FlySurfer said...
Europe is being consumed by an unelected technocrat government that to me looks more and more like a USSR NWO everyday.
Fixed it for ya.
That and the other questions you raised go far beyond left or right political persuasions. These farcical elections around the world dominated by two party systems are just a sideshow for the general public and a smoke screen for the banks and the secretive ruling elites.
They are now talking about a common Euro Bond for EU countries.
Strains in German economy trouble Europe
November 23, 2011 — BERLIN (AP) — The German economy, which has been a bastion while its neighbors have buckled one by one under debt, showed signs of strain Wednesday and raised fears across world financial markets that Europe is far from containing its crisis.
An auction of bonds by the German government flopped, generating some of the weakest demand in a decade. And investors who buy German bonds on the open market demanded higher yields, a sign of concern about Germany's finances.
German Chancellor Angela Merkel and the head of the European Union clashed openly over one proposed solution to the European crisis — common bonds issued by all 17 nations that use the euro currency.
A European bond could promote stability in the markets. But Merkel said it would not solve "structural flaws" with the euro, and, in a testy exchange, an EU official said Merkel was trying to cut off the debate before it could even start.
"If Germany can't sell bonds, what is the rest of Europe going to do?" asked Benjamin Reitzes, an analyst at BMO Capital Markets. The debt crisis in Europe has already forced Greece, Portugal and Ireland to accept international bailouts, and it has threatened Italy and Spain, which have much bigger economies.
But Germany had weathered the storm. It has the largest economy in Europe, with $3.3 trillion of output last year, or about 20 percent of the EU economy. It is vital to any continent-wide solution, both as a source of strength and as a source of cash.
Like any country with debt, Germany has to tap bond market investors for money. It is also the top contributor to bailouts for other European nations.
Jose Manuel Barroso, the head of the European Commission, promoted the introduction of jointly issued European bonds, coupled with stricter budgetary discipline, as the best way out. The bonds "could bring tremendous benefits," he said.
But Merkel, the German chancellor, told lawmakers in Berlin that it was wrong to suggest that a "collectivization of the debt would allow us to overcome the currency union's structural flaws.
Germany has long opposed European bonds and wants the individual countries of Europe to clean up their own finances so they can eventually borrow at lower rates again.
A closely watched survey from the financial information company Markit showed that economic activity in the 17-nation euro group shrank in November for the third month in a row.
The survey found that the deteriorating economic picture is not confined to debt-stressed countries such as Greece, but increasingly spreading to stronger economies such as Germany and France.
