The EU going back the drawing board

[mriddick]

http://money.cnn.com/2011/12/04/news/international/european_crisis_summit/index.htm?iid=Lead&hpt=hp_t1

Looks like this time they might try it from more of an economic point of view. I wonder how the markets are going to react to this.

[El Jefe]

If it's going to work they'll have to jettison at least half the membership and base their dealings on something other that PC nonsense and penis envy. In short they're screwed!

:bighair:

[insider]

The EU was the biggest farce ever foisted upon Europe.:losing-it:

[El Laton Caliente]

Most of Europe and all the liberals there see this as Germany stuffing this down everybody's throat, but if they don't bring some sanity for the economy they are toast. It is about like cutting SS here, a third rail...

[Warthogg]

If it's going to work they'll have to jettison at least half the membership.........


I'm not sure on this but I do not believe the EU has any mechanism for jettisoning a member.


Wart

[El Jefe]

I'm not sure on this but I do not believe the EU has any mechanism for jettisoning a member.


Wart


In short they're screwed!


321

[O.S.O.K.]

Fuck the EU. It's one big clusterfuck.

This is what really worries me... and not a damned thing is being done about it. We just got through posting about our national debt going over $15Trillion and look - it's already up another 82 Billion since then.

$15.082 trillion and counting. $82 Billion in what? Two weeks?

And this is excellerating - that's what people don't seem to get.

I seriously doubt that there any many people in this country that realize just how fucked we already are. They sure aren't acting like it.

I mean, who would be worrying about black friday shopping if they really new what was coming? Unless they were stocking up on bullets and beans....

[Warthogg]

The US taxpayer will be screwed a minimum of 17% of this bullschitt bailout.


Wart


Meanwhile, EU leaders have also been discussing ways for the International Monetary Fund to help support troubled euro area nations as plans to leverage an overstretched bailout fund have come up short.

[Warthogg]

Fuck the EU. It's one big clusterfuck.

This is what really worries me... and not a damned thing is being done about it. We just got through posting about it going over $15Trillion and look - it's already up another 82 Billion since then.



At least we only have $61 trillion in unfunded liabilities. :dancing-banana-red-


Wart

[Warthogg]

Alright sporting fans your call.......for the EU will it be "centralized oversight over national budgets".......OR......"national sovereignty" ??

The 'one world .gov' crowd is poised for a huge victory in Europe.

Ohhh, as to the above question, you can kiss national sovereignty good-bye. IMO.

Wart



Merkel and Sarkozy are expected to move to amend European treaties in order to develop a greater fiscal union that includes centralized oversight over national budgets.

The German and French leaders have significant differences (BBC) to overcome. Merkel is an advocate for a more centralized EU, while Sarkozy favors preserving national sovereignty.



Top of the Agenda: Merkel and Sarkozy Meet over Euro Crisis

German Chancellor Angela Merkel and French President Nicolas Sarkozy will meet in Paris today to develop a new joint proposal (NYT) to solve the ongoing eurozone sovereign debt crisis ahead of an EU summit on December 8. Merkel and Sarkozy are expected to move to amend European treaties in order to develop a greater fiscal union that includes centralized oversight over national budgets.

The German and French leaders have significant differences (BBC) to overcome. Merkel is an advocate for a more centralized EU, while Sarkozy favors preserving national sovereignty.

The two leaders will also focus on how to restore market confidence in the economies of Italy and Spain, where bond market yields have risen to unsustainable levels. In a preemptive move, Italy's new prime minister, Mario Monti, unveiled a $40.2 billion, three-year austerity plan (WSJ) that includes spending cuts, tax increases, and pension reform.



http://mm.cfr.org/webview/059a02?fe=1&pact=6583816665?cid=nlc-dailybrief-daily_news_brief-link1-20111205

[El Jefe]

Europe is just delaying the inevitable, and when they implode, we follow right behind.

There is nothing that can stop it, it's a top heavy house of cards, and the wind is picking up.

[El Laton Caliente]

This is one reason for the current unrest. Basically, the Germans are demanding the insolvent members turn over national sovernty to the unelected EU government. The Europeans are not happy about it.

[El Jefe]

......and Germany is getting tired of picking up the tab for these deadbeats. Hard to blame them for that, they know eventually they'll be left holding the bag.

[Warthogg]

This is one reason for the current unrest. Basically, the Germans are demanding the insolvent members turn over national sovernty to the unelected EU government. The Europeans are not happy about it.

We would do well to keep in mind the leaders of both Greece and Italy were NOT ELECTED.



Wart

[El Jefe]

http://www.zerohedge.com/news/rumor-meet-news-sp-put-all-17-euro-nations-downgrade-watch

[El Jefe]

Whoa! :poundon:http://www.zerohedge.com/news/here-comes-sp-downgrade-barrage