Wall Street Journal (Asia Edition), Lee Says Singapore Can't Rescue Europe
By Chun Han Wong and Gaurav Raghuvanshi on 2011-09-15 T 18:07 +8
By Chun Han Wong and Gaurav Raghuvanshi on 2011-09-15 T 18:07 +8
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Lee Kuan Yew: "Eurozone Cannot Be Saved"
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"If the eurozone were to collapse or to disappear, then the European Union itself might not survive, that is possible..."
- Jan Vincent-Rostowski, Minister of Finance of the Republic of Poland
- Jan Vincent-Rostowski, Minister of Finance of the Republic of Poland
LKY's absolutely correct. You cannot solve a debt problem by throwing more debt at it. Buying their bonds will not help at all.
It is not even a monetary problem. It is a human problem. Greeks want to live a high jet set life on borrowed money. Just because they are in the EC, Greeks expect Germans and French to subsidise their extravagant lifestyle to which they have become accustomed for the past decade.
Suppose A has no money. Then A goes to the (Greek) bank and borrows $10 Million (backed by nothing- no collateral). And spend like a towkay. Of course they want this situation to continue. Wah, like this, we also want, leh......
It is not even a monetary problem. It is a human problem. Greeks want to live a high jet set life on borrowed money. Just because they are in the EC, Greeks expect Germans and French to subsidise their extravagant lifestyle to which they have become accustomed for the past decade.
Suppose A has no money. Then A goes to the (Greek) bank and borrows $10 Million (backed by nothing- no collateral). And spend like a towkay. Of course they want this situation to continue. Wah, like this, we also want, leh......
I'm assuming this is a discussion on international economics and finance ....
the politics between the PIGGS nations and now France inclusive vs basically Germany is going to doom the eurozone and any plans that the ECB has to failure
whereas , as much as we hate to admit it, the US is ONE Federal Government ...... its in a WHOLE lot better position than the EU to walk or fight its way out of this situation and on an earlier road to recovery
the days of cheap US Dollars are pretty much near an end
and China has little choice but to still stay in bed with Uncle Sam
the politics between the PIGGS nations and now France inclusive vs basically Germany is going to doom the eurozone and any plans that the ECB has to failure
whereas , as much as we hate to admit it, the US is ONE Federal Government ...... its in a WHOLE lot better position than the EU to walk or fight its way out of this situation and on an earlier road to recovery
the days of cheap US Dollars are pretty much near an end
and China has little choice but to still stay in bed with Uncle Sam
Sion
Senior Member
You should start to dig a hole and bury your camera and equipments.
And another hole to protect yourself.
When the world is over you'll be ready to shoot the destructions and devastation. :bsmilie:
Sion
Senior Member
Then CS should start a mass purchase of bullet proof vests and all of us can become war photo journalists :bsmilie:
You should arm yourself with this to fight the zombies: :bsmilie:
Any discount ?
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Unfortunately there is still alot of talk and not much done in Europe.
The breakdown of Euro to their respective currencies will be pretty damaging as well as going on a straight course to stick to the euro. Imagining Greece converting back to a paper money drachma. Kinda damn if you do damn if you don't . They are still undecided at the fork.
The Economist ran an article recently revealing huge core losses for all of the euro countries including Germany should everyone call it quits from Euro.
Ryan
The breakdown of Euro to their respective currencies will be pretty damaging as well as going on a straight course to stick to the euro. Imagining Greece converting back to a paper money drachma. Kinda damn if you do damn if you don't . They are still undecided at the fork.
The Economist ran an article recently revealing huge core losses for all of the euro countries including Germany should everyone call it quits from Euro.
Ryan
What makes you think US won't default either? :bsmilie:
We will just have to see what QE3 might entail.
Euro is in some kinda deep ****.
US may or may not default depends on the two political parties in there. Neither one gives in then no economical policies will be issued. Worst of all, printing money will not help anymore.
US government's big spending cannot fight against it's high and higher inflation rates anymore. In fact if US were to print more money, it only means that they wanna dilute the loans borrowed from all the other countries. The only way to get back on track now is to increase taxes on those rich guys, like what warren buffett said. I seriously do not understand why the riches in USA are so protected against tax paying. LOL
US may or may not default depends on the two political parties in there. Neither one gives in then no economical policies will be issued. Worst of all, printing money will not help anymore.
US government's big spending cannot fight against it's high and higher inflation rates anymore. In fact if US were to print more money, it only means that they wanna dilute the loans borrowed from all the other countries. The only way to get back on track now is to increase taxes on those rich guys, like what warren buffett said. I seriously do not understand why the riches in USA are so protected against tax paying. LOL
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