Greece Asks for Aid From EU, IMF
The Oxford Institute of Economic Policys Domenico Lombardi on Greeces request for financial aid to help with its debt crisis.
Duration : 0:4:0
Will history repeat itself with this global financial crisis?
An expert, who studies global financial crisis says that the world if doomed to repeat the same financial mistakes that were made, that lead to World War 1 and 2. He says, that is our global leaders continue to make the same idiotic mistakes, and the people continue to panic, then we open ourselves up to the possibility of World War 3. He says, that if you study the history surrounding the two World Wars, you’ll see that the financial disasters prior to those wars, are happening now!
The post-crisis world will be radically new. Nevertheless, the United States has accumulated such great scientific and technological potential, and such an exceptional industrial base, that it will remain the world leader – the largest economy in the world. Even though it will fall more than any other country, when it comes to the numbers, people will still have enough to live (compared to others).
Everything will crash, with the exception of the American high-tech industry. The United States will begin real production; it will return to it from abroad, from China. This will cause foreign countries and China to “fall.”
All of the previous crises were different – understandable and not general. However, this one is global; it is happening all over the world and it is unlike any previous crisis. There are no known remedies to eliminate it. People are trying to do the same thing they did in previous crises – to help the banks, but nothing will help.
The situation will force them to reveal the true cause of the crisis: that the egoistic attitudes of the involved parts of a closed system, bring about the system’s destruction. (just like cancer in a body)
Is the Republican philosophy of deregulation and tax cutting what caused the economic collapse?
The last 8 years we gave massive tax cuts to the wealthy and deregulated the financial industry causing an economic bubble in the stock market, commodities, housing, etc. Doesn’t it make sense to bring back tax rates to pre-Reagan era and keep regulations in place so that growth is moderate and stable??
And yes, I blame Clinton for a lot of things too….but doesn’t mean you Republicans and your tax cutting/deregulation philosophy get a free pass.
The banks weren’t forced to give out sub-prime loans, they were handing them out like candy! Come on Republicans, don’t try to distort the situation here. The reality is that if the loaning institutions were forced to give out loans to qualified applicants, we wouldn’t be in this mess.. This is an example of where REGULATIONS are GOOD.
I think a lot of people are to blame. However, Clinton left the U.S. in a surplus. republicans, you can look it up if you don’t believe me. Bush drove our national debt to record high with trillions of dollars in debt with China and 10 billion/month to pay for war in Iraq. I do blame republicans more than democrats, and I’m republican but I had to vote for Obama. The tax cuts did not help the economy whatsoever. My republicans blame it on the media even though statistics show the facts.
Why is greece in a debt crisis?
Im trying to finish homework, its late, help me out? Explain this is simple terms.
Also answer theses:
What is the impact of this crisis on America?
What are some arguements about this topic?
thanks
Sorry to answer this question late.
Here is a link to an article in the FT today which will give you the answer about Greece:
http://www.ft.com/cms/s/0/a0574c54-046e-11df-8603-00144feabdc0,dwp_uuid=2b8f1fea-e570-11de-81b4-00144feab49a.html?nclick_check=1
The problems in Greece are slightly different from countries such as the USA and UK in that these countries are suffering from banking/financial institution losses which have precipated a shortage of liquidity worldwide. Greece has been overspending on its public sector and the worries are that it can not now service that debt because of the economic downturn generally and shortage of capital in the global economy -i.e. it can’t borrow any more. So, in many ways Greece is collateral damage in the financial crisis.
If you look at the Ft article-there is comment that Greece has been fudging its figures- so has everyone else. The losses still in the banking mess have still not been fully accounted for (some estimates suggest that only 50% has been acknowledged). So a lot of countries are in an even worse situation but have buried their heads.
Incidentally, there is great fear in the UK that our sovereign debt will be downgraded by the rating agencies – that’s really bad. It’s just slow release of information -that’s all.
What can be done to mitigate the current Eurozone debt crisis on Africa?
(www.abndigital.com)
Africa appears to have weathered the global economic crisis to some extent. However, what can be done to mitigate the current Eurozone debt crisis on Africa?
Godfrey Mutizwa spoke with Jean-Phillippe Stijns, an Economist with the OECD, at the African Development Bank’s annual meeting in Abidjan, Ivory Coast.
Duration : 0:4:38
How does the Debt Crisis effect people in Developed countries?
Are you referring to the Debt Crisis in the 1980s or the current Global Financial Crisis (2007 – present)?