Quote:
Originally Posted by dirtymind
Well the good thing i sthen that it is always every country for it self. So a when one is going done other are not, like in the states it all together and every one is fucked. Here we are not affected is spain was to go down for exsample. export and import would get a big hit but never that big that we the people would suffer. So i guess thats why we in the netherlands do not yet have heard that we are in that much trouble. O curse its every day on the news and banks are having trouble people are losing their jobs but its not yet on a massie scale. still they say its the worse there has been in many years. BUt worse then the states. They have a debt they will never pay back. If they would do that other countries might find themself with money left. But then again i am no expert. We will see what happends.
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If any Eurozone country was to "go down" it would be a huge problem...
Lots of European countries have huge amounts of debt too and they do not have the advantage of having the world's reserve currency nor the benefit of having their debt mostly denominated in their own local currency.
Yes, the US government is hugely in debt, but I would shocked if they default on it. Rather they will just devalue the dollar. Since the debt is in dollars the US can do this. If was in a foreign currency it would not be possible.
Looking past the current crisis Europe is even in more trouble. Declining birthrate, huge amount of social expenditures on the horizon that it will be almost impossible to pay for, limited means of raising more tax dollars, absolutely nowhere near being energy independent...
I am not saying everything is great in America. It is not. Far from.