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

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    Obama: Solving Euro Crisis of ‘Huge Importance’

    President Barack Obama said resolving the European debt crisis is of “huge importance” to the U.S. and his administration is “ready to do our part” in stabilizing the global economy.

    Obama said a “large part” of the annual U.S.-European Union summit was spent on the impact of the crisis in the euro- zone. He spoke at the White House after meeting with European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso.

    Van Rompuy said the U.S. and EU “both need to take strong action” to maintain the economic recovery. Barroso said he has “full confidence” that Europe will deal with the sovereign debt issue

    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.
    "There is an excellent correlation between giving society what it wants and making money, and almost no correlation between the desire to make money and how much money one makes." ~Dalio

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

    "Better to fight it over there, than fight it over here" applies to economics too.
    Don't work out, work in.

    Never eat anything that's served in a bucket.

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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.
    It's really like choosing between getting shot and hanging yourself. And it's not so much saving the Eurozone for idealistic reasons as it is for practical reasons.
    Nobody who wins a war indulges in a bifurcated definition of victory. War is a political act; victory and defeat have meaning only in political terms. A country incapable of achieving its political objectives at an acceptable cost is losing the war, regardless of battlefield events.

    Bifurcating victory (e.g. winning militarily, losing politically) is a useful salve for defeated armies. The "stab in the back" narrative helped take the sting out of failure for German generals after WWI and their American counterparts after Vietnam.

    All the same, it's nonsense. To paraphrase Vince Lombardi, show me a political loser, and I'll show you a loser.
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    Re: Obama: Solving Euro Crisis of ‘Huge Importance’

    It's just stating the obvious. Our markets have been impacted more by the Eurozone crisis over the last six months than they have been by U.S. economic data.

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

    Our banking sector has so much tied up in the Euro and European interests that a collapse would likely bring the US down with it.


    Personally I feel we are in for some very very rough times ahead. I do not think we have seen anywhere near the worst of it. I suspect sometime within the next 20 years that either the US economy will collapse or we will have such massive inflation that the result will be nearly the same. Any action we perform now will likely only temporarily keep a collapse at bay. Things that may stave off a total meltdown are things our country simply refuses to do. I feel it will take things getting much worse before enough of the people will be willing to make the needed changes but by that point it will be far to late.

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

    The US should stay out. I realize that some Americans have investments in those countries but **** them. Sometimes you make good investments and sometimes you don't. No tax payer dollars should be loaned or given away to these countries.
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

    Cicero Marcus Tullius

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

    Quote Originally Posted by jamesrage View Post
    The US should stay out. I realize that some Americans have investments in those countries but **** them. Sometimes you make good investments and sometimes you don't. No tax payer dollars should be loaned or given away to these countries.
    ... Have you ever left the US for anything other than a family vacation? I got news for you Jack, it's not Americans investing in other countries. If they go down, it won't be pretty for us either.
    I refuse to accept the view that mankind is so tragically bound to the starless midnight of racism and war that the bright daybreak of peace and brotherhood can never become a reality. - MLK

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    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.
    This is economic suicide. The US can't afford to keep paying the interest on the debt, nevermind the principal.

    Of course Obama is going to try and save the euro by sending them money, in spite of it being economic suicide.

    It doesn't matter about the election.... Because so long as Ron Paul does not get elected the next person in line will grab the baton and run with the same program as GWObama.

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

    Quote Originally Posted by AdamT View Post
    It's just stating the obvious. Our markets have been impacted more by the Eurozone crisis over the last six months than they have been by U.S. economic data.
    Are libs (err, "undisclosed") officially backing away from blaming Bush and moving to blaming Europe? Say it ain't so. Big oil and executives should probably give those euro commies everything, right. Everyone over $250k is goin' Marshall Plan. Think of the children.
    Last edited by ecofarm; 11-29-11 at 03:37 AM.

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

    Quote Originally Posted by Hatuey View Post
    ... Have you ever left the US for anything other than a family vacation?
    I was stationed in Korea for a year.

    I got news for you Jack, it's not Americans investing in other countries. If they go down, it won't be pretty for us either.
    This is why you don't tie money into other countries.
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

    Cicero Marcus Tullius

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