So an update on the Eurozone situation, 1st time tragic, 2nd time farcical
The problem countries (Portugal, Spain, Ireland, Italy, and of course, Greece) aren’t improving. Unemployment high (youth unemployment in Spain is 50% - officially), GDP stagnant or shrinking. Even the ‘good’ countries (Germany, Netherlands) are struggling or slipping back into recession. Even countries outside the Eurozone (UK) are back in recession.
Elections over the weekend were a rejection of traditional political parties. Hollande was elected as French President, while Marie Le Pen got 20% of the vote (UMP, Sarkozy (former president’s party) got 27% in the first round in comparison. Germany’s ruling coalition were trounced in regional elections, as were the British Conservative and LIberal Democrat Parties.
In Greece, the left-wing party Syriza is trying to form a government. It rejects the terms of the second 130 billion euro bailout and wants to start again. Markets predictably, haywire.
No end in sight. Look on ye mighty and despair.[/quote]
If Obama is reelected I foresee something akin to this happening in the US. The man is clueless when it comes to the economy. All politics aside why anyone would want to “rehire” him at a job that he’s proven that he cannot handle is totally beyond me.
At least Romney has proven that he understands the economy by making himself a couple of hundred million. Let’s give the job to him for four years if he mucks it up as bad as Obama we can fire him in 2016.
We have to wake up because The US is next in line to fail![/quote]
I think the conditions in the Eurozone are different because of the straitjacker imposed by the Euro. Italy and Spain would just devalue their currency if conditions got problematic, they cannot do that any more. What is sauce for Germany, who is benefittin immensely its exports, is not sauce for the Mediterranean countries. This means their economies are seriously uncompetitive, their credit ratings are junk and people doubt their ability to repay their debt. This is in spite of Spain having run a relatively balanced budget with little of the banking fiasco seen in Britain or the USA. Look at how low US bonds are in comparison to many Eurozone countries, with the exception of Germany and the UK.
Sure it’s a different scenario no arguemnt here. But with 16 trillion in debt, a devalued dollar, those looking for work and those who have given up looking are at their highest in many years, And on top of that there are more people on food stamps than ever before. Those who are knocking Romney should be looking at the guy who has been in charge for the last four years and dishing out some serious blame. I gurarantee that the US is headed for serious trouble if Obama is reelected!