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Thread: Obama: Solving Euro Crisis of ‘Huge Importance’

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    Re: Obama: Solving Euro Crisis of ‘Huge Importance’

    Quote Originally Posted by Lord Tammerlain View Post
    It is not the trade that matters it is the financial interdependance that does. Canadian and US banks have direct and indirect ties to europe, just as European banks have direct and indirect ties to US and Canada. Should a couple of European countries default, the effect will not be limited to Europe, just as the fallout of Leahman Brothers effected European banks. AIG went belly up in part to CDS's owed to some major European banks. US banks have the same sort of exposure to European debt.


    As for Canada, what happens in China and India are going to be the key. Without their demand for raw materials the Canadian economy would be far worse, and Chjina is going to undergo a couple of rough years very soon. Latin America to Canada is meaningless. We dont export manufactured goods to them, nor much food. They are a more important market to the US, and supply materials to India and China, ie more of a competitor to Canada then a customer
    It´s not necessary to get side tracked into international trade debate but the fact is that I wholeheartedly agree with the position of the Canadian Prime Minister and that giving any money to Europe is money down the tubes. Let them do a complete reform and then after that is done, but only after, another Marshall Plan might go into effect.

    But I doubt that Europe will be a serious factor in the economic wealth of any country. We can easily work around them.

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    Re: Obama: Solving Euro Crisis of ‘Huge Importance’

    Quote Originally Posted by Grant View Post
    It´s not necessary to get side tracked into international trade debate but the fact is that I wholeheartedly agree with the position of the Canadian Prime Minister and that giving any money to Europe is money down the tubes. Let them do a complete reform and then after that is done, but only after, another Marshall Plan might go into effect.

    But I doubt that Europe will be a serious factor in the economic wealth of any country. We can easily work around them.

    What do you think would happen if a European country defaults and a European bank has billions of CDS that pay out when the default occurs, if those CDS's were issued by a few major Canadian banks??

    When LB went bankrupt the CDS's issued by AIG drove it to bankrupcty. A $100 billion dollar bailout by the US government was the end result. Canada does not have that type of money to backstop our banking system.

    That would mean a large amount of wealth being destroyed
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    Re: Obama: Solving Euro Crisis of ‘Huge Importance’

    Quote Originally Posted by Lord Tammerlain View Post
    What do you think would happen if a European country defaults and a European bank has billions of CDS that pay out when the default occurs, if those CDS's were issued by a few major Canadian banks??

    When LB went bankrupt the CDS's issued by AIG drove it to bankrupcty. A $100 billion dollar bailout by the US government was the end result. Canada does not have that type of money to backstop our banking system.

    That would mean a large amount of wealth being destroyed
    Yes, money will be lost but money will also be lost with bailouts. As has been said often enough, it doesn't make any sense to throw good money after bad. Americans and Canadians can give them trillions and it wonńt make any difference, just as the trillions in debt the US now has does no one any good.

    Canada is doing all right, its debt is manageable and our trade agreements are growing and being strengthened. We have a lot of natural resources that the world is willing to buy and we have a solid and growing middle class. Europe is nothing but trouble, and we don't really need it. Let them get out of the mess they made on their own and maybe, this time, they will learn something.

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    Re: Obama: Solving Euro Crisis of ‘Huge Importance’

    I agree with Tammerlain that we're too tied up with Europe through banking, bonds, CDS's, currency, oil and trade. Though the ECB through the IMF could probably help with a $250 billion bailout package. The WTO, NAFTA and other free trade treaties have tied international corporate and sovereign wealth into a hairball. The derivatives market alone is valued at $1000 trillion, which is what I call imaginary wealth. It's all over inflated by the voodoo of complex and exotic financial products. Europe is not necessarily the real problem, unless they allow it to become the next market catalyst like Lehman, they won't. It's the fact that all the monetary wealth of the world is owed to the investors who have quietly purchased us through our personal and sovereign debt over the past 2 decades. The real problem is whether the investors loose faith in the markets and cause another run, especially in bonds and don't collapse the dollar. Unfortunately the CDO bubble never did pop completely.

    Big Risk: $1.2 Quadrillion Derivatives Market Dwarfs World GDP - DailyFinance

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    Re: Obama: Solving Euro Crisis of ‘Huge Importance’

    Quote Originally Posted by Rhapsody1447 View Post

    Obama: Solving Euro Crisis of

    Obama: Solving Euro Crisis of ‘Huge Importance’


    Is this political suicide or just a pragmatic response? Can the US afford to get involved in the Eurozone disaster with a 100% Debt/GDP Ratio and annual deficits of 11% of GDP? Is Obama willing the save the Euro project he holds so dear at the expense of America's fiscal health? I'm looking forward to hear more details about this as it just broke but the headlines are already scaring me enough. I can't imagine Obama is willing to entangle himself in this mess so close to an election.
    that's all politico-speak for "we're gonna bail out Europe with our tax dollars".

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    Re: Obama: Solving Euro Crisis of ‘Huge Importance’

    Quote Originally Posted by Thrilla View Post
    that's all politico-speak for "we're gonna bail out Europe with our tax dollars".

    it will not be with tax dollars but with the printing press.
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    Re: Obama: Solving Euro Crisis of ‘Huge Importance’

    Quote Originally Posted by Lord Tammerlain View Post
    it will not be with tax dollars but with the printing press.
    at the end of the day, their isn't much difference.

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    Re: Obama: Solving Euro Crisis of ‘Huge Importance’

    Quote Originally Posted by conservativeguy View Post
    Trillions in trade with the EU....really?
    yes, really.

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    Re: Obama: Solving Euro Crisis of ‘Huge Importance’

    Quote Originally Posted by Thrilla View Post
    that's all politico-speak for "we're gonna bail out Europe with our tax dollars".
    Nonsense. We can't even bail ourselves out, let alone Europe.

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    Re: Obama: Solving Euro Crisis of ‘Huge Importance’

    Quote Originally Posted by Thrilla View Post
    at the end of the day, their isn't much difference.
    sure there is. bailing out europe with tax dollars is stealing from american workers. doing it with printing presses is stealing from american workers and the chinese.

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