Greenspan: Why European Union Is Doomed to Fail

Discussion in 'Wall St. News' started by nitro, Oct 25, 2011.

  1. nitro


    "The European Union is doomed to fail because the divide between the northern and southern countries is just too great, former Fed Chairman Alan Greenspan told CNBC in a recent interview...."

    Reminds me of what the US had to go through to unite the states. Where is Europe's version of Abraham Lincoln?
  2. nitro


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  3. nitro


    Everyone thinks that Greece is the problem. While I feel solidarity with Greece, they are not really a threat to the western powers, Italy, Spain and Portugal are. One of those goes, and the situation becomes grave. Greece is like a magnitude 7.5 earthquake. Italy and Spain are magnitude 9.

    Greece is the canary in the coal mine. It won't matter (except to the Greek people of course) if they resolve it or not. It doesn't address the fundamental issue Greenspan discusses above.
  4. zdreg


    "I feel solidarity with greece"
    does that extend to your wallet?
  5. I don't give money to anyone and I blame the economy. You can't trust anyone with your money these days, except maybe an established and prooven charity.
  6. zdreg


  7. When Greenspan dies, his body should be dumped into the Sea of Fail (the sea where bin Laden was dumped).

    Report: Greenspan says euro could replace U.S. dollar as reserve currency of choice

    The Associated Press
    Published: September 17, 2007

    FRANKFURT, Germany: Former U.S. Federal Reserve chairman Alan Greenspan said it is possible that the euro could replace the U.S. dollar as the reserve currency of choice.

    According to an advance copy of an interview to be published in Thursday's edition of the German magazine Stern, Greenspan said that the dollar is still slightly ahead in its use as a reserve currency, but added that "it doesn't have all that much of an advantage" anymore.

    The euro has been soaring against the U.S. currency in recent weeks, hitting all-time high of US$1.3927 last week as the dollar has fallen on turbulent market conditions stemming from the ongoing U.S. subprime crisis. The Fed meets this week and is expected to lower its benchmark interest rate from the current 5.25 percent.

    Greenspan said that at the end of 2006, some 25 percent of all currency reserves held by central banks were held in euros, compared to 66 percent for the U.S. dollar.

    In terms of being used as a payment for cross-border transactions, the euro is trailing the dollar only slightly with 39 percent to 43 percent.

    Greenspan said the European Central Bank has become "a serious factor in the global economy."

    He said the increased usage of the euro as a reserve currency has led, like in the case of the U.S. dollar, to a lowering of interest rates in the euro zone, which has "without any doubt contributed to the current economic growth."


    This guy is worse than Cramer.
  8. nitro


    Tooooo funny :D
  9. Bank run reported in Greece about 2 hours ago. Lines to get cash.
  10. nitro


    #10     Oct 25, 2011