Posted on 11/22/2011 8:01:15 AM PST by Qbert
In an apparent suggestion of United States hypocrisy on debt issues, a journalist in the German media challenged White House Press Secretary Jay Carney on the role of the United States in responding to the European debt crisis.
"The U.S., as far as I know, has a worse debt-to-GDP ratio than the whole eurozone, and we are talking about the eurozone, not about the United States and that Congress can't get its act together," said a member of the German press during the briefing. "So from the European perspective, it seems that this country is in a bigger mess than Europe. We are not proud where we are. We know that it's slow and not bold, and so on, but at least they are doing something; they are deciding something, they're trying to pull that through. And here, nothing is happening -- third time this year," he added, referring to the Supercommittee failure.
Debt crises in the Eurozone have brought down the ruling Greek government, the longtime Italian prime minister, and the wrecked the political fortunes of Spain's socialist party, which just sustained major electoral losses against Spanish Conservatives. Germany, among the wealthiest of the Eurozone countries, is expected to make significant contributions to any bailouts that might take place within the European Union -- much to the chagrin of the German people.
"I don't think it's helpful to get into which side of the Atlantic handles its problems better or worse," Carney responded. "I think each side needs to -- we need to act and the Congress needs to act, this country needs to act. And obviously, as I just discussed in answer to a question earlier, the Europeans need to move forward with rapid implementation of their plans."
That answer, with its recommendation regarding European action, did not seem to satisfy Carney's interlocutor, who began to ask "do you have [any] understanding -- the feeling in the eurozone, I said, it’s not really a time where the U.S. is in a position to give advice to Europe."
Carney interjected, "Again, I don't --there's no benefit in -- I think we've been clear about our view on Europe's capacity and what it needs to do." He added that "we obviously are very focused on the issues we have here at home."
Great comments! I have heard many Austrian School folks say that the United States is in much worse shape than Europe because of debt and the QEs. But this never gets much play in the media...
and how is Europe handling their problem? CUTS REAL CUTS
“I have heard many Austrian School folks say that the United States is in much worse shape than Europe because of debt and the QEs. But this never gets much play in the media...”
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The European financial problems are just the Blue Oyster Cult warm-up band for the inevitable, headliner Led Zeppelin-US fiscal disaster.
The only question is how LONG BOC will be allowed to play before Plant, Page, Jones and Bonham take the stage.
Well thank-you Herman the German. When Obama was campaigning in Germany (figure that one out), weren’t all the Germans cheering for him? If you want to say that you were stupid for helping to elect this miserable President we have, then say so. If you just want to bash the US, well, then, shut your big, fat goose-stepping mouth or we’ll come over there again and you know the old saying, “Third time’s a charm!”
The Eurozone is apparenty in worse shape because the ECB is the only major central bank in the world that is not a lender of last resort for the government. And individual member states cannot devalue the currency by their own like they did in the 1990s. Of course the so called “markets” would be happy if the ECB behaved like the Fed.
It explains why Italy is on the verge of collapse with a 3.5% budget deficit, while USA runs a 10% deficit a year with no major consequences.
That's OK, the "MUZZI" bomb in your "WHITE HUT" has already gone off!
SHARIA for everyone......LOL! You'll look good in a BURKA! Peace be upon Ya'll.
Unfunded liabilities (pensions, health care, Social Security, calculated with market discount rates) are now euphemistically dubbed "off-balance-sheet" items. Including these, Societe Generale calculates these debt-to-GDP ratios:
France 549%,
US 541%,
UK 442%,
Germany 418%,
Italy 364%; and
Spain 244%.
Italy has the most sustainable public pension funds in Europe, ahead of Germany ... but who are they roughing up?
I’m stealin’ that. :’)
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