranging from responses such as that of Guy Verhofstadt, leader of the Alliance of Liberals and Democrats for Europe in the European Parliament, in favour of the creation of Eurobonds to Germany’s finance minister, Wolfgang Schäuble, who proposes that Europe create a Euro-wide fiscal union. Eichengreen critiques these responses and highlights some original ideas also, to be found here, http://www.project-syndicate.org/commentary/eichengreen34/English

  • TheRealBob

    Greece is the predictable result of socialism. Socialism causes a form of devolution that leads to the type of degeneracy we see in the Greek people – a people who bear more resemblance to intestinal parasites than they do to human beings. We can see the same type of devolution in the attendees of a rally for maobama or in a union meeting. This process is well under way in the US and, unless lieberalism, socialism, and parasitism are eliminated from our soil, we shall soon look like Greece; a country full of intestinal parasites.

  • http://www.chandostransport@eastlink.ca Graeme B

    Greece’s problems are mainly caused by corruption, not socialism. When you have 25% of the population working underground, 25% are business and professionals who declare income levels below $15,000 per year so as not to pay income taxes, and yet drive their Ferrari’s and jets, 25% who work for government and 25% who pay income tax through payroll deductions, then you have a sure sign for disaster with not enough revenues coming in to sustain basics.
    Kind of starts to remind us of what’s happening here?

    • TheRealBob

      Nonsense, the problem is never insufficient revenues – that is just the lying lieberal’s lie. The problem is too much taxation to support parasitism by government employees and government dependants.

    • Thor

      Good points, all, GB. But that all contributes to this deduction: they are all indicators of a desire to engage capitalism in a free market economy. Look at the nature of the things you list: every one is an attempt to serve self in direct proportion to one’s abilities. You are actually making a substantive argument for free market capitalism here and pointing to the weaknesses of a socialist state.

  • FreedomFighter

    The problem is “socialism” in the EU. The evilones elite are using socialism/communism to collapse economic systems and create a one world currency, they own. It matters not who governs, if they control the money.

    Laus Deo
    Semper Fi

  • John in CA

    Socialism, or Fascism, or Nazism, or globalism, or Progressivism, or whatever you want to call it, is merely one of the political tools created and used by those who have actually perpetrated this mess, just as, after WWII, Islam appears to have been chosen as the ‘religious’ tool to help control the masses (the Soviets learned early on that you cannot actually turn the state into God, so some other mechanism for manipulating the people’s spiritual belief is needed. Since Islam is just Fascism cloaked in religious garb, it’s perfect for the job). The real scam goes all the way back to the bronze age. Jesus recognised it when he threw the money changers out of the temple. This has been done to us by the major banking houses and their fractional reserve Ponzi scheme. Not only is it being done here, it has ALREADY been done here. The banksters have attempted to set up a central bank here four times, the last attempt, the Federal Reserve, being successful in 1913. It took the Rothschilds and their ilk nearly four hundred years to bring Europe to collapse, and turn the people into vassals/tenants on their own lands. It appears that they may achieve that here in less than one hundred. Recognise and attack your real enemy, or we are doomed.

  • ONTIME

    President Washington warned us of having a ball and chain around our ankle when he stated, “Beware of entangling alliances”.

    So here we are being hammered by a cheapening currency not backed by gold, a economic and fiscal job and industry wrecking crazyass massive government and the last thing we need is a bunch of sissies and craybabies in europe tied to us to help us sink even further…are we just frigging stupid?

  • Bill Wright

    A free market is the Only way to go,But it needs honest people to run it.We also need to pick our leaders that have level heads and a lot of common sense,,(which is going to be hard to find in either of the rep.or dem. parties.)

  • Thor

    “[But] they never really built in a fail-safe mechanism. The economies that constitute the European community are just too diverse.”

    Historically, the only economic system that has successfully served such diverse cultures is the very ‘evil one’ that Europe has tried to supplant with socialism and state capitalism since 1945: it’s called ‘capitalism in a free market.’ Now, can we finally make the deduction that has been staring us in the face for fifty years or more? Socialism does not work!

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