Liberal Dream Over: We can't join EU because debt is too high

KingCondanomation

KingCondanomation

New member
Title I made funny but this really should be a wakeup call, even poor eastern European countries can join the EU, America with its massive debt wouldn't qualify. Sad. And Obama and Dems are set to rocket us into even more massive debt following the deadly swan song of dinosauric Keynesians like Krugman.

"The United States wouldn't even be eligible to enter the European Union if it wanted to because of its debt levels, Sen. Judd Gregg (R-N.H.) claimed Thursday.

"We won't even be able to get into the EU if we wanted to," Gregg said this morning on MSNBC, "because our government is so large and so huge."

The European Union's Stability and Growth Pact (SGP) adopted in 1997 requires a budget deficit to be less than three percent, and requires a national debt beneath 60 percent of Gross Domestic Product (GDP).

"We've been lectured by France on the fact that we're not fiscally responsible right now," Gregg, the would-be commerce secretary, noted with incredulity."
http://briefingroom.thehill.com/2009/03/26/gregg-us-couldnt-even-join-eu-due-to-debt-levels/
 
KingCondanomation said:
Title I made funny but this really should be a wakeup call, even poor eastern European countries can join the EU, America with its massive debt wouldn't qualify. Sad. And Obama and Dems are set to rocket us into even more massive debt following the deadly swan song of dinosauric Keynesians like Krugman.

"The United States wouldn't even be eligible to enter the European Union if it wanted to because of its debt levels, Sen. Judd Gregg (R-N.H.) claimed Thursday.

"We won't even be able to get into the EU if we wanted to," Gregg said this morning on MSNBC, "because our government is so large and so huge."

The European Union's Stability and Growth Pact (SGP) adopted in 1997 requires a budget deficit to be less than three percent, and requires a national debt beneath 60 percent of Gross Domestic Product (GDP).

"We've been lectured by France on the fact that we're not fiscally responsible right now," Gregg, the would-be commerce secretary, noted with incredulity."
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Looks like somebody else saw/heard Daniel Hannan's speech (great "speech" BTW) to the European Parliment the other day and came to some of the same conclusions I did regarding deficit spending, namely, while Britian might be at 10% of GDP (violating EU entry requirements, 3% GDP if I'm not mistake) it looks like the good ole US is headed to 13% (or higher) so if as Mr. Hannan says Britians Ship is at the "Waterline" because of the weight of it's debt ... the U.S. must be a submarine. :eek:
 
unphased said:
Looks like somebody else saw/heard Daniel Hannan's speech (great "speech" BTW) to the European Parliment the other day and came to some of the same conclusions I did regarding deficit spending, namely, while Britian might be at 10% of GDP (violating EU entry requirements, 3% GDP if I'm not mistake) it looks like the good ole US is headed to 13% (or higher) so if as Mr. Hannan says Britians Ship is at the "Waterline" because of the weight of it's debt ... the U.S. must be a submarine. :eek:
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Gordon Brown is trying to skew it even more by urging the US to "take the lead" in the financial "rescue", or in other words spend as much as possible so that he may not have to spend as much.
 
KingCondanomation said:
Gordon Brown is trying to skew it even more by urging the US to "take the lead" in the financial "rescue", or in other words spend as much as possible so that he may not have to spend as much.
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Well, he's got Obama who will do just about anything to "gain back the respect of the world" so he'll likely get his wish.
 
Damocles said:
Well, he's got Obama who will do just about anything to "gain back the respect of the world" so he'll likely get his wish.
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True.
I think he already has the automatic respect of the rest of the world just on the strange idolatry that he seems to exude after Bush, really he has no need to kiss any ass and probably just says stuff like that to remind people of Bush's failings and to help himself.

It's part of his larger plan of doing whatever the hell he wants and passing it all off as "fixing" Bush's mess.
 
ib1yysguy said:
Yeah, they don't have internet in Europe. You'd be rid of me forever.
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Some of us have our own sneaky ways of getting round the technological barriers.

Damo kindly takes daguerreotypes of the various threads, every half hour, before sending them by pigeon courier across the Atlantic whereupon i can respond promptly by communicating my posts back to Damo, using Mr Morse's fantastic telegraph system, who then places them on the board using my name. Simples.
 
KingCondanomation said:
Gordon Brown is trying to skew it even more by urging the US to "take the lead" in the financial "rescue", or in other words spend as much as possible so that he may not have to spend as much.
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To be fair to Gordon what he wants is a success to point to at the G20 summit. He was under the impression that he was going to "save the world" by getting everyone to endorse the massive fiscal stimulus plan.

Unfortunately, it has just dawned on him, after being told by everybody else in politics, banking and economics, that we don't have any money. Added to the fact that the European nations initially said the stimulus plan was brilliant, realised how much it was going to cost and promptly changed their minds, it doesn't look good for Gordon's G20 triumph.

The sensible course of action, as he sees it, would be to back America's stimulus plan while trying to pretend everyone else is going to go down that road as well, probably using the medium of some mealy-mouthed end-of-conference communique. After everyone has had a slap-up meal and watched some anarchist protesters being beaten senseless by the Metropolitan Police, the US will spend and the Europeans will do a whole variety of different things while saying they are all in full agreement on the correct way forward.
 
charver said:
To be fair to Gordon what he wants is a success to point to at the G20 summit. He was under the impression that he was going to "save the world" by getting everyone to endorse the massive fiscal stimulus plan.

Unfortunately, it has just dawned on him, after being told by everybody else in politics, banking and economics, that we don't have any money. Added to the fact that the European nations initially said the stimulus plan was brilliant, realised how much it was going to cost and promptly changed their minds, it doesn't look good for Gordon's G20 triumph.

The sensible course of action, as he sees it, would be to back America's stimulus plan while trying to pretend everyone else is going to go down that road as well, probably using the medium of some mealy-mouthed end-of-conference communique. After everyone has had a slap-up meal and watched some anarchist protesters being beaten senseless by the Metropolitan Police, the US will spend and the Europeans will do a whole variety of different things while saying they are all in full agreement on the correct way forward.
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Yeah, Krugman wrote about the awful situation in Europe in an article called "A continent adrift". Good thing America's going in the right direction, but it looks as if the rest of Europes slack is going to drag your nations economy down.
 
charver said:
Some of us have our own sneaky ways of getting round the technological barriers.

Damo kindly takes daguerreotypes of the various threads, every half hour, before sending them by pigeon courier across the Atlantic whereupon i can respond promptly by communicating my posts back to Damo, using Mr Morse's fantastic telegraph system, who then places them on the board using my name. Simples.
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Good thing that I have giant pigeons willing to carry daguerreotypes.
 
WE cant join the European Union anyway, we are not a part of Europe...!


It would be like the EU trying to join NAFTA!
 
Watermark said:
Yeah, Krugman wrote about the awful situation in Europe in an article called "A continent adrift". Good thing America's going in the right direction, but it looks as if the rest of Europes slack is going to drag your nations economy down.
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I think we only have ourselves to blame for the position we find ourselves in.

It wasn't Europe or America who forced us to abandon any semblance of a manufacturing sector and put all our eggs in a rudderless financial services basket, while encouraging off-balance sheet accounting, tenuous labour markets and a consumer credit bubble as large as Gordon Brown's ego.

On the bright side at least we don't have it as bad as Eastern Europe who are now fucked to a degree we'll (hopefully) never see.
 
Too bad the Republicans and Bush put us into this situation. We had a surplus last time Democrats were in charge. But they kicked them out because they had too much sex.
 
charver said:
I think we only have ourselves to blame for the position we find ourselves in.

It wasn't Europe or America who forced us to abandon any semblance of a manufacturing sector and put all our eggs in a rudderless financial services basket, while encouraging off-balance sheet accounting, tenuous labour markets and a consumer credit bubble as large as Gordon Brown's ego.

On the bright side at least we don't have it as bad as Eastern Europe who are now fucked to a degree we'll (hopefully) never see.
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No one forced any abandoning of your manufacturing sector, you just didn't do it well enough (ie: British cars) or cheap enough like with goods in China. Consumers freely made their choices.
 
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