According to Economist "There Is ‘No Way Out’ for Europe" - Polidicks

There Is ‘No Way Out’ for Europe: Economist Monday, 14 Nov 2011 | 5:57 AM ET CNBC [release]There is no solution to the current debt crisis plaguing the euro zone, and it’s an illusion to think that one lies on the horizon, an economist told CNBC Monday. "There is no way out, I never thought there was, not for any of the countries that are in trouble. Once one of these countries goes into this sort of problem, there is no escape," Roger Nightingale, economist at RDN Associates, said. He dismissed the current, positive sentiment among investors regarding Italy as temporary and fleeting. "In a few days time or a few weeks, things will go wrong again, yields will go up and the whole thing will skid into decline. It's a foregone conclusion most of Europe is already in recession. It is relatively uncompetitive, and it is facing extra bond yields, extra interest rates which of course it can't live with, and (it) will have slower rates of growth," he added. Nightingale was scathing about the possibility of the new interim heads of government - Mario Monti in Italy and Lucas Papademos in Greece - being able to deliver their countries out of the current crisis. "These politicians can do nothing, there is no solution. I'm amazed that the media keeps on as if there's an obvious solution and that these politicians know what it is," he said. He said the existing group of politicians and central bankers would be the last people in the universe to come up with the solution, if one indeed existed. "It is somewhat ironic that the prime minister in Italy is Monti. He was a member of the European Commission. He was one of the architects of the system that caused all the problems. Why on earth would you put him in place? It would be a semi-miracle if the solution works" Nightingale said. However, Alessandro Capuano, head of the Italian desk at IG Markets, disagreed with Nightingale, saying Italy had sound fundamentals underpinning its economy. "If Italy can implement the austerity measures it needs to, we'll still have a strong economy and in the medium term, we can balance the issue of the big debt and start to grow again," Capuano said.[/release] Source: [url]http://www.cnbc.com/id/45252975[/url]

Some smartass is bound to say "easy, just start world war, recession over". Note when it says "There is no solution to the current debt crisis plaguing the euro zone", it means, "no [I]sane[/I] solution". Just throwing that out there now.

Neither is there for America. We're all screwed :suicide:

In other news, Roger Nightingale is short-selling the shit out of everything on the FTSE

It's funny because even Greece, of all places, has less debt per capita than the United States and overall, Europe is handling the recession better

[QUOTE=Zeke129;33283064]It's funny because even Greece, of all places, has less debt per capita than the United States and overall, Europe is handling the recession better[/QUOTE] Is it? Neither my fellow Americans nor I have any way of telling whether that's true or not, or even where to start making comparisons.

[QUOTE=Zeke129;33283064]It's funny because even Greece, of all places, has less debt per capita than the United States and overall, Europe is handling the recession better[/QUOTE] [url]http://en.wikipedia.org/wiki/List_of_countries_by_external_debt[/url] No it doesn't pretty much no major country in Europe fits that criteria actually

Of all these economic turmoil and domestic disputes in today's times it feels as if something huge is about to unfold in our lifetime

Whoa! A Glaber thread that can actually be discussed!

Do we have to rely on Asia now?

[QUOTE=Regulas021;33283173][url]http://en.wikipedia.org/wiki/List_of_countries_by_external_debt[/url] No it doesn't pretty much no major country in Europe fits that criteria actually[/QUOTE] Well if you go by those figures it appears that Greece's per capita debt is less than $100 higher than the United States (and the figures for Greece and the United States on this chart are [i]an entire year[/i] apart) Which still proves my point that the perception of how badly they're doing doesn't match reality

Oh, let us bow before another great oracle known as an economist. :downs: Seriously, from what I often see, economists (and economics as a whole) are treated in today's industrialised society as some sort of prophets. They're not.

[QUOTE=Regulas021;33283173][url]http://en.wikipedia.org/wiki/List_of_countries_by_external_debt[/url] No it doesn't pretty much no major country in Europe fits that criteria actually[/QUOTE] According to that, Ireland's external debt per capita is half a million dollars?? Oh dear... Oh right, that's just because our Government has nationalised almost every single bank, which gives the Government their debt. [editline]15th November 2011[/editline] [quote]"There is no way out, I never thought there was, not for any of the countries that are in trouble. Once one of these countries goes into this sort of problem, there is no escape," Roger Nightingale, economist at RDN Associates, said.[/quote] I'm no economist, but that seems to be a dumb statement. Ireland, I'm sure, is classified by him as one "of the countries that are in trouble", from which apparently "there is no escape". We've already returning to GDP growth for the most part and our economy is recovering quite nicely, actually. This guy is purely sensationalist I think.

Does anyone really care what some random "economist" thinks? I've never even heard his name before.

Wow, an economist at RDN associates, that sounds impressive, until you [URL="http://www.google.com/search?q=RDN+Associates&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:official&client=firefox-a#q=RDN+Associates&hl=en&safe=off&client=firefox-a&hs=lgb&rls=org.mozilla:en-US:official&prmd=imvns&ei=zzrCTuP4O4yutwfSmvnJDQ&start=10&sa=N&bav=on.2,or.r_gc.r_pw.,cf.osb&fp=a686e28799f6b6d7&biw=1360&bih=609"]Google it.[/URL] Why can't anyone in the news be bothered to do fact checking?

[QUOTE=Xain777;33284031]Wow, an economist at RDN associates, that sounds impressive, until you [URL="http://www.google.com/search?q=RDN+Associates&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:official&client=firefox-a#q=RDN+Associates&hl=en&safe=off&client=firefox-a&hs=lgb&rls=org.mozilla:en-US:official&prmd=imvns&ei=zzrCTuP4O4yutwfSmvnJDQ&start=10&sa=N&bav=on.2,or.r_gc.r_pw.,cf.osb&fp=a686e28799f6b6d7&biw=1360&bih=609"]Google it.[/URL] Why can't anyone in the news be bothered to do fact checking?[/QUOTE] Fact checking doesn't sell papers or get hits on a website.

oh and [URL="http://www.rogernightingale.com/index.php/about/"]this[/URL] is Nightingale's about page

[quote]According to Economist "There Is ‘No Way Out’ for Europe" [/quote] [media]http://www.youtube.com/watch?v=SgohFX9VlJ8[/media]

Alright well this guy is full of shit. On a serious note, I am sick of people treating these economists like fucking oracles. As soon as some random dipshit says recession, we go into a recession because it blasts through every television tuned into Fox News/NBC/CNN/BBC and people start believing it because the magical box says so. If you honestly believe you have cancer, you'll get cancer. Same concept.

[QUOTE=sHiBaN;33283237]Of all these economic turmoil and domestic disputes in today's times it feels as if something huge is about to unfold in our lifetime[/QUOTE] It's called "Brace for Anal Impact From All Directions." But no, seriously, dark times ahead.

PRINT MORE MONEY DON'T WORRY WE'LL ALL BE RICH

The real frightening thing is that a lot of countries refuse to openly discuss a plan B, because they think it will give people the wrong message. They're playing fucking Jenga with my money.

Scaremongering, it will be a slow and painful recovery but it will be a recovery nonetheless.

Does this mean it's Europe's Final Countdown?

[QUOTE=LiquidNazgul;33282808]Note when it says "There is no solution to the current debt crisis plaguing the euro zone", it means, "no [I]sane[/I] solution".[/QUOTE] Then obviously we need somebody [i]insane[/i] to help us with this situation! :eng101:

[QUOTE=Bassplaya7;33286014]Does this mean it's Europe's Final Countdown?[/QUOTE] NANANAA NAAA Also, one economist just predicted the fate of all of Europe! FUCK GUYS START SAILING SOUTH, I HEAR THERE'S GDP IN THEM AFRICAN HILLS

People say Greece is in recession and yet look at Latvia, we've been living like in a third world country for ages now and no one gives a shit.

Honestly, I think people should forget about those debts. IMO, you'd really have to be dumb to think that, for example, the US is going to pay back 15 trillion dollars.

[QUOTE=Marcolade;33287311]Then obviously we need somebody [i]insane[/i] to help us with this situation! :eng101:[/QUOTE] I'm on the job! Everyone start farming or making things in your spare time, sell the products to foreign markets, and donate the profits to reducing the debt!

[QUOTE=dass;33287855]Honestly, I think people should forget about those debts. IMO, you'd really have to be dumb to think that, for example, the US is going to pay back 15 trillion dollars.[/QUOTE] Looking at that wikipedia article in post #7, how and where the fuck are we supposed to pay 40+ trillion (p much the total) to?