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EC President Blames US For Financial Crisis in Europe
Townhall.com ^ | June 19, 2012 | Mike Shedlock

Posted on 06/19/2012 6:44:03 AM PDT by Kaslin

The G-20 summit off to a great start if you like fireworks, endless bickering, and finger-pointing. Otherwise these summits are totally useless.

When asked by a Canadian journalist "Why should North Americans risk their assets to help Europe?" EC President José Barroso replied "Frankly, we are not here to receive lessons in terms of democracy or in terms of how to handle the economy."

The Guardian has further details in Barroso blames eurozone crisis on US banks.

The opening day of the G20 summit was threatening to deteriorate into a fractious row between eurozone countries and other non-European members of the G20, notably the US, as EU commission president José Manuel Barroso insisted the origins of the eurozone crisis lay in the unorthodox policies of American capitalism.

As Europe's leaders came under intense pressure to act decisively to cure the euro's ills, and a campaign gathered pace to relax some of the austerity programmes laying waste to countries with unsustainable debt levels, Barroso said Europe had not come to the G20 summit in Mexico to receive lessons on how to handle the economy. Asked by a Canadian journalist: "Why should North Americans risk their assets to help Europe?" he replied: "Frankly, we are not here to receive lessons in terms of democracy or in terms of how to handle the economy.

"This crisis was not originated in Europe … seeing as you mention North America, this crisis originated in North America and much of our financial sector was contaminated by, how can I put it, unorthodox practices, from some sectors of the financial market."

The European council's president Herman Van Rompuy, speaking alongside Barroso, said a draft G20 communique showed "support and encouragement for the euro area countries and leaders and for the European Union as a whole to overcome this crisis".

"We are not the only ones that are so-called responsible for the current economic problems all over the world," he said.
A Few Questions Nannycrats Might Consider

  1. Might I point out to nannycrats Barroso and Van Rompuy that leverage in European banks exceeded leverage in US banks?
  2. How about the fact the property bubbles in Spain and Ireland were bigger than the property bubbles in the US?
  3. Is the US responsible for putting together a structurally unsound euro, or is Europe?
  4. Did the EU fail to do its homework in letting Greece into the EU?
  5. Did nannycrats in Brussels praise property development in Spain before everything blew sky high?

I am quite certain I can ask dozens of such questions.

Let's be honest here. Yes the US caused lots of problems. So did the ECB, and so did the nannycrats. China played a part as well.

Thus, those comments by Barroso are strictly from Fantasyland if not Idiotland. Europe created the euro, not the US. Europe foolishly pledged more and more money to Greece, not the US. And eurozone rules are at the heart of Europe's mess, not anything the US did.


TOPICS: Business/Economy; Editorial; Foreign Affairs
KEYWORDS: banks; barroso; broke; ec; eu; europe; g20; piigs; spending; welfarestate; whine

1 posted on 06/19/2012 6:44:08 AM PDT by Kaslin
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To: Kaslin

Dare I say.............’it’s Bush’s fault’


2 posted on 06/19/2012 6:51:01 AM PDT by Lockbox
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To: Kaslin

EC President José Barroso copied our teh WON well. IOW, he lied.

A large sum of “Stimulus” and “Son of Stimulus” money went directly to banks in UK and Europe, yep, to ‘bail them out’. Now the politician turned around and put blame on US Banks.

Anybody wants to correct Barroso?


3 posted on 06/19/2012 6:57:43 AM PDT by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: Kaslin

So, according to this euro-peon, the U.S. is to blame, because Europe followed the U.S. off the financial cliff. If we didn’t jump, they would not have followed.


4 posted on 06/19/2012 6:59:49 AM PDT by C210N ("ask not what the candidate can do for you, ask what you can do for the candidate" (Breitbart, 2012))
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To: Kaslin

The primary reason Western Europe is in financial crisis from which they will not recover is because of the European mindset that have voted themselves economically unsustainable entitlements over the decades let alone having over regulated their economies to the point of uncompetitiveness globally.With the exception of engineering powerhouse Germany Western Europe is not competitive globally and they have little to offer the globe for export other than what they grow.. The fact that a small minded clueless individual such as Barroso is at the helm is proof positive that Europeans refuse to recognize the systemic nature of their own problem.Do not look for them coming back from this one any time soon.


5 posted on 06/19/2012 7:04:34 AM PDT by chuckee
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To: Kaslin

The Eurotrash have taken a page right out of the DNC’s playbook. “When all else fails, BLAME BUSH!”


6 posted on 06/19/2012 7:12:13 AM PDT by FlingWingFlyer (Free Stuff or Freedom! You Decide 2012.)
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To: Lockbox

Too bad O not good enough to fix it.


7 posted on 06/19/2012 7:20:20 AM PDT by edcoil (It is not over until I win.)
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To: Kaslin

Strangely enough, I agree with this guy. We, the U.S., are responsible for their present condition because we took over most of the need for their own defense through NATO. They were able to take that HUGE savings and use it to experiment and invest in socialist schemes.

And now I believe that we need to remove our troops and material from their nations. Our experiment with being the world’s policeman has bankrupted us too. And that’s in addition to our own experiments with socialism via the War on Poverty, etc.


8 posted on 06/19/2012 7:23:38 AM PDT by The Working Man
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To: Kaslin

They will never blame their promises of cradle to grave - NO society can fulfill those promises with the standard of living the entitled think they should have.


9 posted on 06/19/2012 7:29:11 AM PDT by Let's Roll (Save the world's best healthcare - REPEAL, DEFUND Obamacare!)
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To: Kaslin
When asked by a Canadian journalist "Why should North Americans risk their assets to help Europe?" EC President José Barroso replied "Frankly, we are not here to receive lessons in terms of democracy or in terms of how to handle the economy."

The Guardian has further details in Barroso blames eurozone crisis on US banks.

El Honorable Presidente Barroso,

Estimado Jose, tienen algunas palabras de elección para usted que estoy seguro de que usted comprenderá plenamente: Vaya a tener relaciones sexuales con un burro. Después de que su esposa haya terminado con la mula lo puede ver.

Atentamente,
Nosotros el pueblo,
Los Estados Unidos de América
[Si la traducción no es perfecto, demasiado mal.]

Now for our English Speaking audience ;-) here in FReeperville I offer for your visual and listening pleasure from You Tube the SANEST and SMARTEST politician in all of Europe, MEP, Nigel Farage, Leader of the UKIP party in GB. Mr Farage always has had choice words for the EU and the Euro. And that BOTH would fail miserably.

The Genius of Mutual Indebtedness - Nigel Farage

and this earlier one is THE ONE who put Nigel on the map, so to speak:
'Who the Hell You Think You Are?' Nigel Farage throws egg in Eurocrat faces

I have him on my Google News Alerts. The guy is marvelous, wish he was an American pol :-)
Oh, prior to politics Mr Farage was an Economist! So he kinda knows about that money stuff.
10 posted on 06/19/2012 7:46:56 AM PDT by Condor51 (Never mess with an old man. He won't fight you he'll just kill you.)
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To: Kaslin
I'd say it started in the US and spread to the rest of the world, hitting hardest in the countries that were already weakened by having followed the US lead in unsound fiscal practices.
So in a sense he's right, but if you overspend on your credit card, knowing full well that it's wrong, it's a weak argument to simply blame the guy who showed you how to do it.
The Europeans are supposed to be more sophisticated than us simple Yanks, so how do they explain that?

11 posted on 06/19/2012 8:01:16 AM PDT by BitWielder1 (Corporate Profits are better than Government Waste)
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To: BitWielder1
Very easily. To the European President (which is a total figurehead position - the man has no power at all. 99% of Europeans wouldnt know who he was) the current crisis HAS to be the fault of the US. If not, then it HAS to be the fault of the Japanese. Or the Chinese. Or the Arabs. Or possibly the Martians.

If none of those people are guilty, then it would have to be the EUROPEANS fault. And it would never do to admit that, would it?

12 posted on 06/19/2012 8:22:08 AM PDT by Vanders9
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To: Condor51

BTTT, you are so right. I wish our politicians had a fraction of his common sense and courage.


13 posted on 06/19/2012 8:28:38 AM PDT by SueRae (The Tower of Sauron falls on 11.06.2012)
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To: Kaslin

I blame the US too.

The US banks started MBS, CDOs, and credit derivitives. We financed the housing bubble with free money and started the ramp up — even if Europe did race willingly to follow suit.

If we didn’t overturn Glass Steagal and pass the Housing and Reinvestment Act and then leave interest rates at 2.5% for 3 years, then the massive world bubble would not have formed. No formation, no collapse.

But who cares?

Once you go to fiat money, it is only a matter of time before you destroy the currency and have a big economic collapse. All we did was accelerate its coming. We didn’t really create the problem, per se. I mean, the entire world embraced Fiat currency, so a coming economic depression was baked into the cake. It was just a matter of “when, not if”. All we did was accelerate its coming.

The sooner we get through the collapse of world sovereign debt the sooner we can get back to real savings and growth.


14 posted on 06/19/2012 8:31:03 AM PDT by Freedom_Is_Not_Free (REPEAL OBAMACARE. Nothing else matters.)
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To: Kaslin

Running up debt, taking tax payer money, and putting other peoples money at high risk is the problem. All of us did not do any of this.


15 posted on 06/19/2012 8:33:15 AM PDT by bmwcyle (Romney - not Obama - not a Conservative - not a real Christian)
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To: Sir Napsalot

The US - banksters and politicans - did cook up the real estate loan fraud game as well as other banking gimmicks that European banksters and politicans should have rejected as unethical, losing scams.

When you see a bank robber and decide to join him, you are guilty right along with him. We may have offered the criminal genious, but Europe drove the getaway car.


16 posted on 06/19/2012 8:39:16 AM PDT by SaraJohnson
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To: Kaslin

Blame socialism and Keynesian economics. One cannot live without the other and they both equal DEATH to what ever socio-economic system they infect.


17 posted on 06/19/2012 8:40:48 AM PDT by ThomasMore (Islam is the Whore of Babylon!)
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To: BitWielder1

“...it’s a weak argument to simply blame the guy who showed you how to do it.”

My neighbors credit card debt has nothing to do with me, regardless of how badly I may have managed mine.

And while it may make good politics for Europeans to blame the US, these are structural problems with the European economies that have existed for decades made worse by the adoption of the Euro.

Greece, Spain, Italy, et. all. are not doing anything they haven’t been doing for decades, only this time, because of the Euro, they can’t inflate the problem away.


18 posted on 06/19/2012 10:29:52 AM PDT by Owl558 ("Those who remember George Satayana are doomed to repeat him")
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To: C210N

This “euro-peon” is lying like crazy. It was the European Central Bank that caused the financial crisis.


19 posted on 06/19/2012 12:15:06 PM PDT by Olog-hai
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To: Kaslin
Re: “EC President Blames US For Financial Crisis in Europe”

Has Obama apologized yet?

20 posted on 06/19/2012 12:16:41 PM PDT by zeestephen
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To: SaraJohnson

The “US banksters and politicians” themselves got the idea from the European ones. Expecting Europeans that are dedicated to the “social market economy” to reject their own “unethical, losing scams” would be remarkable. The real trick behind it all was when the European Central Bank pulled the rug out from under everything with their interest rate increases.


21 posted on 06/19/2012 12:18:02 PM PDT by Olog-hai
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To: Owl558
All correct. As the UK’s Daily Telegraph noted back in 2008:
The European Commission’s top economists warned the politicians in the 1990s that the euro might not survive a crisis, at least in its current form. There is no EU treasury or debt union to back it up. The one-size-fits-all regime of interest rates caters badly to the different needs of Club Med and the German bloc.

The euro fathers did not dispute this. But they saw EMU as an instrument to force the pace of political union. They welcomed the idea of a beneficial crisis”. As ex-Commission chief Romano Prodi remarked, it would allow Brussels to break taboos and accelerate the move to a full-fledged EU economic government.
And now, what are EU member state governments calling for? Exactly what the “euro fathers” were hoping to do—create their central all-powerful government. Destroying the US economy was part of the deal, in order to help the EU ascend rapidly to superpower status once all the pieces were in place.
22 posted on 06/19/2012 12:26:04 PM PDT by Olog-hai
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To: Kaslin

Yes, this is a complex issue.

But one thing is rarely reported or understood.

Europe’s political leaders seduced and coerced Europe’s private banking system into buying almost all of the sovereign debt of Greece and Spain and the other PIIG countries.

If the PIIGS sovereign debt had been priced in a real world market, interest rates would have exploded on that debt, and these countries would have been forced to adjust their spending policies years ago.


23 posted on 06/19/2012 12:30:54 PM PDT by zeestephen
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To: Kaslin
Ha Ha, Zer0's fault.

The EU should invite him over to speak until it gets better.

24 posted on 06/19/2012 7:21:51 PM PDT by Paladin2
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