Europe - How many times will we see the same drama?

by truthbetold Sun Nov 13, 2011 6:30 pm

It is 5th or 6th time Eurozone went through similar convulsions. Same lame excuses. Some forward movement. Then some political leader makes a major selfish move and brings down the whole set of agreements. Then suddenly in the middle of night threats of impending doom were issued. Political leadership changes. Parliaments pass new laws to implement old agreements. Then we go to next stop on this twisted torturous road euro zone survival. Not for faint hearted.

by Marathadi-Saamiyaar Sun Nov 13, 2011 7:28 pm

Mexico, Brazil, indonesia, S.Korea all were on the brink of bankruptcy and with outside help recovered and now doing fine.

The white man's arrogance that he can do no wrong has put Greece, Spain, Portugal, and ireland in a deep pit full of shyt.

The biggest gainer is US. Talk of an alternative to the US dollar will not arise for another 15 years, and power and control may turn towards the US slowly.

by chameli Sun Nov 13, 2011 8:38 pm

China will be the big gainer in the European drama ... they are the ones with the surplus money

by truthbetold Sun Nov 13, 2011 11:59 pm

China's stature rose significantly since 2008 crisis, In the EU crisis, China wanted more say in IMF (voting percentage) for its money. EU balked. So that negotiations are still continuing. China's attitude is like an old Indian saying "what are you going to bring if you to my house? What will I get if I come to your house?" . However they got EU by its balls and would squeeze agood deal. The good old Indian boy MMS already promised help to EU.he will get a pat on his back and a sir from queen and a doctorate from a german university for supporting EU.

by Kris Mon Nov 14, 2011 12:47 am

truthbetold wrote:China's stature rose significantly since 2008 crisis, In the EU crisis, China wanted more say in IMF (voting percentage) for its money. EU balked. So that negotiations are still continuing. China's attitude is like an old Indian saying "what are you going to bring if you to my house? What will I get if I come to your house?" . However they got EU by its balls and would squeeze agood deal. The good old Indian boy MMS already promised help to EU.he will get a pat on his back and a sir from queen and a doctorate from a german university for supporting EU.

>>>>Did you read the piece by Zakaria on CNN.com? He suggests that EU needs to go for this, which also paves the way for China to become a major player globally. I thought India had pretty much passed on this. I didn't know MMS had promised help.

by truthbetold Mon Nov 14, 2011 1:14 am

I will have to check on Zakaria.

yes. MMS and Pranab announced after greek deal towards end of Oct that India will support EU. Chinese asked for IMF voting percentage increase and refused to jump in till imf role is accepted. Even Russia got its wtf membership pushed forward.

One problem with EU is that countries like Norway with 700 billion investment (from north sea oil) refuses to invest in southern EU's debt. Why should China jump at it?

by Kris Mon Nov 14, 2011 1:29 am

I think China is being characteristically coy about it, possibly angling for the best leverage it can get out of this. I am guessing there are negotiations behind the scenes. The EU hopefully realizes it is not in a position to dictate terms, considering it doesn't have the wherewithal to prop up all the p.i.g.s. The US is pretty much out of the game, with its own problems and of course, worried about the blow-back of any european meltdown.

With Norway, there has always been skepticism about the whole EU at least among a slight majority of the population. In retrospect, the whole cobbling together of nations with very different economic profiles/ cultures has proved to be the euro-zones undoing.

by Kris Mon Nov 14, 2011 1:37 am

truthbetold wrote:I will have to check on Zakaria.

yes. MMS and Pranab announced after greek deal towards end of Oct that India will support EU. Chinese asked for IMF voting percentage increase and refused to jump in till imf role is accepted. Even Russia got its wtf membership pushed forward.

One problem with EU is that countries like Norway with 700 billion investment (from north sea oil) refuses to invest in southern EU's debt. Why should China jump at it?

>>>>> Here is Zakaria's article. Notice the comment in it about the need for a big bazooka..to keep the markets happy.

http://globalpublicsquare.blogs.cnn.com/2011/11/11/zakaria-china-save-europe/?hpt=wo_r1

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