Big Chart on Euro Debts (LARGE IMAGE WARNING).

[Big Orange]

Here's a huge chart on the private and goverment debts of the Eurozone nations, Happy New Year:



BBC

I can see why Germany has a vested in propping up the Eurozone and how its world class manufacturing/engineering megacorporations could still survive in the West and recently prospered in the onset of a global depression.

[someone_else]

Wasn't that pesky isle on the other side of the Channel part of Europe?

Where is the UK in these charts?

Or the fact they still keep their own funky currency makes their actions irrelevant in regard to Eurozone?

[Col. Crackpot]

Wasn't that pesky isle on the other side of the Channel part of Europe?

Where is the UK in these charts?

Or the fact they still keep their own funky currency makes their actions irrelevant in regard to Eurozone?

seeing as unlike those on the continent they can print money as they see fit, yes.

[bobalot]

Wasn't that pesky isle on the other side of the Channel part of Europe?

Where is the UK in these charts?

Or the fact they still keep their own funky currency makes their actions irrelevant in regard to Eurozone?

The UK can simply devalue the pound (which it has to some extent) and print a large amount of money. What's bemusing is that the UK has decided on Austerity.

[Zaune]

The UK can simply devalue the pound (which it has to some extent) and print a large amount of money. What's bemusing is that the UK has decided on Austerity.

We've got a Conservative government. They think less government spending -though not necessarily less government- is a panacea. Think of them as basically the Republicans, only with class snobbery instead of cafeteria Christianity.

[bobalot]

The UK can simply devalue the pound (which it has to some extent) and print a large amount of money. What's bemusing is that the UK has decided on Austerity.

We've got a Conservative government. They think less government spending -though not necessarily less government- is a panacea. Think of them as basically the Republicans, only with class snobbery instead of cafeteria Christianity.

Well, there is no problem getting rid of wasteful government spending and redirecting it towards job creation programs or infrastructure. However, drastically cutting government spending during a recession is only going to bring about a double-dip recession or a prolonged period of stagnation (along with increased unemployment).

[Big Orange]

The UK can simply devalue the pound (which it has to some extent) and print a large amount of money. What's bemusing is that the UK has decided on Austerity.

Oh, the Eurozone is only part of the problem and Cameron pulled out of the last EU treaty largely because of the crypto xenophobes in the Tory Party who were threatening to rip him to shreds politically.

However that said about the streak of nastiness running through the UK‘s Euroscepticism and the Tories employing the same dumb austerity strategy as Merkozy anyway, the Eurozone did (perhaps inadvertently) pushed countries such as Spain and Italy, etc, into being uncompetitive, while artificially boosting Germany’s industrial exports. Real smooth. And having ex-bankers installed as puppet leaders in Italy and Greece was pretty eyebrow raising.

Well, there is no problem getting rid of wasteful government spending and redirecting it towards job creation programs or infrastructure.

Despite my misgivings about the single Euro currency, the European Commission has withheld 10 million in grant money from tea firm Twinings after Twinings closed factory units in Britain, only to reopen new units in Poland to exploit lower wages and new markets. So the EU is not bad on principle.

Western companies with the help of governments have reduced pay through globalisation, cheaper (on paper) foreign workers and increasing automation, etc, while housing property in many countries is priced through the roof, and then there's this big surprise the global economy in recent years has stagnated badly and keeps on threatening to bottom out (with millions of people becoming unemployable through no real fault of their own).

And while an anecdote, an old school friend of mine (who was bright and talented enough to attain a law degree) that I've met him recently seemed disappointed by the unreasonable hours/pay and not being able to purchase a home.