Obama Says the Euro Zone Crisis Is Scaring The World

[halfpint]

I say fuck the Euro and let it die it always was, and still is a load of crap....


President Barack Obama said on Monday the debt crisis in Europe was "scaring the world" and that leaders in the euro zone were not dealing with the issue quickly enough.

The recovery of the U.S. economy suffered setbacks this year due to problems around the world, Obama said, including the Arab Spring uprisings that drove up energy prices and worries about the financial health of European nations.

"They have not fully healed from the crisis back in 2007 and never fully dealt with all the challenges that their banking system faced. It is now being compounded with what is happening in Greece," Obama said at a "town hall" public meeting in Mountain View, California.

"So they are going through a financial crisis that is scaring the world and they are trying to take responsible actions but those actions haven't been quite as quick as they need to be."

Obama, on the West Coast to raise funds for his re-election campaign in 2012, has seen his approval ratings hit by worries over persistently high unemployment above 9 percent and fears the United States could slide into another recession.

The Democratic president, who pushed through an $800 billion economic stimulus plan in 2009, has set out a new $447 billion plan to create jobs and cut taxes for small businesses but has faced fresh opposition from Republicans.

http://www.reuters.com/article/2011/...78P4RZ20110926

[SZNY]

Just a question but who is responsible for this crisis, Europe or the US?

If the euro will fall it will also take down the Dollar as it is visa versa.

Here in Europe the govs are already making calculated plans what will happen if for example Greece will go down. The results are not nice.

[MaDalton]

funny - we think the constant stupid disagreement between Democrats and Republicans is scaring the world...

or that no steps were taken to take Wall Street on a leash - wasn't it Lehman and the real estate bubble that almost crashed world economy?

[Rochard]

When times are good the Euro zone was a great idea - the strong helping each other. Now it's just dragging each other down.

[Kiopa_Matt]

No disrespect Mr. President, but I don't think you're in a position to be openly criticizing other nations for not acting decisively enough. Sheesh...

[Klen]

Honestly i think all this "EURO crisis" it's nothing else then just overinflated bullshit with purpose to make huge money on currency fluctuations.

[SZNY]

Well I think investors are losing more money as making big bucks on these currency fluctuations. Daily you see that the stock exchanges are ending up in dark red.

I don't know what is wisdom but its kind of stupid that the stronger EU countries are trying to save it by supporting the weaker nations.

Maybe its better that we go here back to our original currencies or make a EU with only the stronger countries.

If this would improve the state of the world economy the govs should do it. Now only the Chinese are gaining from this situation.

[Bladewire]

Originally Posted by halfpint

Obama Says the Euro Zone Crisis Is Scaring The World

Another tool used by the ruling class to steal wealth

[Dvae]

Originally Posted by halfpint

I say fuck the Euro and let it die it always was, and still is a load of crap....


President Barack Obama said on Monday the debt crisis in Europe was "scaring the world" and that leaders in the euro zone were not dealing with the issue quickly enough.

Translation. Print Euros like we print Dollars!


And yes the Euro is a huge clusterfuck.

[MaDalton]

Originally Posted by Jesus H Christ

Nothing to do with Obama or even Bush. It was Clinton and Alan Greenspan who reversed the Glass?Steagall Act that caused the bubble in the first place. Besides, we later found out the RBS and the French bank Société Générale bought 50% of all the loans knowing they were toxic mortgage loans as they leveraged with AIG insurer and later got bailed out by the feds.

Meaning, they got their cake and ate it too. It's always the Americans fault when you euros truly fail to understand you're in just as much trouble financially as we are and in some cases more.

Your Debt to earning ratios surpasses the average Americans debt. You can check it out HERE.

i'm too tired to argue and too busy digging for facts. i'm just saying that if you point at someone, three fingers point back at you (four if you manage to bend your thumb enough)

and yeah, it's our fault, completely, totally, you are all angels and we still play with stones here.

[mountainmiester]

Originally Posted by Kiopa_Matt

No disrespect Mr. President, but I don't think you're in a position to be openly criticizing other nations for not acting decisively enough. Sheesh...

Thank you and yes...Ditto!

[Barry-xlovecam]

Words of Wisdom from Amsterdam

[ThumbLord]

what Ma Dalton said.
yes it's our fault, completely and totally

[Vendzilla]

I have a simple Question,

When is the current president going to grow some balls and stop blaming everyone for his fuck ups?
so far he has blamed bush, then he blamed the GOP, now he's blaming Europe, REALLY?

Bad leadership is to blame

[scottybuzz]

when the euro zone was created a set of rules were created about borrowing etc. it was france and germany who broke those rules first.

[Bill8]

http://youtu.be/aC19fEqR5bA (fuck, musta forget that stupid youtube embed format)

you folks seen this - worth a watch - on metafilter today:

BBC News asks independent trader Alessio Rastani "what would keep investors happy, make them feel more confident?" and gets a surprisingly honest answer: "Personally, it doesn't matter. See, I'm a trader. I don't really care about that kind of stuff. If I see an opportunity to make money, I go with that. So, for most traders, we don't really care that much about how they're going to fix the economy, about how they're going to fix the whole situation; our job is to make money from it. And, personally, I've been dreaming of this moment for three years. I have a confession which is I go to bed every night and dream of another recession, I dream of another moment like this." [SLYT]

He adds I paraphrase, it;s in the vid, near the end - "... governments can't fix this - governments don't rule the world. Goldman Sachs rules the world."

[Bill8]

What is that youtube embed code?

I thought it was wtf - can't even wrap it in code tags?

try it intentionally mispelled with an i - [youtibe][/youtibe]

Oh fuck now I remember - just the fucking alphanumeric -

[Bill8]

anyways... hittin the blogosphere...

[nation-x]

Originally Posted by Kiopa_Matt

No disrespect Mr. President, but I don't think you're in a position to be openly criticizing other nations for not acting decisively enough. Sheesh...

I will agree with you on that... but probably for different reasons. He should have been recruiting the American people to join his cause and explaining what was going on much louder for 2 years.

That said... HCR was the wrong agenda at the wrong time. He should have concentrated on jobs from go.

[VikingMan]

Originally Posted by Bill8

anyways... hittin the blogosphere...

Wow that guy says some of the same things I do, he must be a kooky conspiracy theorist. Where does BBC find these whack jobs? BTW, he gives the time frame of 12 months but I bet he really wants to say "the next 2 months millions of people will lose their savings". I wonder what put options he is getting into.

[Caligari]

3 key quotes of note-

The statement came towards the end of an almost three and a half minute interview in which Rastani warned viewers to "get prepared" for the inevitable: 'The savings of millions of people are going to vanish' in less than a year, he said.

'For most traders we don't really care about having a fixed economy, having a fixed situation, our job is to make money from it,' he said. 'Personally, I've been dreaming of this moment for three years. I go to bed every night and I dream of another recession.'

'When the market crashes... if you know what to do, if you have the right plan set up, you can make a lot of money from this.'

To the inevitable bottom line. Make money at all costs, even at the cost of your own country, your own world. He is saying this to a miniscule part of the population and he knows it.

Thus underscoring the real problem. These fuckers aren't beholden to anyone. They don't make anything except money by greedy speculating, a pyramid scheme really which is now collapsing and destroying world economies, nurtured by the very governments who should be curtailing this crap.

Wall Street and all euro entities like it need to be curbed...with extreme prejudice. Now.

[Sly]

Originally Posted by MaDalton

i'm too tired to argue and too busy digging for facts. i'm just saying that if you point at someone, three fingers point back at you (four if you manage to bend your thumb enough)

and yeah, it's our fault, completely, totally, you are all angels and we still play with stones here.

Now now... us evil Yanks get blamed for most of the worlds ills, we get to throw it back at least once a decade!

[u-Bob]

Originally Posted by SZNY

Just a question but who is responsible for this crisis, Europe or the US?

The best book to read on the subject is "Tragedy of the Euro", by Philipp Bagus.
http://www.amazon.com/Tragedy-Euro-P.../dp/1610161181
(it's only about 150 pages, available for free (pdf). I recommend it)

[marlboroack]

Euro-Dollar. Fixes everything.

[EukerVoorn]

Obama's comments are just emotional and not rational politically. A few months ago European leaders criticized the USA on it's national debt policy and now Obama gets even. Oh well hurting each other with words is still better than nuking each other so let the politicians play.

We're heading for a global crash anyway and I don't mind it at all because the rich with millions of savings accounts are going to get hit hardest. The poor are already poor anyway so what's the difference. Just make sure you can grow your own food in your garden and get some chickens and a cow to survive till the crash is finished and then pick up your web business again. One horrible thing about global crash is that you'll see young homeless women everywhere, willing to do anything for shelter and food

I LOVE the fact that the dollar keeps going up by the way! Go Euro crisis, go!!!!

[Redrob]

Unfortunately, I think the value of gold and silver will crash right along with the worlds' currencies. Only hard goods and, maybe, real estate will hold value.

[Nydahl]

There will be a war for sure and it will solve the crisis like 123.
Not happy to say that but its always like this - we need a war anyway - 7.5 billions people on the planet is too many .

[Caligari]

Originally Posted by Jesus H Christ

Of course they're not. This is normal business, especially for a WS trader. </insert frog and scorpion joke>

Look, what you should be truly angry about is not them, but the Federal Reserve enabling them for political gains. These same traders bitch there's too much Government restrictions, at the same time preaching they need more quantitative easing. In short, how can it be a true capitalistic market when others are getting entitlements or subsidies?

Secondly, I think you missed his point and so did the interviewer. He basically said, the market is so corrupt, he wants it to crash because this will actually provide an opportunity for others to make money as the corruption implodes in itself.

He's actually correct.

If you "enable" a serial killer to murder people, who is at fault?
Answer: you and the serial killer.
The fact that the fed enables these cretins to do what they do doesn't make the cretins less culpable. They are adults capable of making ethical business decisions.

And lastly if you think that guy isn't just another slick manipulator, think again.

Great trick- Offer some shocking "admissions" and a prediction for the future with a healthy dose of suggestions on how to "get ahead."

If the markets do crash like 1929, chances are they will simply start over with business as usual.

[Caligari]

Originally Posted by Jesus H Christ

Hey, I agree with you, but you do realize the Fed Reserve is not part of the Federal Government? We the people, can't vote for their closure and it took years for us just to be able to audit them just to find out they were loaning 100's of billions to bailout Europe without congressional approval.

Aye that is true, so the question should be who is going to get at the Fed, and how?
For example, could any candidate like Ron Paul who talks about the Fed actually do anything about it? Unlikely. It's going to take a far greater force to blow the lid off the Fed I'm afraid.

Originally Posted by Jesus H Christ

We also found out they loaned the Pentagon $2.3 trillion dollars back in 2001 that still has not been recovered to this very day. The reason most don't know about it is because the next day - 9/11 happened.

The point is, fuck that clown, there are much bigger fish to fry and absolute corruption corrupts absolutely.

But when the wolves are minding the hen house...

Personally for me the whole thing has gotten quite nebulous, and as I understand it the people protesting on Wall Street are moving their deal to the White House around October 6th. Maybe that's the way to go to attract more people, but their demands are also quite scattered which is a good way to put off people from getting behind your cause.

Millions upon millions in the U.S. are so pissed off right now it is the perfect time to channel that energy, but the message has to be simple and unified and I think this current protest is anything but.

But in final summation it's going to take an incredibly huge push from the citizens to get something going. And on the street.

I should add that when Bush attacked Iraq there were simultaneous world wide protests of 10's of millions of people and that changed absolutely nothing so...

[SL|M!]

pretty soon, everyone will wipe down their debt and start over from scracth

[SZNY]

Originally Posted by u-Bob

The best book to read on the subject is "Tragedy of the Euro", by Philipp Bagus.
http://www.amazon.com/Tragedy-Euro-P.../dp/1610161181
(it's only about 150 pages, available for free (pdf). I recommend it)

Thanks for the link, will bookmark it and start reading it when I have some time

Originally Posted by Nydahl

There will be a war for sure and it will solve the crisis like 123.
Not happy to say that but its always like this - we need a war anyway - 7.5 billions people on the planet is too many .

A few days ago there was on the Dutch news a predication from scientists that in 10 years there will be a shortage of food with this quantity of people.

When the euro crashes it will have big effects on the world economy. For sure it will trigger hyper inflation where the only things that will have value are commodities and everything else will be worthless.

[porno jew]

Originally Posted by SL|M!

pretty soon, everyone will wipe down their debt and start over from scracth

that is pretty much the only realistic solution. probably a quick succession of far right and far left revolutions and military coups with a bunch if strategic defaults and jailing of bankers.

[BlackCrayon]

the euro was created in part, seemingly to put certain european countries out of business. when you can't devalue your currency when hard times hit your country because the currency you used is connected to so many other countries, many of which are doing fine the only other option is bankruptcy.

[nico-t]

the euro was pushed down our throats, like they do with everything that will make the decisionmakers more money. For the people here in NL, the price of anything you buy nearly doubled. Politicians (thus the media) will never admit this and blame the huge price increase on everything but the euro. The majority of the people then voted against a european constitution - so politicians put this decision in the fridge, only to still push this discretely down our throats a couple of years later.

Fuck the Euro!

[u-Bob]

Originally Posted by nico-t

the euro was pushed down our throats, like they do with everything that will make the decisionmakers more money. For the people here in NL, the price of anything you buy nearly doubled. Politicians (thus the media) will never admit this and blame the huge price increase on everything but the euro. The majority of the people then voted against a european constitution - so politicians put this decision in the fridge, only to still push this discretely down our throats a couple of years later.

Fuck the Euro!

what he said!

[Klen]

Originally Posted by *******

Wow that guy says some of the same things I do, he must be a kooky conspiracy theorist. Where does BBC find these whack jobs? BTW, he gives the time frame of 12 months but I bet he really wants to say "the next 2 months millions of people will lose their savings". I wonder what put options he is getting into.

So does that mean you are whackjob too ?
Joking aside,i think what he claims is retarded statement,since to "lose savings"means how EUR would need to hyperinflate which is impossible since it's not entire europe union in problems,just small part of it.

[pornguy]

Originally Posted by halfpint

I say fuck the Euro and let it die it always was, and still is a load of crap....


President Barack Obama said on Monday the debt crisis in Europe was "scaring the world" and that leaders in the euro zone were not dealing with the issue quickly enough.

The recovery of the U.S. economy suffered setbacks this year due to problems around the world, Obama said, including the Arab Spring uprisings that drove up energy prices and worries about the financial health of European nations.

"They have not fully healed from the crisis back in 2007 and never fully dealt with all the challenges that their banking system faced. It is now being compounded with what is happening in Greece," Obama said at a "town hall" public meeting in Mountain View, California.

"So they are going through a financial crisis that is scaring the world and they are trying to take responsible actions but those actions haven't been quite as quick as they need to be."

Obama, on the West Coast to raise funds for his re-election campaign in 2012, has seen his approval ratings hit by worries over persistently high unemployment above 9 percent and fears the United States could slide into another recession.

The Democratic president, who pushed through an $800 billion economic stimulus plan in 2009, has set out a new $447 billion plan to create jobs and cut taxes for small businesses but has faced fresh opposition from Republicans.

http://www.reuters.com/article/2011/...78P4RZ20110926

Replace EU with US and thats the same thing they said 5 months ago.

[Tempest]

Originally Posted by Jesus H Christ

It was Clinton and Alan Greenspan who reversed the Glass?Steagall Act that caused the bubble in the first place.

Really? How about you get your facts straight.. The Gramm?Leach?Bliley Act is what repealed Glass?Steagall. It was written by 3 republicans, one of which was that fucker Phil Gramm... It's his bills that created the Enron "loop hole" and then the 2008 financial crisis. You can blame Clinton for doing his job and signing the bills that the house and senate send to him, but at the end of the day it's those that write the laws that are to blame. And in this case it was republicans. Big surprise there.