• This is a political forum that is non-biased/non-partisan and treats every person's position on topics equally. This debate forum is not aligned to any political party. In today's politics, many ideas are split between and even within all the political parties. Often we find ourselves agreeing on one platform but some topics break our mold. We are here to discuss them in a civil political debate. If this is your first visit to our political forums, be sure to check out the RULES. Registering for debate politics is necessary before posting. Register today to participate - it's free!

Obama: Solving Euro Crisis of ‘Huge Importance’

Rhapsody1447

Rhapsody1447

Skeptical Optimist
DP Veteran
Joined
Aug 25, 2006
Messages
1,510
Reaction score
707
Gender
Male
Political Leaning
Very Conservative
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
Click to expand...

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.
 
"Better to fight it over there, than fight it over here" applies to economics too.
 
Rhapsody1447 said:

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.
Click to expand...

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.
 
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.
 
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.
 
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.
 
jamesrage said:
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.
Click to expand...

... 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.
 
Rhapsody1447 said:

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.
Click to expand...

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.
 
AdamT said:
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.
Click to expand...

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:
Hatuey said:
... Have you ever left the US for anything other than a family vacation?
Click to expand...

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.
Click to expand...

This is why you don't tie money into other countries.
 
And I thought Europe solved this problem many times over already. They were all patting themselves on the back not long ago.
 
1Perry said:
And I thought Europe solved this problem many times over already. They were all patting themselves on the back not long ago.
Click to expand...

They solved nothing. Our Fed bailed them out without our knowledge, thanks Bernanke, and Geithner.


j-mac
 
j-mac said:
They solved nothing. Our Fed bailed them out without our knowledge, thanks Bernanke, and Geithner.


j-mac
Click to expand...

I agree with your point but we do need to note. All they did was push the problem a little further into the future while creating even more problems.
 
1Perry said:
I agree with your point but we do need to note. All they did was push the problem a little further into the future while creating even more problems.
Click to expand...

That can doesn't have much further to travel until it disappears off the side of the mountain.


j-mac
 
jamesrage said:
This is why you don't tie money into other countries.
Click to expand...

Are you serious? There is no way for us to insulate ourselves from their problems, any more than they could insulate themselves from ours. I don't know that there's much we can do about it, but it certainly makes sense to explore all options.
 
I am thinking Obama is just trying to pressure and motivate the EU to get something done, especially Germany who is being a major road block in any Euro negotiations. There is no way the Euro can survive the short term unless Germany caves and lets the ECB buy and guarantee unlimited amounts of sovereign debts from various countries, while in the long term the countries are going to have to give up some sovereignty and instead of each country having solely their own debts, the euro area in general needs to have its own integrated bond where all countries are on the hook and have substantially more power to deliver budgetary discipline on negligent countries.
 
drz-400 said:
I am thinking Obama is just trying to pressure and motivate the EU to get something done, especially Germany who is being a major road block in any Euro negotiations. There is no way the Euro can survive the short term unless Germany caves and lets the ECB buy and guarantee unlimited amounts of sovereign debts from various countries, while in the long term the countries are going to have to give up some sovereignty and instead of each country having solely their own debts, the euro area in general needs to have its own integrated bond where all countries are on the hook and have substantially more power to deliver budgetary discipline on negligent countries.
Click to expand...

Germany does not have the ability to solve Europe's problems.
 
With the Euro in a bad situation could this possibly usher in a new international currency?

If you watch this video at 3:30, Ron Paul talks about powers trying to install a new NATO/IMF international fiat currency. If the Euro were to collapse this could be a good opportunity for them to try and instal this new international currency as a replacement.
 
Baralis said:
With the Euro in a bad situation could this possibly usher in a new international currency?
Click to expand...

No. If the Euro fails, which is unlikely, it will result in more national currencies -- not a more unified currency. Paul is a nutter.
 
Baralis said:
With the Euro in a bad situation could this possibly usher in a new international currency?

If you watch this video at 3:30, Ron Paul talks about powers trying to install a new NATO/IMF international fiat currency. If the Euro were to collapse this could be a good opportunity for them to try and instal this new international currency as a replacement.
Click to expand...

I would say, if anything, this is proof that an international fiat currency WOULDN'T work. The lesson learned from the EU failure is that you can't tie different countries with different cultures and economies into one monetary union. You will always end up having the rich countries bail out the poor ones and with relatively overpriced and under priced currencies.
 
AdamT said:
No. If the Euro fails, which is unlikely, it will result in more national currencies -- not a more unified currency. Paul is a nutter.
Click to expand...

Rhapsody1447 said:
I would say, if anything, this is proof that an international fiat currency WOULDN'T work. The lesson learned from the EU failure is that you can't tie different countries with different cultures and economies into one monetary union. You will always end up having the rich countries bail out the poor ones and with relatively overpriced and under priced currencies.
Click to expand...


I am not saying that it is reasonable, smart, or going to happen. I am also not sure why you say he is a nutter because he says that OTHERS are pushing for such a system. I believe his claim that some would like to see this happen. As we know some wish to see a global government as well. Why would these people not also like to see an international currency.
 
The Europeans shouldn't one read dime, unless they pass drastic austerity measures.

Wanna raise my taxes, just so they don't have to cut their out of control spending? Not with my mother****ing money, they won't.
 
Baralis said:
I am not saying that it is reasonable, smart, or going to happen. I am also not sure why you say he is a nutter because he says that OTHERS are pushing for such a system. I believe his claim that some would like to see this happen. As we know some wish to see a global government as well. Why would these people not also like to see an international currency.
Click to expand...

"Some" would like to see a lot of things, but there is no major movement and not even remote chance that there is going to be a unfied currency or global government in our lifetimes. Unfortunately it's this kind of nonsense that cause people to dismiss Paul and the many reasonable things that he has to say.
 
1Perry said:
And I thought Europe solved this problem many times over already. They were all patting themselves on the back not long ago.
Click to expand...
Germany saved itself by responsible government. Unfortunately for Germany they are tied into the Euro, so now as the only real financially solvent government they are being begged to save everyone else. Problem with saving everyone else is everyone else isnt willing to do the hard work at home, which means Germany is going to likely be sucked down with the rest of them.
 
apdst said:
The Europeans shouldn't one read dime, unless they pass drastic austerity measures.

Wanna raise my taxes, just so they don't have to cut their out of control spending? Not with my mother****ing money, they won't.
Click to expand...

Indeed. If Obama follows through and tries to bail our Europe when we already can't sustain our own spending...

wow.
 
You must log in or register to reply here.
Back
Top Bottom