Skip to comments.EC President Blames US For Financial Crisis in Europe
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.A Few Questions Nannycrats Might Consider
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.
Dare I say.............’it’s Bush’s fault’
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?
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.
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.
The Eurotrash have taken a page right out of the DNC’s playbook. “When all else fails, BLAME BUSH!”
Too bad O not good enough to fix it.
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.
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.
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."El Honorable Presidente Barroso,
The Guardian has further details in Barroso blames eurozone crisis on US banks.
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.
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 FarageI have him on my Google News Alerts. The guy is marvelous, wish he was an American pol :-)
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
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?
BTTT, you are so right. I wish our politicians had a fraction of his common sense and courage.
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.
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.
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.
Blame socialism and Keynesian economics. One cannot live without the other and they both equal DEATH to what ever socio-economic system they infect.
“...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.
This “euro-peon” is lying like crazy. It was the European Central Bank that caused the financial crisis.
Has Obama apologized yet?
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.
The European Commissions 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.And now, what are EU member state governments calling for? Exactly what the euro fathers were hoping to docreate 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.
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.
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.
The EU should invite him over to speak until it gets better.