Europe's pain is coming America's way

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The problem has become so complicated, that perhaps only a child can solve it. An 11-year-old Dutch boy, Jurre Hermans, entered a serious economics competition with a plan for bringing the Greek economy back from the brink.

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The United States was right to deal with the recession first before tackling the longer term problem. Europe is proving what the Hoover administration already showed in the 1930s, that cutting spending in a recession is counter-productive.
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cecilia said:
cutting spending in a recession is counter-productive.
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Yes, but Greece doesn't have a choice because when the elected government of Greece wouldn't cut deep enough then the bankers of Europe appointed an administrator and when the elected (though tenuous a claim to legitimacy that is when talking about Berlusconi) government of Italy wouldn't cut deep enough the bankers appointed an administrator.

At least two European governments are under receivership, not elected government. The receivers are there to part out the countries and make sure the creditors get their pound of flesh. At least the US is still sovereign - that's where the real difference lies.
 
FluffyMcDeath said:
Yes, but Greece doesn't have a choice because when the elected government of Greece wouldn't cut deep enough then the bankers of Europe appointed an administrator and when the elected (though tenuous a claim to legitimacy that is when talking about Berlusconi) government of Italy wouldn't cut deep enough the bankers appointed an administrator.

At least two European governments are under receivership, not elected government. The receivers are there to part out the countries and make sure the creditors get their pound of flesh. At least the US is still sovereign - that's where the real difference lies.
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thanks for the clarification.
 
FluffyMcDeath said:
Yes, but Greece doesn't have a choice because when the elected government of Greece wouldn't cut deep enough then the bankers of Europe appointed an administrator and when the elected (though tenuous a claim to legitimacy that is when talking about Berlusconi) government of Italy wouldn't cut deep enough the bankers appointed an administrator.

At least two European governments are under receivership, not elected government. The receivers are there to part out the countries and make sure the creditors get their pound of flesh. At least the US is still sovereign - that's where the real difference lies.
Click to expand...
Yes, it becomes more and more clear to me these banks are doing a blatant coup with their "recession".
 
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