Britain must fend for itself in event of crisis, French official warns Britain should not rely on EU help in the event of a renewed financial crisis after refusing to sign up to the bulk of a â¬500bn (£429bn) rescue package for the eurozone, the head of the French financial markets watchdog said. Jean-Pierre Jouyet said the UK would have to fend for itself if ongoing political uncertainty led to a meltdown in the financial markets. âThe English are very certainly going to be targeted given the political difficulties they have. Help yourself and heaven will help you. If you donât want to show solidarity to the eurozone, then letâs see what happens to the United Kingdom,â he told Europe 1 radio. Mr Jouyet, European affairs minister from 2007-2008, was clearly angered by the Chancellor Alistair Darlingâs refusal to pledge funds in an attempt to protect the euro, by failing to agree to provide troubled eurozone countries with â¬440bn in loans or guarantees. He said it was a clear sign of the divisions within the European Union. âThere is not a two speed Europe but a three speed Europe. You have Europe of the euro, Europe of the countries that understand the euro...and you have the English,â he said. However, Mr Darling did agree to contribute to a â¬60bn extension to an existing European Union facility to help those countries in particular difficulty. The International Monetary Fund has agreed to provide a further â¬250bn. The bail-out agreement boosted markets around the world on Monday, including the FTSE 100 which closed up 5pc â the biggest one-day jump since December 8, 2008. Part of that gain was unwound on Tuesday morning, with the FTSE 100 down 1.8pc at 5291. The pound was down at around $1.48. As political uncertainty rumbled on, with no new government in place, analysts at Morgan Stanley said investors should sell the pound, targeting $1.35. It said the prospect of a Labour-Liberal Democrat coalition would hit sterling. âWe have decided to initiate a short pound-dollar position,â said Stephen Hull, global head of currency strategy. âThis coalition would probably find it difficult to make the required tough spending cuts to the public deficit, risking a downgrade by the rating agencies in coming months.â http://www.telegraph.co.uk/finance/...in-event-of-crisis-French-official-warns.html
Bernanke is smart enough to know what is coming and has given warnings. Fisher is another. They know full well the implications as the dike weakens.
Because you don't understand as much as you think and obviously don't have the experience to know better. I'm not trying to be an ass, but you see things differently than the people in positions of influence becuase you don't know enough to realize your view is incomplete.
ha. BS. The US government is the biggest top down error prone too big to fail institution in the world. Think they know what they are doing? not a chance. They are way way more risky than GS. Thats why getting the gov in debt is very dangerious.
if you ever worked with these people you would understand the decisions they make are not in the interest of society but themselves. sometimes i get asked by these people to give them information. if i am the person they ask advice from then i must know more than them.
You assume too much about what their goals are and what the general plan is. They are not making mistakes, contrary to your beliefs. I will say that most of the PhD economists and the talking heads do not know any better and just regurgitate what is fed to them by those in power.