The collapse of Europe

[Deleted]

That is just the title of the thread and not my personal opinion, but there is no denying that there are some serious problems at the moment.

Frankly, I am incensed that the banks were already refinanced twice with billions and billions of euros/pounds/dollars/etc. as a reward for poor management and insane speculation. And of course since it was the governments who poured in all that money, how can anybody be surprised at the incredible deficits that we are now facing?

At the same time, it is one of the richest areas in the world and is sitting on an incredible pile of wealth, so there is no way that you can convince me that we are in "real" trouble and that it is the common man who should be used to pay all of these debts.

Just like Greece, Italy, Spain, Ireland, Germany and most of the other countries, tomorrow the French government will be announcing new belt-tightening and more taxes, even though the people at the bottom of the pile are not at all responsible for the situation.

Why don't the rich just empty their pockets, which they have been filling for the last 70 years?

[rikita]

i suppose because people let them get away with filling them some more?

[bjd]

What really pisses me off are the private (mostly US) rating agencies deciding who is a good "risk" and who isn't, and financial speculators who stand to make lots of money betting against entire countries' economic performances. It's simply immoral speculation.

[LouisXIV]

I agree with you bjd. Many of those from the financial market and Wall Street should be having their afternoon tea with Bernie Madoff.