Wednesday 27th of October 2021

unorthodox policies of American capitalism...

bailing out

The opening day of the G20 summit was threatening to deteriorate into a fractious row between eurozone countries and other non-European members of the G20, notably the US, as EU commission president José Manuel Barroso insisted the origins of the eurozone crisis lay in the unorthodox policies of American capitalism.

As Europe's leaders came under intense pressure to act decisively to cure the euro's ills, and a campaign gathered pace to relax some of the austerity programmes laying waste to countries with unsustainable debt levels, Barroso said Europe had not come to the G20 summit in Mexico to receive lessons on how to handle the economy. Asked by a Canadian journalist: "Why should North Americans risk their assets to help Europe?" he replied: "Frankly, we are not here to receive lessons in terms of democracy or in terms of how to handle the economy.

"This crisis was not originated in Europe … seeing as you mention North America, this crisis originated in North America and much of our financial sector was contaminated by, how can I put it, unorthodox practices, from some sectors of the financial market."

http://www.guardian.co.uk/world/2012/jun/18/g20-summit-barroso-eurozone-crisis?newsfeed=true

ill-winds...

Having been immersed in politics and economics for more that 61 years, I can say that Barroso's claims are accurate. But they do not take into account my long-held feeling that the destruction of the Eurozone by the American banking system selling crook subprime and other rotten products has been "deliberate"... I have long observed (since the 1950s) how the US have been trying to "control" Europe... and of course trying to stop it to gel into a super-power. Most of the Iraq war waged by the idiot Bush-the-second was done to this effect. Saddam was selling his oil in EUROS, of all "crimes", undermining the US dollar as the control factor of the price of pretroleum... Saddam's other "crimes" of course included his illusionary weapons of mass destruction...

Eventually the European will have to tell the Yankees to go and take a hike or find a way to uncercut the US... But this has been made quite difficult by the clever positioning of the UK, a country that has a bet each way to suit the American conquest of Europe...

I could be wrong of course, but...