Comments for http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html en-gb 30 Sun 21 Dec 2014 04:33:49 GMT+1 A feed of user comments from the page found at http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html WebAliceinwonderland http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=99#comment113 powermeer and even that you are right ab nuclear pollution in Semipalatinsk - well I haven't noticed the USA cancelling nucler arms either. We didn't invent the cold war what to do.Overall it is plain funny you searching for defects in Russian space and rocket and ballet science. ;o))) This trio is Russian stronghold unquestionable. Next thing you'll question out tanks, vodka, hats with ears and matryoshka dolls quality ;o))))___________David, with Ludmila Gurchenko I recommend you buy "Vogzal dlya dvoikh"/"Railway Station for Two" film. As a first step :o)Yes, she's been acting in many movies no worry.___________Niki by "medieval Persian cruelty" I meant, how to say, may be we were of too good opinion of our Georgians ;o))))))) and habitually wrote off all their excesses to dismal past after all they were occupied by Persians many times and inter-married to a great degree... in those centuries.. ;o)))))) Believe it or not the cruel turn things turned around suddenly for Russians in 1930-s in Stalin's "hedgehog gloves" were also written off in common opinion to some medieval eh? I don't know "Eastern" defects inherited by him ;o)))) (for us "East" is South" :o)))))) can't explain why :o))))))) as powermeer noted ab our "East"/"Vostok" station in the Antarctida.Well all those Southern places are kind of East of St. Petersburg somewhat. given that more West than St. Petersburg meaningful places don't exist in Russia ;o))))Even in Russia in the mid-20th century some things were considered outdated and this cruelty applied toextermination of the population was viewed as bizarre wild, standards of 14th something century when people were quartered or carried to a scaffold or I don't know. When heads were cut - this physical open offence. People here kind of mistakingly thought they live in another epoch ;o)))) this all has drowned in history several centuries ago, but the way the state took to shooting people without a court session or lawyers was viewed kind of "it can not be because it can not be ever." And we blamed "the Persians" ;o))))) for that ;o))))) You are right. It's a common place here, I didn't notice.;o)))))) Quite foolish. But Where From? In 1930!!!! for crying out loud.Russia wasn't a violent place before and we relaxed ;o)Keep in mind the last tsar beloved abroad Nicolas the II was called in Russia simply and endearingly "Nikolay Krovavy"/Nicolas the Blood-handed - by all! across! as it was known at his rule either 20 people were executed? or whole 30! Is it a tsar?!!! of the 20th advanced enlightened century?!!!! Can not be because can not be ever!In fact may be 5. forgot :o))))) But some HORRIBLE number for sure :o))))))(little we knew) Sun 19 Dec 2010 23:16:00 GMT+1 cool_brush_work http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=98#comment112 101. At 11:52am on 19 Dec 2010, JorgeG1 wrote:"Try for a moment to imagine a world where there is no widespread prevalence of the following conditions:MCIMIS (My Currency is my Identity Syndrome)NCSS (Nineteenth Century Sovereignty Syndrome)OCBCD (Obsessive Compulsive Border Control Disorder)Try for a moment to imagine (I know how hard this can be) that you live in that world. The things that appear impossible in a world where the above conditions are widespread look perfectly possible when you live in a place where these conditions are not prevalent. That place is called Continental Europe."The closing remarks especially aimed at the British who would prefer not to be a part of the 'Political' entity currently dominating "Continental EUrope".The closing remarks of JorgeG1 lauding 'Continental EUrope': The same Continental EUrope that he was obliged to use for examples of 'Far Right' extremist Political Parties such as Le Penn's & Gert Wilders when JorgeG1 tried to paint the views of 'anti-EU' on these blogs in the same fascist tendency. Why quote France & the Netherlands? I mean there are other Continental EUropean Parliaments with significant 'far right' Political representation, e.g. in Austria, Belgium, Denmark, Italy, Romania, Bulgaria etc. Well, to have used a UK example would have meant admitting that the only UK 'far right' Politicians are in the Continental EUropean Parliament - - where doubtless they feel comfortable among so many like-minded groupings - - whereas post-WW2 the UK Parliament has never had such a representative. So, just to be clear, when JorgeG1 lectures all Britons about the advantages of 'Continental European' politics it is as well to recall in June 2010 not one 1 'far right' candidate was returned by the British Electorate to its National & Devolved Parliament/s. Any glance at the National Parliaments of good old 'Continental EUrope' will reveal a very different story amongst JorgeG1's supposedly wonderful 'ever closer union' EUropeans!I'm not claiming the UK is free of this curse of 'far right' extremism; and, nor do I say it dominates in EUropean 'politics' (it does not): I am saying when JorgeG1 writes: "MCIMIS (My Currency is my Identity Syndrome)NCSS (Nineteenth Century Sovereignty Syndrome)OCBCD (Obsessive Compulsive Border Control Disorder)", he is attempting to portray the British Citizens who oppose the ever-encroaching EU as being from one particular sector of like-minded extremity. That portrait of British opposition to the EU is as unfair as if I were to use the numerous examples of support by EUropean Citizens for 'far right' groups as being the only grounds/reasons/causation of 'political' viewpoints across the European Continent.The issues of UK membership of the EU are much more complex and considerably more open to debate than the blanket condemnation JorgeG1 has repeatedly tried to affix to those of us from the UK who are 'anti-EU'. Sun 19 Dec 2010 22:52:38 GMT+1 cool_brush_work http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=97#comment111 6. At 7:40pm on 17 Dec 2010, Mathiasen wrote:Each time the expression "the markets" occurs here people should realise what kind of persons and institutions that are inside "the markets".Angela Merkel has already realised it. In the future these persons and institutions will be made responsible according to the agreements on the EU summit. There will in other words be new political regulations of "the market". It is about time."Mathiasen, the 'Political oversight' didn't have any effect in the past:It was 'Politicians' that oversaw the creation of the EUro-Currency & the EUro-zone and in both cases it was Polticians perverted the Rules & Regulations to suit their 'political' ambitions rather than the sound foundations of an EU Fiscal arrangement.It was EU 'Politicians' that throughout 2008 onward as warning signs began to emerge in the Banking & Investment world consistently sat on their hands and did nothing useful - - until in 2010 for 12 months the 'Politicians' have run in circles from one crisis to another repetitiously proclaiming they have 'solve' the crisis only for it to re-emerge elsewhere.It is EU 'Politicians' who have for 2 decades argued that 'one-size-fits-all' is the panacea answer to every EU problem7issue and even now they gabble this mantra though clearly the evidence of 2010 is that 12 to 15/16 EUro Currencies exist! There is nothing 'one-size' about Greece, Ireland, Portugal, Belgium, Spain etc. Currency & Economic difficulties and absolutely no 'fits-all' about the 'Political' idea that more 'oversight' will somehow magically squash them all back into the EUro-pot-bellied shape (because to call it a 'zone' is the equivalent of labelling Dinosaur & Chicken as equals simply because their bone structure once had similar origins!).Why, when 'Politically' inspired 'oversight' failed throughout 1998-2010 would more 'oversight' agreed by Politicians in 2011 have any more likely consequence of producing progressive financial effect in the future? Sun 19 Dec 2010 22:20:42 GMT+1 Leuctrid http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=96#comment110 Shayan 1 @ 96The answer to your question is long winded. You have a lot of cathching up to do.When Germany 'reunited' there was a glitch and they had to pay a lot of social security to the former East germans without recieving any income from that economy, which was still going to Russia. The glitch caused by the criminal underworld ferrying their funds. No-one else's problem.The rest of Europe gave Germany large loans to deal with this. Germany defaulted on those loans. Notably Greece, hence their demands for Germany to return their money.But, instead, Greece has a hole it it's books, and to plug it Germany and others leant them money at an interest rate! So although Greece is owed money by Germany, on the books Greece owes them money. Clever aye? Accordingly, the books show Germany being very wealthy - these loans they've defaulted on aren't being called in and they're actually getting an interest rate back for it! And, on the markets, when a country is deemed to be able to repay their debts - and the markets think so even though they have defaulted - the markets charge a lower interest rate.So, why do the markets think Germany can repay if they have a history of defaulting? Well, the answer is that Germany does ACTUALLY HAVE the money. It isn't about whether they sit on it, it's that the money is there.How did the money get there? When they were given the loans at the point of reunification. It hasn't been repayed, they still have it. They have Greece's money for example. Greece doesn't have it AND Germany gets an income on top of that, as I explained at the top. So it's circular.So Germany is a safe bet having most of Europe's money and should be able to repay, hence lower interest rate.Tho take that money out of Germany - make them give some of it to other countries - they don't have so much, aren't so safe, and their interest rate goes up. So in this case spreading the credit risk means making Germany cough some of it up. Strangely AMerkel doesn't want to cough up the money or pay a higher rate. But this is partly her own fault, as far as I'm concerned, for not giving Greece the loan quick enough when they hit the rocks. It's much more expensive to rebuild a house that's fallen down than to maintain it before that happens, isn't it?I've written enough. The Daily Politics does good summaries on this sort of thing. Robert Peston for nitty gritty. Hugh Pym on the news explains v. clearly.You have a lot of back reading to do - sorry, I didn't create the Eurozone! Sun 19 Dec 2010 17:44:23 GMT+1 WebAliceinwonderland http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=95#comment109 "Burma, China, Cuba, Iran, Nicaragua, North Korea, RSA, Sudan, Wenezuela and Zimbabwe."No, not "that's why". With the exception of China - what can these do, how they matter? If these are "improved", by wikileaks break-neck effort :o) - will the world change?But sure powermeer if you want to be measured by the same measure as Zimbabwe :o)))))))I, for example, am of another opinion. My slogan is "Russia for Russians". For everyone else doesn't give a damn :o)))))) about it, whether it stays on the map or not :o))))Recognising my Russian Russian deficiences in ability to fix it :o)))))), in Russians in that formula I list everyone interested that the place survives. Ethnic composition of my comrades in the business interests me as much as last year snow, and finding out about it is same useful as an umbrella for a fish or a fifth leg for a dog.Simply someone should be responsible and why not to call these people Russians. Sun 19 Dec 2010 16:16:02 GMT+1 WebAliceinwonderland http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=94#comment108 "Go to the huge SEMIPALTINSK region (a former Soviet nuclear polygon), check the level of radiation there and see all the Kazakh children born in last 50 years with life-threatening deformities caused by readioactive pollution (cesium, cobalt, etc.)I did. :-(((P.S. If you want to see a pollution and devastation caused by multiple Soviet/Russian missile/rocket launches - go to Baikonur."Semipalatinsk and Baikonur were chosen as launch places for the reason NOBODY EVER LIVED THERE. It is wild, flat as a plate, UNINHABITED steppe and semi-steppe HELL KNOWS WHERE, away from eyes and path ways of nomadic old routes of sheep herd eh shepherds (for the lack of grass).That Kazakstan opted to grabatise this land from Russia in separation, no doubt planning to milk us for the use of the launch sites or to sell "the secrets" left over by Russians to other "interested" parties - is their choice. We indeed paid them for the "rental" of the facilities as you understand built by nomadic tribes :o)))))))))), whose culture includes basket weaving, sheep herding and occasional spacecraft centres production :o))))))))), and as far as I understand this constituted the biggest part of the Kzakhstan national income.Another source of money for them is inviting US specialists over concerned with pollution inherent in launch sites, to sift every particle of desert sand there through a sifter, in the hope of finding something interesting. Green Peace approach no doubt ;o))))))), except I doubt any Green Peace folk have ever been there. Only "qualified" experts.That Kazakhstani these days sit on the area I find very probable, after all it's something in the desert that attracts attention. Something different from sand, and has may be some walls left - sure a place of attraction. Besides I think one can ask American tourists for cigarettes there.In total - Baikonur has been the planet's working horse cosmodrome for 60 years, with weekly launches. But no doubt Americans would have preferred it to be an ecologically clean area instead, because the problem with the ecology there is those WERE NOT American launches.Therefore ecolocical concerns are the main ones to consider for a country for who a shuttle occasional launch is an event to trumpet (twice a year)(with luck) in all the world media.Which reminds me the "Sojuz"/"Union" Russian space ship parked at the Int'l Space Station last Friday afternoon successfully - which is no news except it was the first 100% automated launch and travel of a Russian space ship with people. Nobody turned the wheel there or pressed a button ;o) once, so to say, we had an experimental fully automated a trip done. And no, it didn't miss the door-to-door connection btw the ship and the station, arrived to "click" in place with 1 millimetre exactness.In case anyone is interested, the Sojuz brought over one American colonel girl :o))))), one Italian special army services' ;o))))) kind of a commando chap, and one Russian commando chap - so the new trio there are all very sporty ;o)))))) Plus the four Russians who have been already manning the station who met them. We are discussing here their Christmas and New Year parties menu :o))))) and sporty events kind of say games this combination of cosmonauts may indulge in :o)))))))Will they run in the bags or what ;o))))))) Sun 19 Dec 2010 15:02:16 GMT+1 Clive Hill http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=93#comment107 #105 Justin150...I think in the US the states are allowed to go bust and New York has come close several times. The US has the advantage of a common language and common legal culture coupled with strong historical tradition of large scale movement of labour to new economic growth areas. This is a much more powerful economic force than the Fed redistributing some spending...I don't know whether it's the post you are referring to but I explained that in the USA there are many types of bonds, including many at state level. The key point is that the USA as a whole will not go bust because individual states do. They go bust on their own bonds, not national US bonds. If there were ECB bonds - which Germany will not allow - the Eurozone would have the same problem with Greece as the USA has with California. It would also help if the EU had a more diverse banking sector so that, say, French banks could lose money on Greek bonds without their government feeling the need to protect themI agree with you, espcially about the common language. I believe that is the single biggest hindrance to EU progress politically and socially and by implication, economically. Sun 19 Dec 2010 13:43:46 GMT+1 Clive Hill http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=92#comment106 #101 JorgeG1@ 99 Clive HillYour point is very simple, as simple as the BBC Euroblog:UK good:"In fact your data illustrates fiscal transfers within the UK."It's not my data and I cannot see how that data illustrates fiscal transfers within the UK. It only illustrates huge inequalities within the UK which are much larger than any inequalities within the Eurozone.EU bad:"You might also note that the disparity in regional GDP in the UK, given that it is as you say, partly represents a failure of EU regional development funds."I don't understand how quoting facts implies some kind of pseudo-moral judgment - like 'good' and 'bad' - on an organisation. It just means that organisation is not systemically well designed. Like so much in the EU, that is almost certainly due to internal politics.As far as I know, EU regional development funds are real and this is precisely the reason why the likes of Poland are now furious with the British government relentless efforts to freeze the EU budget... Also, as far as I know, EU regional development funds are given to the sovereign governments of EU member states to administer. I don't know this for a fact, but I would be surprised if the EU gave Wales EU regional funds directly bypassing the central British government.You kind of contradicted yourself there - unless you believe Poland is a region of the UK.The EU uses regional development funds (ERDF) to cause 'convergence' among EU regions - reagardless of which nation they are in. This applies to regions within the UK as much as anywhere else. This is administered by EU people. There are also UK regional development funds but they 'match' ERDF. The strategy is the EU's and it is argued at a political level. That means that regional funds are allocated only partly in terms of economic need.You might also note that in the last EU budget negotiation, the UK gave up that part of its rebate which relates to regional funds for eastern europe.You say that debt is the issue:"The point is that GDP difference is not the issue. Debt is the issue. "And this chap in your Irish Times link says...What's all this got to do with the euro? Your chap in the Irish Times doesn't mention the euro as the culprit. He – rightly – blames the Irish government.The quote from him was this: "Economists have a simple rule to calculate this. If the interest rate on a country’s debt is lower than the sum of its growth rate and inflation rate, the ratio of debt to national income will shrink through time"..and I said: The interest on the EU loan is 6.1%. Inflation is not under Irish control, it is controlled at a low level - probably less than 3% for the foreseeable future - by the ECB. That means Irish growth must be greater than 3% before they even start to pay down the loan debt and on top of that they have their own bond debt.This refutes your remark that growth in the Irish economy means that their debt repayment will not be a problem as reported by Gavin Hewitt. It will be a problem because their growth is unlikely ever to be enough to deal with their debt.All this is just a convenient excuse for you, Euroblogs and Europhobes alike, to find arguments to 'prove' and 'demonstrate' your own dogmas: that the euro is about to collapse.I did not say that the euro was about to collapse and I don't think it is. If it does at all it will probably take years to happen.Try for a moment to imagine a world where there is no widespread prevalence of the following conditions:MCIMIS (My Currency is my Identity Syndrome)NCSS (Nineteenth Century Sovereignty Syndrome)OCBCD (Obsessive Compulsive Border Control Disorder)Try for a moment to imagine (I know how hard this can be) that you live in that world. The things that appear impossible in a world where the above conditions are widespread look perfectly possible when you live in a place where these conditions are not prevalent. That place is called Continental Europe. You might note that the EU polices its borders religiously against 'economic immigrants' just as the UK does. The UK has an open border to the rest of the EU, it just does not subscribe to the Schengen Agreement.You might level the 'Nineteenth Century Sovereignty' argument at any large EU nation, including France and Germany who regard their constitutions as above EU law. This is the very issue Frau Merkel is struggling with regarding 'bailouts'.'My Currency is my Identity Syndrome' - it's difficult to beat Germany on obsession with this issue. I don't think you will find many in the UK as attached to sterling as Germans are attached to Deutschmarks even after that currency has gone. Sun 19 Dec 2010 13:36:02 GMT+1 bbony http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=92#comment105 No one thinks the intentions of Germans, regarding the wealth, are not good. But they now simply don't seem to have summoned up the courage. Sun 19 Dec 2010 13:29:08 GMT+1 Justin150 http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=91#comment104 #9 wrote "Fundamentally the less-well-off European Nations only wish to join and participate within the EU as it is a mechanism of redistribution of the wealth of 6 northern European nations towards the less fortunate 'allies'."In a single currency zone such as the Euro it is an inevitable consequence of a single currency that there has to be a redistribution of wealth mechanism. There is nothing unusual or controversial about this - you see exactly the same in the UK as between the SE England and Scotland for example - the only issue is the size of the redistribution and how it is achieved.The reason for the need can best be described as an economic shock absorber. Economic conditions affect different parts of the single currency area in different ways and because there is a common interest rate and exchange rate within the single currency you cannot use interest rates and exchange rates to assist in managing the differences (as UK has the ability to do at a national level in its economic relationship with EU). Managing and smoothing out the difference therefore has to be dealt with in different ways and the most common are movement of labour (for example US in the great depression) and redistribution of wealth through central govt subsidies and spending.#26 wrote "If the eurozone were a single state this problem would not be occurring. If the USA were a collection of nations, California would have had to be bailed out by now and other states would be in the headlamps.The difference is that in the USA the money flows freely from the federal government to wherever it is needed. The 'pork barrel' is also a strategic factor in US government which I can see little or no evidence of in the EU."I think in the US the states are allowed to go bust and New York has come close several times. The US has the advantage of a common language and common legal culture coupled with strong historical tradition of large scale movement of labour to new economic growth areas. This is a much more powerful economic force than the Fed redistributing some spending Sun 19 Dec 2010 12:47:35 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=90#comment103 "junk USA dollars"Except, it seems, everybody, including some Greeks would love to have as many of them as possible. :-))))))))))))))))))))))))))))))))))))))))))))) Sun 19 Dec 2010 12:13:16 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=89#comment102 WebAliceinwonderland wrote:"What's a temperature like in Verkhoyansk or Omyakon right now?"In Verhoyansk and Oi! myakon ;o) live Verhoyanians and Oymakyonians :o), who are used to minus 40-50.Alice, a current cold record is held outside Russia.It's in the Antarctic. But not surprisingly, registered at the Russian VOSTOK station. :-)))))))[on a SPIRIT thermometer. :-)))] Sun 19 Dec 2010 12:11:08 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=88#comment101 "Nik, did you notice how little came out about China, Japan, etc. during the Big Leaks ??????? Were those in a separate file marked for a few eyes only??? (not 3 million)Interesting, no???"Stevenson! For pete's sake!!!Don't you know that "some animals [pigs] are more equal than others"?That's why you won't find in WikiLeaks any "dirt" on Burma, China, Cuba, Iran, Nicaragua, North Korea, RSA, Sudan, Wenezuela and Zimbabwe.comprende? Sun 19 Dec 2010 11:54:31 GMT+1 JorgeG http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=87#comment100 @ 99 Clive HillYour point is very simple, as simple as the BBC Euroblog:UK good:"In fact your data illustrates fiscal transfers within the UK."It's not my data and I cannot see how that data illustrates fiscal transfers within the UK. It only illustrates huge inequalities within the UK which are much larger than any inequalities within the Eurozone.EU bad:"You might also note that the disparity in regional GDP in the UK, given that it is as you say, partly represents a failure of EU regional development funds."As far as I know, EU regional development funds are real and this is precisely the reason why the likes of Poland are now furious with the British government relentless efforts to freeze the EU budget: Less EU budget, less development funds for them. There is abundant data showing that there has been convergence over the past twenty or so years within the Eurozone. There are still inequalities of course, but not as acute as twenty five or thirty years ago. Also, as far as I know, EU regional development funds are given to the sovereign governments of EU member states to administer. I don't know this for a fact, but I would be surprised if the EU gave Wales EU regional funds directly bypassing the central British government. That would be a gross affront to the principle of sovereignty of EU member countries. The only thing that "my data" shows is that there is an ocean gulf of inequality inside the UK, much greater than any other EU country, let alone Eurozone country. These unequal regions inside the UK superstate need to live with the same interest rates and the same currency, which is the central argument that Euroblog and Europhobe alike repeat parrot-like to demonstrate that the Eurozone is doomed to 'collapse'. You say that debt is the issue:"The point is that GDP difference is not the issue. Debt is the issue. "And this chap in your Irish Times link says"My stating the simple fact that the Government has driven Ireland over the brink of insolvency should not be taken as a tacit endorsement of the Opposition."What's all this got to do with the euro? Your chap in the Irish Times doesn't mention the euro as the culprit. He – rightly – blames the Irish government.All this is just a convenient excuse for you, Euroblogs and Europhobes alike, to find arguments to 'prove' and 'demonstrate' your own dogmas: that the euro is about to collapse.Let me tell you and the Euroblog/Europhobes something: If the euro was about to collapse (sometime within the next few years, as widely 'predicted' by the Euroblog and its key source of news, the 'think tank' Open Europe), the Eurozone members must have long ago signed a secret agreement to secretly prepare to reintroduce their own currencies. Otherwise I cannot see what currency they will use when the euro collapses in front of their faces.Alternatively I have another suggestion:Try for a moment to imagine a world where there is no widespread prevalence of the following conditions:MCIMIS (My Currency is my Identity Syndrome)NCSS (Nineteenth Century Sovereignty Syndrome)OCBCD (Obsessive Compulsive Border Control Disorder)Try for a moment to imagine (I know how hard this can be) that you live in that world. The things that appear impossible in a world where the above conditions are widespread look perfectly possible when you live in a place where these conditions are not prevalent. That place is called Continental Europe. Sun 19 Dec 2010 11:52:29 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=86#comment99 Nik: "I think is least populated that must be Kazakstan"Not really, but the reason it's so rarely populated is simple:Go to the huge SEMIPALTINSK region (a former Soviet nuclear polygon), check the level of radiation there and see all the Kazakh children born in last 50 years with life-threatening deformities caused by readioactive pollution (cesium, cobalt, etc.)I did. :-(((P.S. If you want to see a pollution and devastation caused by multiple Soviet/Russian missile/rocket launches - go to Baikonur.[been there as well. :-(((] Sun 19 Dec 2010 11:49:01 GMT+1 Clive Hill http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=85#comment98 #61 JorgeG1"But the summit has not addressed the fundamentals. Even those countries like Greece and Ireland that have been bailed out remain in dire straits. While embracing new austerity measures - to reduce their deficits - how will they find the growth to both repay the loans and to reduce their debt loads?"News from the real world"Irish economy returns to growth"The problem here is that Ireland has to have a very high growth ratein order to pay the EU/IMF/UK/Sweden/Denmark loan down. "Economists have a simple rule to calculate this. If the interest rate on a country’s debt is lower than the sum of its growth rate and inflation rate, the ratio of debt to national income will shrink through time"The interest on the EU loan is 6.1%. Inflation is not under Irish control, it is controlled at a low level - probably less than 3% for the foreseeable future - by the ECB. That means Irish growth must be greater than 3% before they even start to pay down the loan debt and on top of that they have their own bond debt.'News' from BBC Euroblog:"Meanwhile the gulf between the weaker economies and Germany's only grows."News from the real world:The UK has a much larger internal economic gulf between its weaker and its strongest regions than the one that exists within the Eurozone countries (by a very substantial margin)...."The largest regional differences ... in the United Kingdom and Slovakia with factors of 4.6 and 3.5 respectively."This goes to belie the myth peddled by the Europhobes, including this blog, and so much repeated that it is now recognised as universal Europhobic 'truth', that the Eurozone is unsustainable because the economies of Eurozone countries are so disparate. Why does this apply to the Eurozone but not to the UK? Because of the mythical fiscal transfers that take place in the UK but not in the Eurozone? Well if that is the case, first we have in the above data clear evidence that the fiscal transfers inside the UK are a joke, as there is an ocean wide gulf between the wealthiest and the poorest regions. Additionally, fiscal transfers between the wealthier and the poorer regions already exist in the form of EU cohesion funds and the gap between the wealthiest Eurozone countries and the poorest has narrowed not widened over the past twenty years.The point is that GDP difference is not the issue. Debt is the issue. The valleys of Wales are covered by the same central bank and the same social policy as central London. Thus Wales cannot default on any independent debt. The Welsh Assembly does not have tax-raising powers and does not issue any bonds. It cannot default.In fact your data illustrates fiscal transfers within the UK. It is likely, given your data, that social support for the Welsh valleys is at least partly coming from the taxes raised on the GDP (salaries and corporate taxes) generated by other areas of the UK. If necessary, the UK will generate national debt to finance its poorer areas.Contrast that with the EU. Germany, in particular, balks at sharing its wealth with Greece or Ireland. They are both being financed at a punitive interest rate - Greece a little lower than Ireland.I don't believe that's because the Germans are mean with their wealth. I believe it's because the Germans have a hideous folk memory of financial collapse which they are constitutionally and socially conditioned to avoid.You might also note that the disparity in regional GDP in the UK, given that it is as you say, partly represents a failure of EU regional development funds. It is these funds that are partly used to rectify these disparities within the UK and they are administered by the EU. This is all changing anyway with the new UK government which intends to replace the RDAs with Local Enrterprise Partnerships (LEPs).The UK used to have regional development agencies which were entirely managed by the UK government. Sun 19 Dec 2010 11:10:06 GMT+1 Clive Hill http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=85#comment97 47 christinaI'm not sure how you can compare the USA ecomomy to EU economy. They are a political union and all the states are supposed to be the same nation: common government, common politics, common laws on major issues and on major international and trade relations etc. The states can vote but in the end, they do what they do as a nation.I don't think a state can have its own commercial laws that could undermine the rest of the US, like european countries can. I mean, if California decides they'd like to trade independently with China in ways that would kill Florida's economy, can they do it?I believe they can. The difference with the EU is that if the state goes bust, it's a confined crash. In fact there is a constant drip of bond defaults in the USA of various kinds, although nothing as big as a state default, as far as I can tell. they don't seem to compare with the EUThe parallels with Europe are unfair, though only up to a point. American state and local debt last year was $2.4 trillion, about 16% of gdp. But most of that debt is issued by local governments or state agencies and has specific assets or fees, such as road tolls, earmarked for paying it back. Even in the weakest states, debt that needs to be paid out of general tax revenue was under 5% of GDP last year. Greece’s was 115%. The numbers for deficits show an even greater contrast. California’s deficit, assuming the state fails to close it, would equal only 1% of its GDP, compared with 14% for Greece and 9% for Portugal last year.The key difference in the EU, as far as I can tell, is the exposure of the EU banks. There is really no reason I can see why Greece, say, should not simply have defaulted on its debt. A lot of banks in large EU countries were exposed to it, that seems to be the reason. Thus Greek - and now Irish - taxpayers pay to keep British, French and German banks afloat. Sun 19 Dec 2010 10:23:22 GMT+1 Ellinas http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=84#comment96 #96. Shayan-1--✄-- Why sharing the credit risk across 16 nations, would make Germany's borrowing costs rise? --✄--As a probable new melting pot situation it will also contain Greek and Irish debt (Eurobonds). Eurobonds are like mixing gold (German bonds) with cheap metals (Ireland, Greece bonds) and going to the lenders saying ok i have German gold but not all of it is pure. Do you take the risk buying it? So for the lenders point of view the risk to lose money rises (if Greece, Ireland, Portugal, Spain etc. could not pay them back) as well as their demands and so the German borrowing costs. Sun 19 Dec 2010 09:37:06 GMT+1 Shayan-1 http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=83#comment95 May be it is vey clear for you all in here but not to me :-(Could somebody (specially busby2) please explain or give an answer to my question? Mr Gavin Hewitt, wrote:"... Mrs Merkel is not only opposed to sharing the credit risk across 16 nations, which would undoubtedly see Germany's borrowing costs rise, but she believes it would let weaker countries off the hook. But this argument looks set to be rejoined. It hasn't been closed down..."Why sharing the credit risk across 16 nations, would make Germany's borrowing costs rise?I can not undretsnd this.Would some one explane this to me in simple way?Thanks a lot.Shayan-1 Sun 19 Dec 2010 08:30:37 GMT+1 Leuctrid http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=82#comment94 The interest rate Ireland is expected to pay is ridiculous. They won't be able to do it. They could have got it cheaper on the markets. Find a better deal elsewhere and use it to pay back the EU & IMF. And Greece can do the same. As Germany is really the one with the debts, from reunification, whoever lends the money has essentially bought Germany. I'm sure both the Russians and Americans would be interested.You can see Europe is ripping apart at the seams with all this. Everyone - especially AMerkel- say they are doing this to keep the EU stable/secure but the truth is it's the complete opposite. If Greece is paying interest on loans because Germany defaulted on loans from Greece, then that interest should be added to Germany's debt. And why not make them pay it now???They are going to have to aquiesce - Germany, the rate of interest, et al, - at some point, and they don't have forever to do it. Ireland is paying back Germany's debt. Look at the population size. They can't possibly do it. Sun 19 Dec 2010 06:17:02 GMT+1 Stevenson http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=81#comment93 the sad thing, as all we "Greeks" (every person in this working world) work our butts off and rise to terrific challenges, is to remember w/clarity...the Unemployed--the ones who are not gainfully unemployed...that is the real tragedy of these crises...We need new thinkers in this world on the left, definitely...The Economist says that **scientists are 94 percent left of center**--isn't that interesting???Everyone else lives off **their discoveries in technology....hmmmmm Sun 19 Dec 2010 03:59:48 GMT+1 Tassos Mougkidis http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=80#comment92 I am one of those Greeks who are accused of living beyond their means since I joined the workforce 15 years ago. I work in this country's (huge and ineffective that is correct) public sector as a nurse (patient/nurse ratio 30-40/1). Let any German come here and make it with a thousand euros in what could well be the most expensive country to live in, do not own something (thank God I did not take that house loan 2 years ago) and have used a credit card only when I lacked the cash at the moment, repaying it immediately. My politicians tell me that I should hush and carry the burden of the IMF/EU loan because it is best for the country. The first thing that should be done imo to save the country is to annihilate its political class (hereditary in many occassions), not to forget the clergy which is paid out of the state budget while being the biggest landowner. I have never voted for the socialist or conservative administrators and I decline to partake of the responsibility for this mess. Then we should start producing our own food. Since the eu quotas were introduced Greece has lost that ability. I am an idiot as far as markets and projective values are concerned and that is why I don't understand why austrian milk is cheaper to buy than locally produced one. Then I think we should freeze the assets of the upper non-productive class (I heard 27 bln in bank deposits were transferred abroad the last year), communal-ise the production base and produce what we need. Free market allowed for brands such as Isola and Pitsos (domestic appliances) and others (fabrics, shoes, ammunitions) to be replaced by Bosch or any other foreign brand. Stop buying your products and that includes your (german, french, swedish) guns. The latest german submarines that I bought are tilting..anyway and I bought them in exorbitant prices. It is true, the Turks are lurking, but all these years of weapons race have not changed their apettite. Nor did eu and nato membership. Of course, drop out of the euro and re-introducing the drachma. As for the illegal immigrants overflow from the sea border with Turkey (although many legal immigrants are moving out) I say we feed them, clothe them and facilitate them on their way to your 'paradise'. This country (or any other this size) has all it needs to make it, in real-economy terms. 'Markets's fears or wishes are inconsequential as far as our abilities are concerned. I do not envisage my country as european under the terms that are dictated to me. I do not want your help as it costs me my livelihood and pride. And I will not change my positive outlook on life (I bought all my gifts for christmas and then some, just had to look harder for the ones that are useful as well as joy-producing) just because some bureaucrats in brussels or financial apreciation analysts in ny tell me. Wow, that felt good. Hopefully, not yours Sun 19 Dec 2010 03:02:31 GMT+1 Stevenson http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=79#comment91 I bet there are projects in the works for her. If she was a top actress, she needs a top script :))) Sun 19 Dec 2010 02:37:09 GMT+1 Stevenson http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=78#comment90 BTW, she is beautiful, photogenic to the maximum :)))) Sun 19 Dec 2010 02:36:16 GMT+1 Stevenson http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=78#comment89 Please tell me your favorite Ludmilla films and tv series :))) please,Alice. Sun 19 Dec 2010 02:35:13 GMT+1 Stevenson http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=77#comment88 Ludmilla Gerchenko...now its in my mind. Sun 19 Dec 2010 02:32:28 GMT+1 Stevenson http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=76#comment87 wonderful....I will google her filmography Sun 19 Dec 2010 02:31:30 GMT+1 WebAliceinwonderland http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=75#comment86 David, that's not "poetry" ;o), poetry is, how say, shivers. and feeling that you touched something far deeper and superior than you are. by chance :o) and on a side :o)That's Russian attempt at a "musical" ;o), of 1956. Not bad, surely.But "a musical" can be only one thing - American :o)), like cabaret is German.Anyway that was a great old film beloved here absolutely; in the West Ludmila Gurchenko, with the cash-box the film made would be a zillionnaire :o) But here they naturally paid her her 20 roubles , or so ;o)))) Nevermind out TV continues to run the old film every Christmas time for years :o))))) - to this day! Neither the actors nor the film director, Ryazanov, never got nil ;o))))And it was a break-through film (called A Carnival Night), done in Khruschev thaw time. How they were all not arrested for it, the whole film crew :o)))), when the 'thaw' ended - unclear ;o))))Ryazanov made a film, for a sec, in 1956 - without a single word of the Communist party :o)))), or any thing ;o))))) proper, not even mentioned once :o))))) The Communists got greatly offended ;o))))Ludmila Gurchenko, becoming an absolute star here at the age of 16 - hasn't got a single TV or film part in the next TWENTY YEARS. In state punishment, as not a PC actress ;o))))) Nevermind crowds dashed at her in the streets and asked for an autograph.And the very plot of the film - the youth of one Soviet factory made an up-rising ;o)))) - against "bureaucracy and all kinds of state imposed bosses" ;o))))) They couldn't allow themselves to say it more open :o)So "the bosses" want a New Year party at the factory to be full of political information sessions, lectures of astronomy and maths lecturers :o))))) - while the personnel says 'xxxxx" we want a simply young party, to dance and drink champaign and have fun and get xxxxx;o)))))So the whole story is how that New Year night is going on in the factory premises (factory director locked in the 'broken' lift ;o))))).the astronomy lecturer stopped with suggestion "To drink this just one glass for Astronomy!" 'to drink this just one glass for the Great Worl Science!" ;o))))0 etc. Until he forgets entirely is there Life on Mars ;o))) etc.Ludmila is very talanted, not much of a voice, but a good actress.Her father was wounded in war so played accordeon in streets and in soldier hospitals, and she earned money together with him, he put her on a stool and she sang songs in the streets, and to the soldiers in hospitals - from the age of 4! She knew all the war time popular songs picking them up in streets and from people returning from war - by hearing. She has very good how to say? hearing can catch up melodies from air and sing correct. i know she worked in the USA for ab a dozen years post-perestroyka, ran her own acting small school, teaching how to move and dance and hold yourself, to girls hoping for acting career, and so finally made some money, at the decline of her years. She still dances great, and is a live symbol of the epoch here. Sun 19 Dec 2010 01:36:41 GMT+1 WebAliceinwonderland http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=74#comment85 Thank you, moderators.I feel like sitting on a trunk with treasures from a treasure island :o)))), having wonderful things - another civilisation went by your side un-noticed ;o) and is about to be perished ;o)))))) Like Atlantis :o))))without as much as a hello :o))So I am trying to insert that hello hint :o))))), from time to time. Sun 19 Dec 2010 01:12:31 GMT+1 Stevenson http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=73#comment84 Chris Arta,the markets are more than the banks....small business in China thrives.... to sum something up....without the other parts is not so great...cynicism is not wisdom or knowledge Sun 19 Dec 2010 00:32:17 GMT+1 Stevenson http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=72#comment83 Alice, "Cabaret" is one of the all time great movies. "Liza with a Z" is the television special musical showcasing Liza's singing and dancing (her dancing is regal and wildly entertaining) Idea for online shopping..one can also buy a movie (not a physical copy -- either downloading or keeping it in your account at amazon or its like) to watch whenever you want (online streaming video).This is the new reality of globalization. The free sharing of different cultures--can be positive--led to China's rise--tho I prefer Japanese culture to Chinese culture :) (lol, perspective huh)Go PIIGS nations .... Sun 19 Dec 2010 00:27:40 GMT+1 Stevenson http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=71#comment82 Alice,Russian into English poetry and prose (of Russia) reminds of Greek Classics...oh the beauty...And I am in the middle politically and intellectually so I mostly listen to both sides...and if Bush would do so and so why nothim doing so and so too??? But I stay away from "Aliens inside the White House" conspiracy theories Sun 19 Dec 2010 00:21:22 GMT+1 Stevenson http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=71#comment81 ty alice Sun 19 Dec 2010 00:02:51 GMT+1 Chris http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=70#comment80 The markets, it would be useful to explain that whenever the word markets is used, it should read as 'the banks' Sat 18 Dec 2010 23:19:27 GMT+1 Chris http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=69#comment79 The problem is not the Euro or the EU the problem is that the EU States have too much power to ingnore the rules and get away with it. The way to fix it is to have smaller banks, stronger EU institution that can impose the rules. Sat 18 Dec 2010 23:17:42 GMT+1 Chris http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=68#comment78 #47. At 4:11pm on 18 Dec 2010, christina wroteYou may need to check again, in Australia that I know well, for sure the states are as independented as the different EU states, for example they can have trade deligations to china as a state as long as they don't break commonwealth rules. The same as the EU each state can have dirrerent deligations to China, Japan etc. as long as they don't break EU rules. Sat 18 Dec 2010 23:14:43 GMT+1 WebAliceinwonderland http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=67#comment77 David I've got one for you about a new year but am not sure how it will go :o) Come on, dear moderators, what's the difference, after all - I don't understand what the American musicals sing, David doesn't understand what's the musicals in Russian sing :o))))) no difference whatsoever ;o)))OK, here is the text:Song About Good MoodsIf you have walked in the morn out of home frowning,If the sunny day doesn't make you happy at all -let there smile to you, on the go, some absolutely unknown young manAnd the a smile, without any doubt, shall touch your eyesAnd Good moods, without any doubt, won't leave you the whole day through!If a friend has failed you, and you got offendedAnd if his deed penetrated and hurt your heart deep:Remember - how many in the world there are people good!They are much more in quantity - so, think ab those!And a smile, without doubt, will touch your eyesAnd Good Spirits, without doubt, shall never leave you any more!That's all. Complimented by the most thin waist of the USSR - 44 centimetres, David, pay attention. Ludmila Gurchenko , 16 year old, singing here, in 1956. To this day she has "the most slim waist of the USSR" ;o)))) - tops of desires of many a generation of Russian women ;o)http://www.youtube.com/watch?v=0MC9ia6ADsE&feature=related Sat 18 Dec 2010 22:49:17 GMT+1 Stevenson http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=66#comment76 for xmas maybe this yearjanishttp://www.youtube.com/watch?v=lmNiMhBnJIU Sat 18 Dec 2010 22:40:30 GMT+1 WebAliceinwonderland http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=65#comment75 David, thank you. I've never seen neither movie and liked the one with Liza Minelli and Black Birds. Liza Minelli as a Black Bird?It is so hard to recognise words when they are singing! Even when speaking it's more difficult for me than reading, and when singing - that's a total ;o))))))) no-go. (You here mostly write. and very rarely sing :o)))) Sat 18 Dec 2010 22:39:47 GMT+1 Stevenson http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=64#comment74 The only time I ever was angry here, really, was when the "mad referrer was loose":)) Sat 18 Dec 2010 22:37:20 GMT+1 Ellinas http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=64#comment73 #11 margaret howard--✄-- Could somebody please explain to me why although the US has printed billions of dollars (a bit like the Weimar republic, and we know how that ended) to manage its vast debts and the EU has so far not followed suit, it is the euro that is supposed to be failing but not the dollar? --✄--Scratching only the surface i will start from explain this...Of course there is a good bright side of everything but at the same time a dark side: Like the sun upon us we always have a lighted side and a shadowed side (unless the sun is a Greek August hot summer sun and in that case we Greeks try to find a long refreshing shadow place). So "a good side" on everything is not necessary always a "good refreshing thing". That's why we Greeks tried to shadowed our books in order to get to Eurozone with the US Goldman Sachs help and it worked. Europeans are not naive they always knew and accepted that story until the today worldwide economical crisis bumped by the USA like Schwarzenegger's muscles. A scape Greek goat was necessary and so we are once again out to the hot sun by the Europeans in order they (the Europeans) could find their personal shadowed place to the hot market speculators.And here comes the IMF - US story as our new Greek shadow: Obama in their US junk economy started printing a lot of money that worthed nothing. Think! If you try to bail out a state (California in that case) with all that new junk dollars you start a devaluation of the dollars already in the market. So you worsening economy. So they decided: 1) ...to bail out their banks that know how to control speculation, devaluation and everything in order to do (them) pace by pace a restructuring like with California with no hurry....And not to bail out singular US states and maybe corrupted politicians (because corrupted or not corrupted bankers in my opinion can be easily controlled instead of the politicians).2) That If they can't evaluate junk USA dollars (of a quite bankrupt powerful by all means USA nation) why not devaluate the baby Euro currency by creating a crisis starting from the most weak Eurozone nations? It was a piece of cake to managed that and they did it. So a year ago, deliberately, started attacking from their powerful newspapers, with the happily consensus of the British media who also hate Euro and with the denomination PIIGS the various Eurozone countries. One after another start failing or taking severe austerity measures. Ireland, Greece, Portugal and Spain for last. Italy apart as the most faithful dog of the US policy remained the jolly card that maybe not needed after all to play. Even the "innocent" (of course only from the US point of view) pay along with the guilty like the today UK's austerity announcementsSo by doing so...1) Euro start falling, so junk printed dollars finally could appear more precious than yesterday2) They could finally put their junk sitting dollars to the market as valuable currency trough the various IMF bail outs around the world.3) They could also preserve the today Germany's destiny (their most precious and totally European controlled pawn) and by consequence...4) reinforce their control to EU matters since...a) Devaluated Euro meant more German exportations outside the already saturated Eurozone by the German products. b) German persistence for exemplary punishment of the already bankrupted Greece make them also obtain money from us and Irish and meanwhile stop the "Greek paranormal economic phenomenon" (Greek 5% interests bail out loans mostly from the German banks who take money from the ECB with 1% interests) if I'm not wrong...as well as c) creating a weak EU but a strong German EU policy i.e. and by so a strong US policy in EU matters....And if things will go wrong with France they can happily go outside Eurozone without a great loss...but after all isn't that...what US/UK and in good percentage the today piloted Germans by the various Bild junk news...always wanted?Last but not least:a) Greece European policy today worth nothing among Europeans and vice versa b) Greece geopolitical state and Balkan policy...a bulwark against Muslim and Turkish aggression and emigration (and that's some bad news for the Germans at least from my point of view) as well as against US military policy in the Balkans and the Mediterranean sea...has significantly weakened and can be easily controlled by the US over the IMF threat. E.g. Just like the today speedy-Gonzales, new by all means, Greek alliance with Israel (which personally i had/have nothing against...but it's so utterly US ridiculous combined marriage). US policy tried so hard to make us EU accept Turkey and not obtaining results they well thought that a new Greece-Cyprus-Israel European arc in the near future could be possible. Of course if we play well we Greeks can also be somehow winners from such marriageWhen the Greeks saved HanukkaThe most disgraceful thing of all this story was how German politicians and newspapers treated us and continued to do so. Nobody in the EU nor the US-British world (who systematically attacked us) used such a shameful tongue against a nation and it's people that economically count for only 3% of the whole Eurozone: that means that the world feared of nothing.Anyway, from my point of view...it's all so U.S. clear to me Sat 18 Dec 2010 22:36:26 GMT+1 Stevenson http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=63#comment72 last one for XMAStrulyhttp://www.youtube.com/watch?v=w3yAoLHzsLE Sat 18 Dec 2010 22:19:05 GMT+1 Stevenson http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=62#comment71 Im suspicious but not of NIK...I got frustrated...saw his long ..missives..then got mad and took it out on him on blog...I only make a fool of myself in public :))) Sat 18 Dec 2010 22:17:43 GMT+1 Stevenson http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=61#comment70 Me, noooo.....hate behind the back confrontations and Im loyal to a fault :) Sat 18 Dec 2010 22:15:19 GMT+1 Stevenson http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=60#comment69 Sorry, I had promised, but I hateses Facebook (suburban..blah blah) so I put em here :)Long live the PIGS Sat 18 Dec 2010 22:12:47 GMT+1 WebAliceinwonderland http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=59#comment68 David, apparently he is not interested in the defects of others, you are his love ;o), as heading globalisation. He's an anti-globalist I think?Alternatively he saves it for some deciding time in relations, waits for a crisis.Alternatively ;o) you never said any thing nasty about those two to report to them you did :o) Sat 18 Dec 2010 22:11:41 GMT+1 Stevenson http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=58#comment67 Love at holidays And memories we didn't know we hadhttp://www.youtube.com/watch?v=UEhsjpZ09iQ Sat 18 Dec 2010 22:11:18 GMT+1 Stevenson http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=57#comment66 BTW, Alice, a concierge ...niceHere is to family at holidayshttp://www.youtube.com/watch?v=7tiUI-5xJQI Sat 18 Dec 2010 21:56:02 GMT+1 Stevenson http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=57#comment65 Wish could go away for Christmas...only managers do get that :)))http://www.youtube.com/watch?v=aR-bzPHsSj0 Sat 18 Dec 2010 21:49:58 GMT+1 Stevenson http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=56#comment64 Christmas Nostalgia ...Do they know its...XMAS (not midler, but British..hmmm)http://www.youtube.com/watch?v=w5cX_ncZLls Sat 18 Dec 2010 21:48:02 GMT+1 Stevenson http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=55#comment63 Yes, Nik, a little wishful thinking can go a long way...China is your hero...Well, here is to China :)))May they do your bidding instead of the USA doing China's bidding...btw, speaking of odd coincidences, Nik, did you notice how little came out about China, Japan, etc. during the Big Leaks ??????? Were those in a separate file marked for a few eyes only??? (not 3 million)Interesting, no??? Sat 18 Dec 2010 21:45:25 GMT+1 Nik http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=54#comment62 43. At 3:26pm on 18 Dec 2010, powermeerkat wrote:"""Nik the Greek wrote: They [Chinese] have funded the hugest human effort ever - the development in 20-30 years of the largest country on earth.""""""Sorry Nik, but China is not the largest country on Earth. RUSSIA still is.China simply has more mouths to feed.[About 10 times as much as Russia]And doesn't manage too well, particularly in its rural areas. :(((]""""Thanks for the correction, you know what I meant, it was the population rather than the sheer size. Russia is really unpopulated but the country that I think is least populated that must be Kazakstan and now I realise why they did move the capital from Almaty to Astana (Almaty was too much on the southern frontiers, the new one went up to the north - the reasoning behind is well clear - especially for Kazaks themselves, traditionally a nomadic people, who of course never ruled at any time of their history such a large country or so north). There much more things out there to correct meerkat that really we should not stick to such errors.Now I was hoping you would rather remain to the roasted meat rather than the salt and pepper of the dinner I serve. And the roasted meat is that China is currently sitting on a bomb. It has based the largest part of its economy on the ficticious FIAT money (what FIAT... LADA, AUTOVAZ and VW and other crap cars out there...) of a country that happens to be the country with the most indebted state in human history, which one day if things slightly go "wrong" China might as well use them as toilet paper.45. At 3:36pm on 18 Dec 2010, WebAliceinwonderland wrote:"""....- with a tint of medieval eastern Persian cruelty added by Stalin..."""Given what circulated out there (Mongols, Ottomans, Germans, British & Japanese not to forget the USSR communists and the Chinese...- all champions of hideous genocides), I think Persians do not deserve to be branded as such. They are inarguably one of the most civilised people and they do continue to be despite what is said about them and no matter their regime.Ayway, not that it had relation to our issue on the future of the eurozone but let us say... I think Europeans have still not understood what it is all about and why they are in this position they are now. So let me ask you one question:Europeans buy massive quantities of oil from the Middle East. Can any European go to Saoudi Arabia and buy from there oil in euros? Directly in euros? I am talking about a big quantity obviously. Can he? If he can't, no need to moan. Let us sit down work and throw our money in the drain and let me hear none complain ever again. Sat 18 Dec 2010 20:37:10 GMT+1 BluesBerry http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=53#comment61 Euro-crisis not altogether solved, but EU bond not altogether dead. EU members continue (and will continue) to discuss the potential introduction of Eurobonds.The Yeas:The move is an innovative way to strengthen the European Union's financial stability. The Neas:Analysts say Eurobonds would bind the eurozone's 16 countries into sharing credit risk. Countries with good credit standing, such as Germany, would risk their rating by tying themselves to troubled countries like Ireland, Spain and Greece. Analysts have further said that Eurobonds would not exert pressure on risky governments to get their financial budgets in order; nevertheless,support is building for the Eurobond.Eurobonds or e-bonds would relieve pressure on financially weak eurozone members while detering speculation and thereby protecting the euro. The most popular plan:Create a European Debt Agency to issue the guaranteed e-bonds at a uniform low interest rate. These bonds would cover half of a nation's borrowing needs, while the other half would have to be assured by their own national "instruments" (i.e. the guarantee would not come from the EU). Well, the e-bond is one answer to the Euro crisis; another is the financial tax on all foreign exchange transactions. This latter I want so badly because the financial institutions get to pay for what they have done, and in my book, that's justice. Sat 18 Dec 2010 20:05:47 GMT+1 JorgeG http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=52#comment60 'News' from BBC Euroblog:"But the summit has not addressed the fundamentals. Even those countries like Greece and Ireland that have been bailed out remain in dire straits. While embracing new austerity measures - to reduce their deficits - how will they find the growth to both repay the loans and to reduce their debt loads?"News from the real world"Irish economy returns to growth"http://www.bbc.co.uk/news/business-12007016'News' from BBC Euroblog:"Meanwhile the gulf between the weaker economies and Germany's only grows."News from the real world:The UK has a much larger internal economic gulf between its weaker and its strongest regions than the one that exists within the Eurozone countries (by a very substantial margin).Source: click on this linkhttp://epp.eurostat.ec.europa.eu/portal/page/portal/product_details/publication?p_product_code=KS-HA-10-001and go to view publication in pdfthen go to page 79:"The largest regional differences [ between the regions with highest and lowest GDP per capita WITHIN THE SAME COUNTRY] are in Turkey [NOT A EUROZONE MEMBER], where there is a factor of 4.9 between the highest and lowest values, and in the United Kingdom and Slovakia with factors of 4.6 and 3.5 respectively."And then go to the graph on page 80 which shows that the UK has the largest regional GDP inequality of all EU countries by a massive margin, with West Wales and the Valleys showing approx. a 75% of EU average GDP whereas Central London GDP is approx. 330% of EU average. These two regions, and all the others in between, have to live within the same one-size-fits all interest rate and the same currency, the one that the poorest ex-miners in Wales have to share with the self-important croupiers in the City of London casino.This goes to belie the myth peddled by the Europhobes, including this blog, and so much repeated that it is now recognised as universal Europhobic 'truth', that the Eurozone is unsustainable because the economies of Eurozone countries are so disparate. Why does this apply to the Eurozone but not to the UK? Because of the mythical fiscal transfers that take place in the UK but not in the Eurozone? Well if that is the case, first we have in the above data clear evidence that the fiscal transfers inside the UK are a joke, as there is an ocean wide gulf between the wealthiest and the poorest regions. Additionally, fiscal transfers between the wealthier and the poorer regions already exist in the form of EU cohesion funds and the gap between the wealthiest Eurozone countries and the poorest has narrowed not widened over the past twenty years.Perhaps the BBC could ask Mr Hewitt to start disseminating facts rather than myths or does this require a supplement on the licence fee? Sat 18 Dec 2010 19:39:28 GMT+1 Mathiasen http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=51#comment59 At the summit Denmark, which is only associated to the Euro zone, said to the rest of the member states through its PM that the country would like to take part in "the permanent mechanism", which is meant to stabilize the Euro or better certain members of the Euro zone.It means that Denmark will pay to the mechanism.It is not only because the Danes want to make common cause with the rest. It is also because it is in the interest of the country to maintain a stable Euro zone. Sat 18 Dec 2010 19:02:53 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=50#comment58 Alice, I wrote 'comrades' for as you've noticed yourself there are 'fellow travellers/usueful idiots in the West who would simply love YOU to go back to the old ways which like loved so much.Except, that they personally have never had to suffer those ways' consequences, unlike Bulgarians, Czechs, Romanians, Russians, Kazakhs, Kirghiz, Poles, Hungarians, Slovaks, Turkmens, Ukranians, Uzbeks, etc.["easy chair generals" we call them] Sat 18 Dec 2010 18:44:46 GMT+1 bbony http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=50#comment57 @26 Clive HillIn my comment in the previous blog I used a metaphora of communicating vessels. Germany is fighting against the law of physics. If a currency has been established and sustained for a reasonable long time till now, it has been developing, going to be more and more liquid. It looks like Germany is trying to solve the problem by keeping the ice from converting to water. And this is not the way the thing to do.It seems politics has been the bigest obstacle. If politics can make "a difficult relationship" in the USA, as you correctly stated, it can clearly make much more in the EU. Sat 18 Dec 2010 18:15:46 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=49#comment56 AiW "Babushka-s just love to spend their time in his booth :o)))))"But when are you going to dispose of that Batka which upsets Kremlin so much but Belorussians somehow cannot get rid of in their election booths? :-)))[seems Lukashenka is going to be re-elected by at least 103% again. :)] Sat 18 Dec 2010 18:06:59 GMT+1 WebAliceinwonderland http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=48#comment55 Hope of the comrades and fellow travellers springs eternal. :-))))))))))"comrades" don't care, or even the opposite, since Russia keeps money stocks in dollars by a huge part.Though must say we began trading with Chinese in yen-roubles two weeks ago. They take roubles and we take yen. Not much, as we don't need much of either :o))), say, purely symbolically, so far.Has anyone got real Christmas tree toys, for that matter, - not Chinese?:o)))) Last year I managed to buy 12 local glass things - this year - not a single one around. Sat 18 Dec 2010 17:49:35 GMT+1 WebAliceinwonderland http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=47#comment54 That's why all apartments pay him the salary without a wink :o)Babushka-s just love to spend their time in his booth :o))))))At 300 dollars a month (for two of them) a man is a treasure.Other staircases try to lure him out away from us :o).Which reminds me comes Christmas time gifts' time :o) Sat 18 Dec 2010 17:43:27 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=46#comment53 Re "Armenian concierge"Alice, I ain't an Armenian, but I'd rather sweed the floors and shovel snow, even in Vorkuta, than listen to other people's family problems. Sat 18 Dec 2010 17:25:42 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=45#comment52 AiW: " At that a Russian can't get a job of a street cleaner! ;o)))00 he/she would like a salary to himself! You know how much are these paid? More than school teachers!"Alice, do not feel bad. There are quite a few other countries where teachers are paid less than street-cleaners.And that's why a public education level in them is what it is. :-((( Sat 18 Dec 2010 17:19:21 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=44#comment51 "As for the United States, their leaders seem to do everything to ensure that 2011 is the year in which the dollar goes belly up."Hope of the comrades and fellow travellers springs eternal. :-)))))))))) Sat 18 Dec 2010 17:10:43 GMT+1 WebAliceinwonderland http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=43#comment50 We've got an Armenian concierge in our staircase, illegal work. He sits in the booth separated on the ground floor, in the lobby, every apartment in the staircase pays him 150-200 roubles a month, voluntarily.That's 12 floors, 5 flats on a floor, 60 apartments.He works in shifts with his wife.Basically, does nothing ;o))))0, sits there watches his TV. But he can help if someone carries heavy things, or calls the elevator/lifts fixing service when they get broken, also you can leave to him keys from your apartment if someone of your family forgot them, going out in the morn, or you can leave an envelope or a message with him for any apartment.What he does is every 5 am he takes a broom or a spade, and cleans the entrance and the stairs, the steps on the porch and around them. In summer plants some flowers around by the entrance and waters them.Changes light bulbs when they switch off on the porch and in the lobby.Most of the day does psycho-therapeutic service ;o)))0 to old babushka-s living in our part of the house, as they come to him to chat and complain about their youngsters and where the world is going to.Also tell various family members where is someone's child seen going the last time, or who went where when families lose each other their members, some babushka-s suspiciously long missing went shopping :o)))), a comms' service, basically.The man is well worth the money in a multi-apartment house, it becomes homely feel in this bug city mess. Needless to say our appriach to the front porch is scratched to asphalt even in this weather - and where his area of responsibility ends - there start 3 metre high snow-piles - state service area. Welcome to the reality. Sat 18 Dec 2010 17:07:31 GMT+1 WebAliceinwonderland http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=42#comment49 "I thought you wrote yourself that Russians do not complain about cold unless it gets way below zero Kelvin?"You thought correct, PROVIDED everything works normal. At max as it worked in the USSR or in the tsar times :o))))0 but we aren't that spoiled any more and will do with less.Snow and cold is not an excuse for municipal offices not to do their NORMAL work. They've got everything for that - except for conciousness and moral limits not to steal.Nothing extraordinary is asked of them; there is everything here to have clean streets in any weather.As it is, municipal offices register Russians for employment as street and yard sweepers and cleaners and that machines' cleaning snow drivers, pocket 1/2 of their salaries, by fact work gasterbeiters from Central Asia - tajiks, uzbeks, all run-aways from wonders of new "independent" Southern countries. They clean well in summers, and absolutely don't go out to the street in winter. Why? For such a crappy salary and un-official employment - they aren't accountable. Same way they drive those bull-dozers and things - having bought the driving licence no doubt at 500 dollars.At that a Russian can't get a job of a street cleaner! ;o)))00 he/she would like a salary to himself! You know how much are these paid? More than school teachers!It's mafia, split by ethnic groupings, all shared, all covered up.That's why snow-piles on streets.(and no, your favourite "Caucasians" - no one saw yet so far once in this universe with a spade or a broom in hands. That's below their self-esteem. They are in trade, they abhor physical labour.)Poor tajiks and uzbeks are working, at least. Sat 18 Dec 2010 16:54:56 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=42#comment48 AiW " Eeven as a hotel employee. where 'the customer is always right' :o))))0 I couldn't squeeze out of myself any thing optimistic and in the affirmative :o)))))They all looked extraiordinary silly to me."Alice, a true story: quite a few years ago in a resort in Egypt frequented by quite a few Russians (Hurghada) I met a Russian guide, a cute girl, I asked where she was from:"Nizhny Novgorod" - she replied, but assuming I was an American she hastened to add: "You probably know it as Arzamas-16". :-)))[BTW. she was wrong: it was not N.N. but Gorky which was known as Arzamas-16, for obvious reason: it was 61 km from N.N. :-)))))] Sat 18 Dec 2010 16:21:48 GMT+1 WebAliceinwonderland http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=41#comment47 "What's a temperature like in Verkhoyansk or Omyakon right now?"In Verhoyansk and Oi! myakon ;o) live Verhoyanians and Oymakyonians :o), who are used to minus 40-50. Must say they they aren't a plenty there ;o) but they have their norm. Locals in the areas where gazprom extract gas and oil and famous for casually dropping in the street at minus 30 AND SAFELY SLEEPING OVER A NIGHT OUTDOORS IN THIS TEMPERATURE.In the morn they wake up in their cuddle of furs rolled over on them and walk on without a wink in the eye.Roll over a ton of furs onto a Russian and let him lie in the street at minus 30 - he won't live to the sun-rise. Sat 18 Dec 2010 16:12:41 GMT+1 christina http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=40#comment46 I'm not sure how you can compare the USA ecomomy to EU economy. They are a political union and all the states are supposed to be the same nation: common government, common politics, common laws on major issues and on major international and trade relations etc. The states can vote but in the end, they do what they do as a nation.I don't think a state can have its own commercial laws that could undermine the rest of the US, like european countries can. I mean, if California decides they'd like to trade independently with China in ways that would kill Florida's economy, can they do it?I think when GB or France or Germany decide they want to trade with someone, they don't exactly care if it ruins Portugal's or Poland's economy. Please correct me if this is not the case. Sat 18 Dec 2010 16:11:10 GMT+1 WebAliceinwonderland http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=39#comment45 Alice, is that true that governors of Russian provinces (even such as Chukotka) are not elected, but, according to Mr Putin's decree - designated by the Kremlin? STILL? Yes. what do you mean, "still". it's the other way around - MORE AND MORE governors , by new rules, are falling into the category "to be appointed" instead of "being elected". it's the complex legal mixture of the Federation that slows down the process (luckily), as we consist of a mire of "autonomous regions", "areas", "republics", "circles" (yes! "circles" :o)) "okrug"), siply "regions", "area-formatting cities" :o)))))), ordinary "cities" and so on and so forth.Russian complexity stands in the way of the "power vertical" that Putin tries to build. Thank God for our enigma-s multiplied by mysteries! :o)))) We are un-controllable, by fact :o))))))At places - still! Sat 18 Dec 2010 16:02:11 GMT+1 WebAliceinwonderland http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=38#comment44 And, honestly to say, how could an utopia invented by Marx and Engels, - creatively "improved' by Trotsky and Lenin in terms of state terrorism and extermination of intelligencia as able to evaluate utopia-s- with a tint of medieval eastern Persian cruelty added by Stalin- with a heavy Ukrainian in-put ;o)))))))) added by the next two rulers (brainless)- and, to top it all, with the help of the Cold War bosom enemy of the country, as an icing to the cake - have resulted in any thing good?A question.No "given" for optimistic crowning to such a business practiced.Russians resisted as much as they could.What there is in us - we will resist. When we expire - it was not a fine affair, but it is over. Sat 18 Dec 2010 15:36:06 GMT+1 BluesBerry http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=37#comment43 Euro crisis unresolved, but American crisis also unresolved.So which is worse?So where does that leave the rest of the world?As far as Moody slashing Ireland's credit rating, the day that it slashes the American credit rating is the day that I will pay attention and give it a little credibility.The EU Summit appears not to have addressed the fundamentals, has not addressed the real problem, which is the nefarious financial instruments that continue to plague the big, incestuous, investment banks that refuse to split investment from commercial banking thereby freeing up commercial banks to address small business needs as well as domestic needs.Many economists believe the debt loads are unsustainable because the financial institutions have not, will not, and won’t be forced split commercial vs. investment banking and to repay what they owe to the taxpayers.As far as spreadsheets (balance sheets), some are garbage; some are not. Who did the auditing? How were profits accounted for? How were losses accounted for? Some spreadsheets are so laden with holes that they couldn't hold a big fish. Fabio Fois, Barclay's Capital summed up the reaction when he cast the summit as "another missed opportunity to calm the markets". And pray tell - what was his plan to do so? Barclays in one of the big nine that run the American economy. Personally I don’t trust any one of these big nine anymore than I trust PwC to audit them.All nine are big name speculators like - JPMorgan Chase, Goldman Sachs and Morgan Stanley. These men supposedly "safeguard" a multi-trillion dollar market. For whom? Themselves! In fact their hardest work is excluding all other banks trying to get into the market. This would be the lucrative derivative market.Then there's the media: The Financial Times, for example, has begun to publish two or three articles/ day on the so-called "Euro crisis".Why?It's for the same reason that terror alerts are periodically issued- to manipulate- to artificially create feelings of anxiety. The French media are beginning to realize what an incredible propaganda weapon exists in the Financial Times. Jean Quatremer in the Libération: Jean Quatremer: "Obama's intervention in European affairs shows to what degree the Union is defunct, due to the absence of powerful leaders who advance the common interest and not only their national interest". By way of comparison, NO INVESTOR HAS LOST MONEY IN THE "Greek and Irish crises, whilst tens of thousands have lost considerable sums in the recent US Muni crash... yet the media ritually covers the first and completely ignores the second. (Or maybe it's just that the $2.8 TRILLION muni-bond market is just not newsworthy?)Back to the EU, it’s not the size of the rescue fund that needs increasing, it’s the excellence in accounting, the transparency in accounting and a mechanism to tax all foreign exchange transactions (the latter if for no other reason that to establish an audit trail that cannot be left off, hidden or manipulated in the balance sheets).David Cameron, as usual, is off topic. The battle over the 2014-2020 EU budget is neither here nor there, IF the correct measures are taken now. It’s not the budget as such that’s out of control is the big investment banks “too big to fail”. The big test for the EU is not whether it trims or identifies levels of waste. The big test is will Europe (alone if necessary) takes on the investment banks too big to fail? Will Europe impose a transaction tax on all foreign transactions? Will the EU stop the incest, the corruption? Will the EU establish a net that can captire minnows!Rebate, Moody’s, EU budget or waste – these are red herrings and the longer the EU sits around catching red herrings, the sooner she will find herself in the deep, deep in bloody RED.Who’s in worse trouble: the EU or the US?. There is no sign of recovery in the United States.. There is every sign of structural weakening of the United States which reduces their ability to attract new money (Maybe that's why the US keeps printing her own...Ooooh, just wait for the INFLATION!) . Cheap finance will disaappear, which will precipitate the crisis of excessive debt in Europe’s peripheral countries (Greece, Ireland, Portugal, Spain, but also the United Kingdom and the United States of America. To combat this, in my opinion, a foreign transaction tax must be implemented.What countries will do the best financially: privileged sovereign creditors - like China, Russia, and the oil producing countries. The debates over the "Euro crisis" is to 1. divert attention from the situation in the United States and the United Kingdom, and 2. serve the speculators and gamblers who benefit.As regards the Euro, financial players are earning a fortune by speculating on the public debt of the countries concerned. At first I wanted this outlawed, but now I think these gamblers are going to end up with bonds worth next to nothing - to which I say "Good on them!"Possibility that the Euro might disappear or collapse. I say (and you may mark my words) the prospect has zero probability.According to Wikileaks even Mervyn King, head of the Bank of England, believes in an accelerated integration in the Eurozone as a result of the crisis, which recounts his conversations with US diplomats.Please note: the anxiety, criticism and endless analysis is essentially coming from the US and the British media.But the US is quickly losing 2 things that it desperately needs:1. diplomatic credibility and 2. backing for the dollar.Wikileaks’ recent revelations are very damaging to the credibility of the State Department, whilst the recent complete failure of the new Israeli-Palestinian negotiations illustrates the rather whimpy effectiveness of US diplomacy.China considers the US fiscal situation is markedly worse than Europe's. China will invest in the Euro and European sovereign debt, but China will not touch the US. As for the United States, their leaders seem to do everything to ensure that 2011 is the year in which the dollar goes belly up. We are rushing headlong towards the time when global savings will be insufficient to meet the needs of the West, particularly the insatiable needs of the United States. Europe is headed in the right direction: European Financial Stabilization Fund, hedge fund regulation, illegal sovereign betting, strict limits on bank bonuses, strict regulation of rating agencies, budget auditing, an independent Euro rating agency...I just wish the EU would slap a transaction tax on all foreign transactions, which would raise billions and help the poor taxpayers. Despite the denials of French and German officials, Eurobonds are not dead; they are indeed on the agenda of all the informal discussions of European leaders. Angela Merkel (and other European leaders as well) has every intention of making the right investors pay for significant share of their Irish and Greek bets. (Like this lady's style!) But that will happen in an organized manner, as an effective and forceful strategy which the United States are not used to from Europe.In a precise, organized manner the damaged balance sheets of major European banks will be “forcibly” repaired. Euro crisis resolving.US crisis worsening. Sat 18 Dec 2010 15:33:43 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=36#comment42 Nik the Greek wrote: They [Chinese] have funded the hugest human effort ever - the development in 20-30 years of the largest country on earth.Sorry Nik, but China is not the largest country on Earth. RUSSIA still is.China simply has more mouths to feed.[About 10 times as much as Russia]And doesn't manage too well, particularly in its rural areas. :(((] Sat 18 Dec 2010 15:26:23 GMT+1 WebAliceinwonderland http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=35#comment41 What do you mean, Alice, by " there's no democracy"?In the new, improved Russia?????!When did I say it was new. or improved.This adoration of the child ;o)))))))) is no more than Western self-delusion and illusion, "we have put them on the right path hurray us".Doesn't give a Russian a high perception of the average Western mental abilities ;o))))))0Will never forget how all foreigners questioned me a youngster in perestroyka, I worked my first job, in a hotel, all practically jumped at me getting to know I speak English and all asked one and the same question 'ARE YOU HAPPY THAT YOU'VE GOT PERESTROYKA WE ARE SO HAPPY FOR YOU SO TELL US HOW YOUR LIFE BECAME BETTER'Eeven as a hotel employee. where 'the customer is always right' :o))))0 I couldn't squeeze out of myself any thing optimistic and in the affirmative :o)))))They all looked extraiordinary silly to me. Sat 18 Dec 2010 15:23:34 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=35#comment40 AiW " Normal outer doors without half of it being glass. Any thing! but not 1/3 - 1/2 glass."Alice, are you referring to 1/3 liter glass of 1/2 liter glass? :-))))[I thought mustard 1/4 l glasses were still considered civilized?] Sat 18 Dec 2010 15:20:59 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=34#comment39 AiW "This city is infuriated with the governor - who we can't elect by definition, as all city governors in Russia are appointed by the President. By the "new' rules.:"Alice, is that true that governors of Russian provinces (even such as Chukotka) are not elected, but, according to Mr Putin's decree - designated by the Kremlin? STILL? Sat 18 Dec 2010 15:11:17 GMT+1 WebAliceinwonderland http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=33#comment38 I also think it has something to do with the traditional English house design. That there is no separation between the ground floor and the first floor, and the warm air from the ground living room and kitchen simply flies up un-stoppable to the first floor, so whatever you do on the ground level - it flies up , out of your hands! the warm air!I don't know what can be done in this respect. One can't change houses. Some clever engineering head is required for that. Fact is there are no doors btw ground and first floors in the staircase. And one such a door would have helped matters greatly. Otherwise it's a black hole heating the house. Some screen? You can't have a hole btw the ground and the upper level staircase-wide!I've spent a winter in an English house. Alone o:) And it was a mild ordinary winter. But I remember how I dashed around, ran up an down the staircase :o)))) and despaired about the lack of simple necessities like an all-together outer door ;o)Nothing funny, powermeer, that the Brits are freesing and being lost there in snow! For them this weather is same abnormal as for Russia the +40 heat last summer. People simply get lost they don't know the technicalities how to behave. All want +15 C around them - that is normal, and has to be achieved somehow. That is the human temperature around a human. OK, +18C. Sat 18 Dec 2010 15:09:42 GMT+1 Nik http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=32#comment37 26. At 12:08pm on 18 Dec 2010, Clive Hill wrote:"""Answer from Helmut Schmidt: The question is: How come that no-one took any notice - in Basel or in Brussels or in some statistical office? No-one seem to have understood."""Well, till recently for anything to with issues such as Greece (and not only), the answer was of the type "Greece is here for political and geopolitical reasons, anyway it is a small country so financially is not any problem". It seems that EU leaderships thought they could drag on the game till beyond the known limits to hyperperan."""As for the USA as a whole, it is flirting with disaster. The dollar is the world's largest reserve currency and the USA is ruthlessly exploiting that. If the dollar as reserve currency unravels, the economic consequences on the USA will be hideous."""So even the slightest of upheavals - eg. having Iraq selling oil in euros rather than dollars, justifies the death of millions. Understandable and I have nothing to criticise there."""The Chinese have already suggested an IMF sponsored artificial currency to replace the dollar and they are trying to get away from the dollar in their dealings."""I think the position of Chinese is the most critical of all. They have funded the hugest human effort ever - the development in 20-30 years of the largest country on earth which up to then lived for the most of it in half-medieval conditions - with value that is based mostly if not solely on dollar. Cos China is not rich, it is just full of dollars. And that is why it searches desperately to get rid of them in exchange of some real value."""The Chinese action doesn't even seem to be particularly political, it's just good financial housekeeping, trying to maximise their assets."""Indeed it is purely financial. Politically the Chinese are not yet prepared to see a US with a lesser role in the planet, no matter if in a linear approach they do seem to be not the best friends of Americans. Appearences are often deceiving. Sat 18 Dec 2010 15:07:04 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=31#comment36 AiW "They don't take snow out of the streets. There isn't a communist party to go complain about them so that they get scared of being politically incorrect. There isn't a democracy to vote them out of the office."What do you mean, Alice, by " there's no democracy"?In the new, improved Russia?????![Although I do know there's not another siege of Leningrad(I can see it on our sat pictures)]P.S. I thought you wrote yourself that Russians do not complain about cold unless it gets way below zero Kelvin? Sat 18 Dec 2010 15:06:08 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=30#comment35 AiW "Unscientific conclusion: minus 10 degrees wronger than normal. 1.5 to 2 times more snowy than the norm."Unscietific conclusion in the West: that's a "man-made global warming" :)P.S. What's a temperature like in Verkhoyansk or Omyakon right now? Sat 18 Dec 2010 14:59:27 GMT+1 WebAliceinwonderland http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=29#comment34 In Britain, if it continues to be so, I am afraid people will have to think of things that differentiate their winter preparation from a Russian winter precaution.1. Normal outer doors without half of it being glass. Any thing! but not 1/3 - 1/2 glass.2. Double windows. In villages here they keep the second set of frames with glass in the shed in summer, and take them out and install back, the second set of windows :o), in the autumn. Many dont bother and simply live with double frames the whole year round. You can se through two glass-es same well as through a singular glass.3. Second set of 'winter tyres'. Also kept in the shed in summer. To re-boot the cars in November. Here it is newspapers and traffic police that gives the shout in the late October - Now, as of ... date... all - re-boot!" re-shoe? Sat 18 Dec 2010 14:53:44 GMT+1 WebAliceinwonderland http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=28#comment33 And we've got a wrong government for that weather, that is don't know about others - in St. Petersburg the municipal office is fit a waste-basket. They don't take snow out of the streets. There isn't a communist party to go complain about them so that they get scared of being politically incorrect. There isn't a democracy to vote them out of the office. The street cleaning machines turn the snow onto the sides, where people have to walk. You can't, because the snow piles are mountains and frozen stiff. Now, besides, over one's head, on the roofs on the edge hang 2-4 metre huge icicles. You cant walk along the house side because when it falls you'll be killed. Nevermind you can't, because of the snow mountains on the side walks, driven there away off from the driving place by bull-dozers. Walkers tip-toe in narrow paths where you can put two feet or one foot max among snow piles. 35% of expense on street-cleaning is spent, acc to the city municipal office, on cleaning the area around the city council ;o))))) Where servants of the people work.People say St. Petersburg didn't look so yet once since the siege of Leningrad. Spades are in huge demand, all un-dig their cars parked by the buildings. If not for cars' owners who clean things around their cars, at least, we would be unable to walk at all! Good that people took a good habit, every one cleans the space for own car + one more space. We had two people dead driven over by snow cleaning bull-dozers, one a pram with a child - her mother couldn't step out away from the driving part onto a side because the side was a snow pile slippery and she slipped.The other - not a 2 year old but a 89 year old, a famous cardio-surgeon, who instituted in Russia a service of urgent help to people with infarction, in USSR. Mother of a well known here historian, Lev Lurje. An extraordinary decent family all of them Lurje, and very known in the city.Thyat elderly lady survived the siege of Leningrad but was un-able to step aside from the street from a snow cleaning bull-dozer.This city is infuriated with the governor - who we can't elect by definition, as all city governors in Russia are appointed by the President. By the "new' rules. Our governor isnt even a St. petersburger, but a new-comer. She doesnt give a damn about the city, just an appointee, to come and go. Sat 18 Dec 2010 14:39:38 GMT+1 WebAliceinwonderland http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=28#comment32 The weather is abnormal cold this Nov-Dec a Russian tells yeah :o))Novembers ought to be dark, cold and gloomy in the Nordic night when it gets dark at 4pm. Instead, this one was White Novemeber - all in snow.That's more cheerful as not dark, every single source of light gets reflected on snow and lights up all around for miles. and more ;o) but it was nonetheless none the? nevertheless way too in the minus records.Now, December, which ought to be White and pleasant in minus 5, minus 10 - continues to be in the wrong pattern, more interested in minus twenties than ordinary minus 5. And snow is again in snow-storms and enormous quantities.Unscientific conclusion: minus 10 degrees wronger than normal. 1.5 to 2 times more snowy than the norm. Sat 18 Dec 2010 14:22:33 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=27#comment31 champagne_charlie wrote:#29powermeerkat;"Just another 'weather front' ah? Chryses?For a 3rd year in a row? ;) "Eh? Nightschool for you laddie. Thanks, but not thanks, charlie.At night temperatures drop even lower.[I'm really worried about ukwales there in Wales, though. (Scotts are used to that kind of weather) Sat 18 Dec 2010 14:13:45 GMT+1 champagne_charlie http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=26#comment30 powermeerkat;re: #30Forget it, I managed to decode this as being a global warming denial post to "Chryses" after reading other blogs. Sat 18 Dec 2010 14:10:08 GMT+1 champagne_charlie http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=25#comment29 #29powermeerkat;"Just antother 'weather front' ah? Chryses?For a 3rd year in a raw? ;) "Eh? Nightschool for you laddie. Sat 18 Dec 2010 14:02:21 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=24#comment28 Heathrow and Gatwick airports were forced to close all runways amid severe Met Office warnings for parts of London.And hundreds of drivers spent much of the night stuck on the M6 in Greater Manchester as temperatures plummeted.Passenger Jade Price, whose BA flight to the US capital Washington DC was amongst those cancelled, said Heathrow's Terminal 5 was "absolute chaos". The North West Ambulance Service warned of delays reaching emergency patients.Brent Cross shopping centre in London was forced to close, angering Christmas shoppers.Overnight, temperatures reached minus 17.2C just north of Norwich, minus 14C in Castlederg, Northern Ireland, and minus 13C in Chesham, Buckinghamshire." (BBC reporting)Just antother 'weather front' ah? Chryses?For a 3rd year in a raw? ;) Sat 18 Dec 2010 13:58:00 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=23#comment27 German Chancellor Angela Merkel has arrived in northern Afghanistan on an unannounced visit, amid heavy security.On Thursday, German Foreign Minister Guido Westerwelle announced in parliament that Germany would start to pull out some of its troops from Afghanistan in the first half of 2011, ending its mission by 2014. (BBC)Why? As Mr. Westerwelle's husband would say: "Dont' ask, dont tell". Sat 18 Dec 2010 13:47:11 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=22#comment26 "The Chinese action doesn't even seem to be particularly political, it's just good financial housekeeping, trying to maximise their assets."Hope you there in USSR have already started to learn Mandarin, or at least Cantonese? Sat 18 Dec 2010 13:38:47 GMT+1 Clive Hill http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=21#comment25 #11 margaret howardCould somebody please explain to me why although the US has printed billions of dollars (a bit like the Weimar republic, and we know how that ended) to manage its vast debts and the EU has so far not followed suit, it is the euro that is supposed to be failing but not the dollar?If the eurozone were a single state this problem would not be occurring. If the USA were a collection of nations, California would have had to be bailed out by now and other states would be in the headlamps.The difference is that in the USA the money flows freely from the federal government to wherever it is needed. The 'pork barrel' is also a strategic factor in US government which I can see little or no evidence of in the EU.The EU has given traders neat bite-sized pieces to aim at in the shape of the nation states of the EU. It's all easy money. Their bond yields are driven up by the 'fundamentals' of the national economy but always in the knowledge that the EU will eventually bail them out, not least to save the banks in the big EU nations. The firewall separating these two aspects of risk is the politics of the EU.The premature nature of the euro is also highlighted by the lack of monitoring by the eurozone of its member states, a fact bemoaned by Helmut Schmidt in his interview earlier this month:Question to Helmut Schmidt: Greece and Portugal went into monetary union with a net foreign balance more or less of zero: their foreign assets and foreign debts were more or less equivalent. Then they ran current account deficits every year for around 10 years of 10 percent of GDP. You don't need to be a genius to work out that they now have a net foreign debt of 100 percent of GDP.Answer from Helmut Schmidt: The question is: How come that no-one took any notice - in Basel or in Brussels or in some statistical office? No-one seem to have understood. By the way, for a long period the German political elite didn't understand that we were recording surpluses on our current account. We are doing the same thing as the Chinese – the great difference is that the Chinese have their own currency and we haven't. If we had our own currency it would have been revalued by now. The states of the USA offer bonds but they seem to be more like corporate bonds. The state itself is implicitly backed by the federal government, although politics can make that a difficult relationshipAs for the USA as a whole, it is flirting with disaster. The dollar is the world's largest reserve currency and the USA is ruthlessly exploiting that.If the dollar as reserve currency unravels, the economic consequences on the USA will be hideous.The Chinese have already suggested an IMF sponsored artificial currency to replace the dollar and they are trying to get away from the dollar in their dealings. The Chinese action doesn't even seem to be particularly political, it's just good financial housekeeping, trying to maximise their assets. Sat 18 Dec 2010 12:08:12 GMT+1 Peter David Jones http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=21#comment24 As you suggest Gavin this summit achieved nothing at all. The differences are as big as ever. One point where there was some movement was on an issue raised a while ago by notayesmanseconomics about the European Central Bank."the balance sheet of Europe’s central bank looks ever riskier to me and it is quite conceivable that we could be in an era where central banks as well as private-sector banks need bailing out."There wasn't much of a fanfare but it looks like such advice was heeded as an annoucement about increasing its capital was released.http://notayesmanseconomics.wordpress.com Sat 18 Dec 2010 12:04:58 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=20#comment23 The yield on Spanish bonds - essentially the interest rate which the government must pay in order to borrow money - increased on Wednesday. The rising cost of borrowing reflects investors' concern about the outlook for the Spanish economy and its banking sector in particular.[...] [Chancellor Merkel]has been an opponent of some suggested actions, including increasing the eurozone's 750bn euro bail-out fund or creating pan-European bonds to boost confidence in the euro. (BBC News) Sat 18 Dec 2010 12:04:27 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=19#comment22 "We have to tackle the competitiveness gaps" in the 16-nation eurozone, French President Nicolas Sarkozy said.France and Germany plan to present new proposals to address the problem. But they did not pledge new bail-out cash.[PM: Money talks, s..t walks] Sat 18 Dec 2010 11:56:44 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=18#comment21 threnodio II. This one's for you.Merry Christmas! http://www.bbc.co.uk/news/magazine-12021661 Sat 18 Dec 2010 11:42:08 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=17#comment20 Stevenson: "Maybe, Europe is experiencing "Christmas depression"Not judging by long lines of European subjects trying to buy I-pods, I-phones, MS tablets, Windows 7, Intel 7-960 CPU-based PCs, etc., in time for Christmas. [aircraft carriers, B-2s, F-22s and nuke "boomers" not for sale -sorry!] Sat 18 Dec 2010 11:33:10 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=16#comment19 Re #13 Compared to the Euro, the US dollar has a history of well over 200 years. It is the world's reserve currency and the USA has never defaulted. It is also the currency of the world's largest economy and the only super power and has a world wide acceptance second to none.And that's why in time of crises everybody and their grandmother (including China, Russia, EU countries) invest in U.S. securities assuming that by the time fat dog gets lean, the skinny dog will be long dead.[and that gold in Ft. Knox is nothing to sneeze at, either.] Sat 18 Dec 2010 11:28:19 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=15#comment18 Could somebody please explain to me why although the US has printed billions of dollars (a bit like the Weimar republic, and we know how that ended) to manage its vast debts?Margaret, US is not printing US$$$$$s to manage its debts, but to show Chinese who dump their wares on it by artificially undervaluing its currency (yuan) by at least 30% that both can play this game.If you don't like it, please call comrade pres. Hujintao.PRC brings yuan to a realistic level - we'll do the same re US$.But not before. Well, tough. Sat 18 Dec 2010 11:10:58 GMT+1 powermeerkat http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=14#comment17 "A good target for EU is to stop wasting money; freeze the budgets. Countries like Poland should shut up."A nice pan-European mentality. [Chirac who said it first is a history]And may I ask why? Sat 18 Dec 2010 11:05:30 GMT+1 busby2 http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=14#comment16 Gavin wrote "Mrs Merkel, who is aware of her critics in Europe, said "we are doing everything to make the euro secure".And if you believe she will succeed, you will believe anything! The question they should be considering is Plan B, how to unwind the Euro Zone so as to cause the least economic disruption. Sat 18 Dec 2010 10:59:22 GMT+1 euormartin http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=13#comment15 To the more economic minded out there as opposed to the politicos like myself, can I ask if it is possible to introduce a two currency system option into Euro zone members. Assuming the members are fully engaged in shared political objectives.Can for instance the richer north of Italy work with the euro while the south operates the Lira. Allowing for more competitive pricing in the country with a beneficial wage disparity for mobile workers. Or a similar option for economic engines such as Athens, Dublin, Lisbon, etc. Ireland effectively works two currencies along the border between UK and ROI which helps the locals from time to time. Sat 18 Dec 2010 10:12:01 GMT+1 Nik http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/12/euro_crisis_unresolved.html?page=12#comment14 11. At 10:49pm on 17 Dec 2010, margaret howard wrote:"""Could somebody please explain to me why although the US has printed billions of dollars (a bit like the Weimar republic, and we know how that ended) to manage its vast debts and the EU has so far not followed suit, it is the euro that is supposed to be failing but not the dollar?"""Well that is the question! I thought I was the only one asking so.The answer is no magic : you can print an infinate amount of air money and force people accept it as real value as long as you control the world's traderoutes and you have the weapons to threaten anyone trying to question the value of the air money you offer. Sat 18 Dec 2010 09:50:40 GMT+1