BF2S Forums Bush Signs Bailout Plan

from what I understand there is not much the ECB can actually do since it doesnt have much power over individual nations.  Im a bit ignorant on the subject.

m3thod wrote:

The global credit crunch is American made.

In a system of credit expansion, where we need to grow our debts year over year in order to maintain the economy, one could make the argument that the countries lending to the likes of the USA, are just as at fault.  China loaned to the states because it knew much of that money would be spent on goods made there, and then ofcourse they would get that money paid back twice (if not more at interest).

If a bank is greedy for lending to someone who cant afford to pay it back.  What exactly is the difference so far as the lending nations are concerned?

If anything, the likes of china, japan, and others encouraged the west to spend spend spend.

It's not the money that pisses me off.  People where moaning about having to pay taxes for it.  But its taxes you would be paying anyway, just a change of where it's going.  I dont so much mind that, ofcourse am not extatic about it.  It's the small print of the bill.  These fuckers have no acountability now.  Greater power to the bankers now, and no court can get them on anything. 

Similarly, who the hell is actually going to pay there mortgage after this?  I mean honestly?

Martyn

Last edited by Bell (2008-10-03 16:42:28)

God Save the Queen wrote:

from what I understand there is not much the ECB can actually do since it doesnt have much power over individual nations.  Im a bit ignorant on the subject.

ECB sets the interest rate for all nations that have adopted the euro. UK and the rest set their own rates.

God Save the Queen wrote:

CameronPoe wrote:

God Save the Queen wrote:

from what I understand there is not much the ECB can actually do since it doesnt have much power over individual nations.  Im a bit ignorant on the subject.

ECB sets the interest rate for all nations that have adopted the euro. UK and the rest set their own rates.

is that where it ends?  what Im getting at, from what the news guy said this morning when he wanted to rag on europe was that the ECB cant bail anyone out like state governments can.

All the individual states will follow Ireland's lead and guarantee all deposits in all of their own banks. The Greeks have already followed suit and Sarkozy has ignored the fact we are probably breaching EU competition law - the rest will fall like dominos. ECB can't do a thing really.

Last edited by CameronPoe (2008-10-03 16:48:49)

God Save the Queen wrote:

Sarkozy is the current president of the EU right?  How much power does that office yield?  What, if anything, can it do now?

It can't really do anything but 'urge' nations not to do certain things. To take Ireland or any other nation to the courts would be a protracted process and those nations would probably say 'fuck it, we're doing it because we have to and I don't care if they take us to court'. The fact France is the most flagrant contravener of EU competition law and the most protectionist nation within the entire EU means that Sarkozy won't say shit.

God Save the Queen wrote:

the EU = confederation?

Loose confederation. No/minimal border controls. No impediment to movement of capital. No impediment to movement of people. Free trade. Common currency for many. Some standardisation of laws, etc. where agreed upon. The Lisbon Treaty, rejected by the Irish, might change this.

Last edited by CameronPoe (2008-10-03 17:08:08)

bad-man wrote:

usmarine wrote:

bad-man wrote:

mighty $ is no longer that mighty - we might as well start using pesos

still buys me a mcchicken as it always has.

wait till all shit we import to this country starts costing more and more

..and it then becomes economically feasible to start producing products in the USA again.

THAT would be a good start back down the right path for our economy.


In my opinion, what the USA needs:

1) "weaker" dollar.  Makes imports more expensive, makes USA based manufacturing more economical.
2) Development of Geothermal, Nuclear, Solar, and Wind power for static energy needs (buildings, factories, and things that don't move)
3) Development of Fischer-Tropsh like coal-to-diesel for mobile needs (consumer automotive, cargo trucking, aircraft, etc).
4) Clue-by-Four upside the head to the American Consumer.  Living on credit, not saving for retirement, and spending 50%+ on 'toys' is, in a word, STUPID.




and a bit of a rant
F***ing Baby Boomers have wrecked this country. 
They had Sex, Drugs, Rock n Roll... We get AIDS, Crack & Meth, and Brittany Spears.
They spent beyond their means, sold the country to China, and then asked for a line of credit ... We get to pick up the tab for all three.
Now that the damn baby boomers have burnt through their wage-earning adult years with not a cent to show for it, and a ton of debt - guess they'll be voting themselves all kinds of socialized medicine & retirement benefits.  Fucking leeches.
Between The Greatest Generation and Generation X - there is Generation Leech

Prodi headed the EU for a long time. He's a former communist. The rightwing parties love EU. It's so fucked up and I don't get it.
They are allways trying to get more powah but whenever they ask the people they reject it hehe.
I guess asslicking lobbyists, pretty young secretaries and a gigantic taxfree paycheck is addictive.