The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
I suppose it depends upon your horizon, but for those who haven't experienced similar dislocations this one seems to be earth shattering. It isn't.
This will pass in a couple of years, just as the dot com bubble did. At the end of the crisis there will be a bit more foreign ownership of US assets, there will be a few ex-millionaires and the concentration of ownership by large firms will have increased.
The super wealthy who set much of economic and social policy will still be super wealthy. The politicians who they buy will still be bought. In the US a big win for the Dems may lead to a new cycle of consumer protection and some improvements in the safety net. That's about it.
The US will still depend upon militarism to (attempt) to rule the world. The EU will continue to get a free ride from this militarism and continue to dodge its responsibilities when it comes to dealing with failed states. China and India will continue to grow, but internal strife will increase and the path will be less smooth than they now believe.
The climate change (both the real one and the metaphorical one), will occur towards the middle of century. How this will play out is beyond by predictive abilities, but unless there are bold steps taken now, it won't be pretty.
Right now some sharp investors are buying up oversold assets and will be seen as wise and foresighted in 2010.
As I always say, "Don't Panic". Policies not Politics ---- Daily Landscape
But the fact of the matter is, when these financial crises to which you allude occurred, the US was a creditor nation with an industrial base to export its way out of the mess. Now, the US is a heavily indebted nation with an enfeebled industrial base, specialized in the sorts of services which cannot easily be exported.
Nope, this might not be the big one, and there certainly are levers to pull the US out of this. Namely, re-institute a progressive federal income tax like before JFK, increase interest rates like Volcker did, or both.
Either way, there are hard times ahead, and unlike all other significant downturns since the '30's, the safety net has also been gutted.
I admire your optimism though. The Hun is always either at your throat or at your feet. Winston Churchill
All that hardware, and the US has made the EU less safe. Nobody's asking the US for anything around these parts, as far as I can see, maybe you can try that argument out on the Canadians. The Hun is always either at your throat or at your feet. Winston Churchill
So true, a free ride to - hell.
and continue to dodge its responsibilities when it comes to dealing with failed states
As in the failed state of Irak, I suppose. What exactly are Europe's or the US - or anyone's for that matter - duties towards failed states ?
The migration from North Africa which is causing consternation in places like Spain might also be better handled if meaningful aid was given to the places the migrants are coming from.
Isolationism has a tendency not to work as desired over the long run. A lesson both Europe and America fail to learn. Policies not Politics ---- Daily Landscape
afrol News - Migration produces EU deal for Mali; Bissau next
The European Union (EU) has granted substantial extra aid to Mali to assure a faster social development of the country and thus halting its large illegal migration outflow. Mali has turned into the largest source of irregular migrant to Spain and Europe, mostly due to rampant poverty and lack of vision for the country's large youthful population. Meanwhile, Guinea-Bissau seems set to be the next to achieve a lucrative EU deal as migrants have started departing from that country. ... Spanish diplomats, who have travelled frenetically over most of West Africa during the last year, have been able to secure EU assistance in signing migration control and development aid agreements with the main sources of irregular migrants. Especially Morocco, Mauritania and Senegal - the main countries of departure - have already signed agreements worth hundreds of millions of euros, in addition to receiving logistic aid in controlling borders. ... Spanish and EU authorities have so far been rather successful in closing the main migration routes into Europe. Economic and diplomatic concessions to Morocco assured Rabat's harsh crack-down on Africans trying to use the country as a base to migrate to Spain. Libya and Tunisia are equally tough on those heading for Italy.
...
Spanish diplomats, who have travelled frenetically over most of West Africa during the last year, have been able to secure EU assistance in signing migration control and development aid agreements with the main sources of irregular migrants. Especially Morocco, Mauritania and Senegal - the main countries of departure - have already signed agreements worth hundreds of millions of euros, in addition to receiving logistic aid in controlling borders.
Spanish and EU authorities have so far been rather successful in closing the main migration routes into Europe. Economic and diplomatic concessions to Morocco assured Rabat's harsh crack-down on Africans trying to use the country as a base to migrate to Spain. Libya and Tunisia are equally tough on those heading for Italy.
And, in Greece that I know of, the majority of illegals nowadays crossing the Aegean are from Iraq, Afghanistan and Pakistan. In other words the recent upsurge in incoming illegal immigrants is in no small part due to the very energetic policies of the US in various parts of the world. The road of excess leads to the palace of wisdom - William Blake
by Frank Schnittger - Jan 15
by Frank Schnittger - Jan 8 6 comments
by Frank Schnittger - Dec 31 8 comments
by gmoke - Dec 29
by Oui - Jan 155 comments
by Oui - Jan 149 comments
by Oui - Jan 142 comments
by Oui - Jan 132 comments
by Oui - Jan 131 comment
by Oui - Jan 126 comments
by Oui - Jan 103 comments
by Oui - Jan 9
by Frank Schnittger - Jan 86 comments
by Oui - Jan 8
by Oui - Jan 84 comments
by Oui - Jan 7
by Oui - Jan 62 comments
by Oui - Jan 3
by Oui - Jan 212 comments
by Oui - Jan 11 comment
by Oui - Jan 124 comments
by Oui - Dec 31
by Oui - Dec 315 comments