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(email exchange)

Right, thanks!

>   
>   On Fri, Oct 3, 2008 at 10:01 AM, wrote:
>   
>   In a message dated 10/3/2008 01:00:23 Mountain Daylight
>   Time, wrote:
>   
>   Jean-Claude Trichet, president of the European Central Bank,
>   said the EU’s structure was ill-suited to a common bail-out
>   scheme.
>   
>   ”We do not have a federal budget, so the idea that we could
>   do the same as what is done on the other side of the Atlantic
>   doesn’t fit with the political structure of Europe.” Silvio
>   Berlusconi, the Italian prime minister, will want to be seen
>   supporting Mr Sarkozy in proposals for greater regulation. But
>   with the desperate state of Italy’s public finances – debts of
>   more than 103 per cent of gross domestic product – he will
>   not be in a position to offer much in terms of an EU bail-out
>   package.
>   
>   Bingo! Berlusconi gets it!


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9 Responses

  1. I’m totally unfamiliar with the European political system, but I thought there was some kind of European Parliament at least?

  2. 1. Yes, there’s an EP but they have a tiny budget and little authority to do anything but spend the amount they are funded by the members.

    the whole thing is similar to the articles of confederation that the US was under originally and worked just about as well…

    2. sounds good!

  3. Financial fools make me laugh – why did they ever think they could UNIFY that part of the world? From greece, from alexander the great, from hannibal, from roman generals, from ceaser, from the mongrol hordes, to even Napolean and hitler, no one has been able to keep those idiots united LOL! It is not in their genetic code to sacrifice for their fellow man 5000 miles away. Hell my friends in germany can’t stand to sacrifice for their nieghbor a few streets over across the old berlin wall, much less some slacker in italy or spain.

  4. What he seems to be saying is to hell with a bailout. Either the EU doesn’t want to fool with a ‘bailout” or they see what is about to happen to the American economy. Either way, the EU doesn’t want to touch a ‘bailout’. Just my two cents. Warren, your take?

  5. Ted, agreed. the only way they got together was to agree the national govs would not bail each other out, and so they put in place what is known a the no bailout rules for the ECB.

    worse, the are calling this the ‘beneficial recession’ needed to contain wage demands. there’s more ingrained class warfare over their than we americans are capable of believing.

    they know about their systemic risk and are more than willing to play with fire and risk all.

    it’s going downhill very quickly over their. this was a very bad week for them and the rest of the world they are dragging down with them. I’m sure our banks have direct and indirect eurozone exposure that will rival and maybe exceed the sub prime exposure.

    we need an immediate payroll tax holiday now!

  6. “it’s going downhill very quickly over their.”

    Those irish guys made lots of my UK friends pissed off, I thought we had those boyz part of our borg collective and happy to stop bombing the rest of us and then they go do this, ug. My last girlfriend was a catholic from ireland and she hated her basically forced marriage at a very very young age – 12 I think and said she would be glad if a nuke took out ireland! I think she killed her irish husband while he slept and stole away into the night to america.

    ” this was a very bad week for them and the rest of the world they are dragging down with them. I’m sure our banks have direct and indirect eurozone exposure that will rival and maybe exceed the sub prime exposure.

    we need an immediate payroll tax holiday now!”

    Ok if we don’t get one, what are you doing financially Warren, keep us updated. I stashed most of dollar hoard in treasuries so I could do my patriotic duty and give my government lots of interest free cash. If the euro zone breaks down, this may give political will to the succeesionists movements that are already established in USA states like Alaska who want to cut from California. The last time I talked to bhagwati at the CFR he was certain in 100 years we would have this big ole unified world, them CFR boyz future plans don’t work if the world is 500 or more different nations or fractured even worse. I worry about you Warren, if thier aint a big US gubbment army to protect you, what stops the russian pirates from going Johnny Depp on you and raping your fields and pillaging your women? 😉 Mccain said putin had KGB in his eyebalss – LOL!

  7. http://uk.youtube.com/watch?v=WPc00AB8qJY

    THE F K N news desk on the global crisis, Warren I think you especially can appreciate this most insightful podcast on the true workings of banks and currency, that announces better be quiet, those CIA jackals will kill him if he keeps spreading that kind of propoganda – true or not.

  8. i never have any cash- i run on overdraft.

    i have credit lines that i run up and down as i get any cash in.

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