Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: albitz on 31 March 2011, 22:21:57
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I see the EU bailout of the banks in the Republic of Ireland has failed, and they now need billions more Euros to keep them afloat.
When will the insanity of this monopoly money currency end ?
It is practically bankrupting Europe to try to keep this currency going. If the countries which are in deep sh1t could revert to their own currencies and devalue etc as necessary they could eventually become solvent again. But the way they keep throwing money down a bottomless hole to stubbornly keep the Euro afloat when it has already drowned is insane.
Its a political rather than an economic project and was always doomed to fail. Until the cretins in charge of it finally admit defeat, it will continue to swallow up mind boggling sums of money from countries which dont have the money to give.
Where will it all end. >:( >:(
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I see the EU bailout of the banks in the Republic of Ireland has failed, and they now need billions more Euros to keep them afloat.
When will the insanity of this monopoly money currency end ?
It is practically bankrupting Europe to try to keep this currency going. If the countries which are in deep sh1t could revert to their own currencies and devalue etc as necessary they could eventually become solvent again. But the way they keep throwing money down a bottomless hole to stubbornly keep the Euro afloat when it has already drowned is insane.
Its a political rather than an economic project and was always doomed to fail. Until the cretins in charge of it finally admit defeat, it will continue to swallow up mind boggling sums of money from countries which dont have the money to give.
Where will it all end. >:( >:(
Exactly, Albs. But, as you rightly point out, it's about politics and power, not common sense housekeeping. >:( The euro is past its sell-by date. Once one leaves (hopefully, the Irish, who would do well to go back to the punt or even adopt sterling) then I think there will be a domino effect. :y
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If they adopt Sterling, I will eat my old socks ;D. Politically that would be hyper sensitive. Stranger things have happened though. I hope someone blinks soon, and makes a decision for the good of their own country - and in the longer term, Europe as a whole. :y
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if they left the Euro they'd be expelled from the EU :o
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Exactly. And hopefully the whole con would start unravelling very quickly. :)
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if they left the Euro they'd be expelled from the EU :o
I'm unsure that would be the case, legally. However, it would be no big deal. Norway and Switzerland aren't doing too badly. ;) ;D
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Yeh, I suppose they could concievably become non eurozone members, but I think that once one country summons up the bottle to leave the Euro there will be a stampede and then it will collapse like a house of cards.
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Yeh, I suppose they could concievably become non eurozone members, but I think that once one country summons up the bottle to leave the Euro there will be a stampede and then it will collapse like a house of cards.
thats precisely why the EU will fight it tooth and nail, maybe even impose sanctions to those who dare think about it.
plus they could call up all the money the EU gave Ireland throughout the last 2 decades......sparking unrest that would sweep europe into an economic war not so much the "haves vs the have-nots" but rather the "hads vs the have lots" ;D
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The EU are fighting tooth and nail to keep the wheels on the wagon, but I think its inevitable that it will fail. They will simply run out of money at some point. The German taxpayers are reportedly getting seriously pissed off at having to keep digging ever deeper into their pockets.
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I'm not sure about this at all.
Much as I detest what the EU now represents, its implosion (if that were remotely possible) may well have profound consequences on the stability of the nations formally members of the it.
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freking banks.
All about short term gain, sod the customer, how much is my bonus going to be this year?
A few years ago , I worked for a company that adopted such approaches at the expense of long term plans, maintenance and so on. It was a great company but now is a former shadow of itself. they lost touch with reality through short termism.
freking banks. I hate them.
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freking banks.
All about short term gain, sod the customer, how much is my bonus going to be this year?
A few years ago , I worked for a company that adopted such approaches at the expense of long term plans, maintenance and so on. It was a great company but now is a former shadow of itself. they lost touch with reality through short termism.
freking banks. I hate them.
I'm sorry, Varche, but this problem in the Eurozone is not really anything to do with the banks, but more to do with the one-size-fits-all interest rate. Ireland's economy badly overheated with a far lower interest rate than was appropriate, causing a massive housing bubble. It was inevitable, IMHO. :(
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freking banks.
All about short term gain, sod the customer, how much is my bonus going to be this year?
A few years ago , I worked for a company that adopted such approaches at the expense of long term plans, maintenance and so on. It was a great company but now is a former shadow of itself. they lost touch with reality through short termism.
freking banks. I hate them.
I'm sorry, Varche, but this problem in the Eurozone is not really anything to do with the banks, but more to do with the one-size-fits-all interest rate. Ireland's economy badly overheated with a far lower interest rate than was appropriate, causing a massive housing bubble. It was inevitable, IMHO. :(
one-size-fits-all
Aside from the monetary aspect of your remark this is precisely what is wrong with the EU as it presently stands.
It is impossible, in my view, to attempt to align disparate nations (each having their own view of how their national affairs should be conducted) into a homogenised unit under a common leadership/laws/policy banner.
This is especially so when that forced homogenisation is attempted by way of political decree or financial inducement achieved through sharp practice, denial of due process and the single minded determination to achieve the given aim at all costs.
As things stand in the EU, one size most certainly does not fit all.
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freking banks.
All about short term gain, sod the customer, how much is my bonus going to be this year?
A few years ago , I worked for a company that adopted such approaches at the expense of long term plans, maintenance and so on. It was a great company but now is a former shadow of itself. they lost touch with reality through short termism.
freking banks. I hate them.
I'm sorry, Varche, but this problem in the Eurozone is not really anything to do with the banks, but more to do with the one-size-fits-all interest rate. Ireland's economy badly overheated with a far lower interest rate than was appropriate, causing a massive housing bubble. It was inevitable, IMHO. :(
Agreed. But who set the interest rate on house loans? Wasn't me! The "banks" maybe?
When the horror of the current inflation Britain is enjoying kicks in, will Merv insist on a bigger differential between base rate, savings and mortgages? Probably not as it will be unpopular.